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The global engineering plastics market is expected to witness strong growth, during the forecast period. The growth in the global market is being propelled by emergence of substitutes for conventional materials in the form of engineering plastics in end-use applications, positive growth in end-use industries, growing demand for polyamides in 3D printing and increasing demand for engineering plastics from automotive industry. Increasing demand from emerging economies and use of engineering plastics in aerospace industry are supporting further growth in the global engineering plastics market. On the other hand, the global engineering plastics market is being adversely affected by the high cost of engineering plastics and threat of substitutes from other polymers.
Engineering plastics are plastic materials having superior mechanical and/or thermal properties as compared to commodity plastics (such as polystyrene, PVC, polypropylene and polyethylene). Engineering plastics can be used permanently at temperatures between 100°C and 150°C. The industries are in the process of replacing the conventional materials, such as alloys, glass, and metals, with engineering plastics due to their superior mechanical characteristics, virtuous chemical resistance, resistance to wear and high dimensional stability. Engineering plastics are used in various industries such as automotive and transportation, electrical and electronics, consumer appliances, industrial machinery, packaging, construction and medical.
The global engineering plastics market has been categorized on the basis of type and application. On the basis of type, the global market has been segmented into acrylonitrile butadiene styrene (ABS), polyamide, polycarbonates, thermoplastic polyesters, polyacetals, fluoropolymers, and others. On the basis of application, the global market has been categorized into automotive and transportation, electrical and electronics, industrial machinery, packaging, consumer products and others.
Geographically, the global engineering plastics market has been segmented into North America, South America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is expected to witness the highest growth in the global engineering plastics market, during the forecast period. The major factors driving the regional growth include presence of electrical and electronics manufacturers, huge base of automobile manufacturers, increasing industrial establishment for metal fabrication and industrial machinery and increasing demand for packaging solutions from various end-user industries. China and India are driving the demand for engineering plastics in the Asia-Pacific region. The North American market for engineering plastics is expected to witness steady growth, during the forecast period. The European market is expected to show firm growth in the global engineering plastics market, during the forecast period. The regional market is being driven by innovation and technological advancement to develop new products which could open up new avenues of application. Stringent emission and safety rules imposed by the European Union have enforced the manufacturing companies to carry out intense research and development activities to develop products which are lighter in weight, but have higher impact strength, resistance to wear and fatigue, high abrasion, chemical resistance and ability to withstand a wide temperature range. The South American market for engineering plastics holds ample growth opportunities for engineering plastics manufacturers. The South American region is witnessing significant foreign investment for industrial development in various sectors, including chemicals, construction, automotive, packaging and electronics, which is likely to boost the global market for engineering plastics.
Some of the key players in the global engineering plastics market are BASF SE, SABIC, Evonik Industries AG, Solvay S.A., E. I. DuPont de Nemours and Company, Celanese Corporation, Lanxess AG, Eastman Chemical Company, Mitsubishi Engineering-Plastics Corporation, Arkema SA and LG Chem.
Global Engineering Plastics Market Segmentation