The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Engineering Plastics Market.
It was estimated prior to this unanticipated outbreak that the Engineering Plastics Market was expected to grow at a CAGR of 7.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Engineering plastics are a group of performance polymer materials that offer better mechanical and thermal properties than commodity plastics such as polystyrene, PVC, polypropylene and polyethylene. Due to their peculiar traits such as stability, flame-resilience, chemical-resilience, exceptional machinability, dimension constancy, wear resistance, and minimal damaging friction, they are widely used in various industries such as automotive, aerospace, construction, mechanical, electrical, electronics and medical.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the product type, the market is segmented as acrylonitrile butadiene styrene, polyamide, polycarbonate, thermoplastic polyesters, polyacetals, fluoropolymers, peek, polyphenylene sulfide, polyphenylene oxide, PMMA, and others. The thermoplastic polyesters segment held the largest share of the market in 2019. On the other hand, the polyacetal segment is expected to register the fastest growth during the forecast period. Thermoplastic polyesters are the most widely used engineering plastics across the world and their popularity is mainly due to their high strength-to-weight-ratio, lightweight, excellent chemical resistance, and easy recyclability properties.
Based on the end-use industry type, the engineering plastics market is segmented as automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, medical, and others. The automotive & transportation segment dominates the market, owing to increasing usage of lightweight materials to address the industry challenges of increasing carbon emissions and increasing fuel efficiency. Automotive interior, exterior, hood, and powertrain are some of the major applications of the automotive & transportation segment.
In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the increasing urbanization, and substitution of many metals by suitable engineering plastics in various industries, such as packaging and automotive. Increasing automotive production in the region is one of the major factors driving the growth of the region’s market. The abundant availability of raw materials in the region is a core factor that is propelling the growth of the market.
Some of the major players in the engineering plastics market are-