The Global Market for Engineering Plastics is Projected to Reach 26.7 Million Metric Tons by 2024

Technological Innovations & Expanding End-Use Applications Drive Demand for Engineering Plastics, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Engineering Plastics market. The global market for Engineering Plastics is projected to reach 26.7 million metric tons by 2024, driven by increased demand from emerging markets, technological innovations and innumerable new applications in various end-use sectors.

Engineering plastics represent one of the ubiquitous raw materials used in a wide gamut of industries ranging from automotive, electrical & electronics, and consumer goods to construction and industrial manufacturing. Extensive research is conducted in the industry to develop new and innovative products for varied applications by subjecting polymers to a variety of chemical reactions in different combinations. The sustained focus towards technological innovations in material performance for new application areas is bound to determine the course of engineering plastics market. Increasing infrastructure development, rapid urbanization and growing income across different end-user segments are also set to stimulate the engineering plastics market around the world. With the help of composites engineering plastics generate infinite opportunities that power the new innovations in automotive industry leading to rapid improvements in terms of styling and appearance, low vehicle weight and improved fuel efficiency.

Higher sales of passenger cars in developing nations such as India, China and Brazil are expected to steer market growth. In the electrical and electronics sector these materials are increasingly being utilized in mini circuit breakers, low voltage switchgear and lighting. Demand in medical applications is expected to rise in line with the increase in the elderly population and prevalence of several chronic diseases that are fueling demand for medical equipment and packaging materials. The trend towards use of disposable products and supplies would remain a major driving factor for engineering plastics in medical applications. Innovations in consumer appliances sector are poised to improve the prospects for engineering plastics in this end-use sector. Demand is also expected to emerge from the robust aerospace & defense sector.

The growth of Acrylonitrile-Butadiene-Styrene (ABS), the largest product category, is driven by spiraling demand from industries such as transportation and automotive, medical and electronics and electrical. New R&D efforts aimed at improving the efficacy of polycarbonates will help expand its application possibilities. Growth in the manufacture and commercialization of bio-based raw material is forecast to grow in markets where presence of bisphenol-A residue is strictly regulated. Meanwhile, high prices of engineering plastics, growing application of substitutes and variations in raw material costs are expected to somewhat impact the engineering plastics market. Environmental concerns also surfaced as a key limiting factor for the growth of engineering plastics.

As stated by the new market research report on Engineering Plastics, Asia-Pacific represents the largest as well as the fastest growing market worldwide. Led by China and India, Asia-Pacific is projected to record a CAGR of 7.1% over the analysis period on account of strong growth of end-user industries that include automotive, transportation, construction, medical and electronics and electrical. Acrylonitrile-Butadiene-Styrene (ABS) represents the largest product segment in the global market, while the automotive sector represents the major end-use market.

Key players in the market include BASF SE, Celanese Corp., Chi Mei Corp., Covestro AG, DowDuPont Inc., Eastman Chemicals Company, Evonik Industries AG, Formosa Plastics Corp., Honeywell International Inc., Huntsman Corp., Lanxess AG, LG Chem, Polyplastics Co., Ltd., WinTech Polymer Ltd., Radici Partecipazioni SpA, Royal DSM N.V., SABIC, SABIC Innovative Plastics US LLC, Teijin Ltd., Continental Structural Plastics Inc., and Toray Industries Inc., among others.

The research report titled “Engineering Plastics: A Global Strategic Business Report”, announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections in Metric Tons for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), the Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product Categories analyzed in the report include Polycarbonate, Acrylonitrile-Butadiene-Styrene (ABS), Polyacetal, Nylon, Thermoplastic Polyesters (PBT/PET) and Others. End-Use Sectors analyzed in the report include Automotive, Electrical & Electronics, Appliances and Other End-Use sectors.

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