Engineering Plastic Market | Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2023

 

Market Insights

Engineering plastics are specially produced plastic material with a number of end-uses due to their superior mechanical and thermal properties. PVC, polystyrene, polypropylene are some examples of commonly used engineering plastic. Market Research Future has found that the global engineering plastics market is expected to witness positive growth during the forecast period which ends in 2022. Engineering plastic is has properties such a high abrasion wear, fatigue resistance, high impact strength and several others.

Some common uses of engineering plastics are in the production of automotive parts such as car bumpers and dashboard trim, in toy products such as Lego bricks, and in sporting and protective equipment such as motorcycle helmets, skies, and boots, to name a few. Lightweight and thermal properties make engineering plastics superior to commodity plastics. Engineering plastics are easy to manufacture, but are more expensive, as they have a longer life. Complex shapes are easy to produce thus driving the market. The automotive sector is one of the most significant users of engineering plastic. Growth of this sector due to the high demand for personal transportation from a large, global urban population with increasing purchasing power is one of the key drivers for the market. Mechanical parts are also made using this type of plastic. Other properties that engineering plastics display that offer high growth opportunity to the global engineering plastics market include chemical stability, self-lubrication, heat resistance, and fire retardation. Another significant use of engineering plastics is in electrical and electronic products, their various helpful properties lend themselves to the production of lightweight and high performance products which are in high demand.

Volatile prices of raw materials are likely to challenge market growth over the forecast period.

Key Players

·        Lanxess AG

·        Celanese Corporation

·        Evonik Industries AG

·        Covestro

·        BASF SE

·        Mitsubishi Engineering-Plastics Corporation

·        Solvay S.A

·        LG Chem Ltd.

·        Saudi Basic Industries Corporation

·        E. I. du Pont de Nemours and Company

Market Segmentation

The Engineering Plastic Market is segmented in MRFR's report on the basis of product, application, and region. By product, the market is segmented into polyamide, acrylonitrile butadiene styrene (ABS), thermoplastics, polyesters, polycarbonates, and others. Among these, the ABS segment accounts for the largest share on the basis of product due to the high demand for it. ABS is in high demand as it has properties such as chemical resistance, high temperature resistance, mechanical potency, and several others.

Applications of engineering plastics are found in construction, electrical & electronics, automotive, consumer goods, and others. The automotive segment is the largest consumer of engineering plastic as they have extensive applications in the automotive industry. Used for production of lighting components, connectors, and other automotive parts, engineering plastics are expected to witness increased demand from this segment due to increasing demand for personal transportation vehicles.

Regional segmentation divides the global market into North America, Europe, Asia Pacific, and the Rest of the World. 

Regional Analysis

Asia Pacific is expected to lead the market with the most significant share due to the high demand for engineering plastics in the region. All end-use industries where engineering plastics are used are growing at a swift pace in the APAC. Construction, electronics, automotive, and others have high demand in this rapidly urbanizing region. Increasing purchasing power have led to an increase in demand for engineering plastics in chemicals, power generation, automobile and other industries.

Latest Industry News

• Solvay as launched new grades of Ryton PPS for extrusion applications in the automotive sector. The new grades are highly flexible and lightweight.
• DuPont has launched new high temperature nylon and polybutylene terephthalate which are fire retardant, and high performance materials designed for automotive surface and electrical component applications.

COVID-19 Outbreak Impact on Renewable Chemicals Market@ https://www.marketresearchfuture.com/report/covid-19-impact-renewable-chemicals-market

COVID-19 Impact Analysis on Aluminum Extruded Products Market@ https://www.marketresearchfuture.com/report/covid-19-impact-aluminum-extruded-products-market