Engineering Plastics Market Gaining Traction from Thriving Automotive Industry
Added: (Fri Jun 07 2019)
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Global Engineering Plastics Market: Demand Analysis and Growth Forecast
Engineering plastics are a type of plastic materials which have better mechanical, and thermal properties than the commonly used commodity plastics such as polystyrene, polypropylene, polyethylene, and PVC. As per the findings of a newly published market research report by IndustryARC, the global engineering plastics market size is around $79,716 million, and the market demand is projected to grow at a notable CAGR of around 6.6% during the forecast period of 2019 to 2025. The report is titled “Engineering Plastics Market: by type (ABS, PA, PC, POM, PMMA, PEEK, PET, PBT, cast nylon); by end user (aerospace, building & construction, food, mechanical, medical, others); by applications (CD/DVD, medical implants, advanced batteries, shoes, others); by geography – forecast (2019-2025).”
According to World Economic Forum, 322 million tons of polymers such as thermoplastic, excluding fibers were produced worldwide. The replacement of traditional engineering materials such as wood, and metal by engineering plastics in the electrical, and automotive industries is driving the growth of the engineering plastics market during the forecast period. The replacement is because of lower manufacturing time, higher tensile strength, and the longer lifespan of the engineering plastic products. According to the European Union estimation, the weight of an average automobile consists 16 % of plastic components, which are mainly used as the interior parts and components.
Browse 66 Market Tables, 177 Figures spread through 145 slides and an in-depth TOC “Engineering Plastics Market (2019 - 2025)”
Global Engineering Plastics Market: Leading Segments
APAC is estimated as the key region for the growth, with the maximum share of 42% in 2018. According to India Brand Equity Foundation, the domestic automobile production in India increased with 29.07 million vehicles manufactured in the country in 2018. As we know production of automotive vehicles is increasing day by day, the usage of engineering plastics in the vehicles for the application of active safety systems, connectivity and autonomous driving capabilities is growing. This increasing usage in automotive application is dominating among other diverse applications such as CD/DVD, medical implants, advanced batteries, and shoes. It is estimated to grow with a good CAGR around 7.5% during the forecast period 2019-2025.
Global Engineering Plastics Market: Trends
BASF is escalating its portfolio of engineering plastics, and enduring the trend of miniaturization of electronic car components. Ultradur grade B4340ZG3, the new product of BASF will be marketed on the basis of its enhanced mechanical properties, and improved impact strength..
Growing importance for bio-based engineering plastics such as polylactic acid (PLA), Polyhydroxyalkanoates (PHA), and bio-based polyethylene terephthalate (PET) is finding application in packaging, food service ware, bags, and agriculture industries. Owing to the growing demand for bio-based products, numerous vendors are offering bio-based products in the engineering plastics market.
Increasing usage of engineering plastics in machine engineering to include gear, bearing, bearing cage, casing, pulley, slide block, valve, and fan blade. As they are light weight, high strength, and low cost, engineering plastics are used in machine engineering to achieve properties such as self-lubrication, energy absorption, and noise reduction.
Global Engineering Plastics Market: Competitive Landscape
The major players operating in the global engineering plastics market are BASF SE, Solvay S.A., DowDuPont, SABIC, and DSM. BASF SE is using engineering plastics to support autonomous driving and increase driving comfort. BASF is providing noise, vibration, harshness solutions. These solutions are made from the microcellular polyurethane elastomer Cellasto as well as the highly glass-fiber reinforced polyamide Ultramid and the thermoplastic polyesters such as polyurethane Elastollan, which results in efficient material combinations for top mounts, spring seats and other chassis components.
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Engineering Resins Market: By Product Type (Polycarbonate, Acrylic, Nylon, Plyproplyene, Teflon and others), By Application (Bumpers, Chemical tanks, Insulators , inhalers and others), By End-user Industry (Automotive, Building and constructiojn, Medical, Packaging and others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Forecast (2018-2023)
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IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
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