According to the latest research report “Engineering Plastics Market: By Type (ABS, PA, PC, PMMA, PET, PBT, Acetal and others); By Application (Automotive, Electronics, Packaging, Industrial, Consumer and Others); By Geography-Forecast (2017-2021)” published by IndustryARC, estimates the market to reach $96.6 billion by 2021.
Browse 20 Market Tables, 80 Figures spread through 152 slides and an in-depth TOC on “Global Engineering Plastics Market (2017 – 2021)” – http://industryarc.com/Report/15507/engineering-plastics-market.html
The Engineering Plastics market is emerging and has been amongst the key supplier industries for automotive, consumer and industrial applications. With the manufacturing and industrial investments shifting towards APAC coupled with rising demand for automobiles and consumer goods in developed nations, the market is set to grow rapidly in the future. Innovation in this market has been constantly developing and delivering incremental enhancements in terms of functionalities of resins with major contribution from chief industry driven nations like U.S., China, Japan and Germany.
The Engineering Plastics market in automotive is exhibiting strong growth due to the growing demand for the light weight vehicles in developing as well as developed regions. Globally 12.50% of plastic used in automobiles is ABS. Hence, growth of automobile industry will gradually act as a catalyst for the growth of ABS market, which is the major shareholder in the engineering plastics market. These plastics have been extensively used in various applications over the past few years across the globe. Amongst the various applications served by these thermoplastics, automotive and electrical & electronics are the major end use segments. In electronic industry, these plastics are used at various places such as casing of phones, small household appliances, microwave ovens, flat screens, monitors, keyboards, mouse and more.
The overall market is very huge, since the Engineering Plastics market derives its application from plastics industry which is humungous. Global plastics and polymers industry is one of the colossal industries in the whole world. This industry has been one of the major contributors to the world GDP, adding almost up to major chunk of the total amount. Apart from the major applications in home appliances and other segments like toys and television, the major usage if attributed to automobile industry. Semi-structural automotive interior parts, exterior automotive pillars, air conditioner fan, radiator grille, door components, enclosures for electric devices and many others are some of the examples of high gloss engineering plastics products.
Escalating electronic industry coupled with rapidly expanding market of consumer appliances in emerging countries is anticipated to propel the demand for Engineering Plastics
The global engineering plastics market revenue is estimated to grow with a CAGR of 6.76% during the forecast period and will reach $96.6 billion by 2021. Escalating demand for consumer appliances is propelling the growth of Engineering Plastics in various geographies. In 2016, APAC is the prominent region for Engineering Plastics and is estimated to grow with CAGR of 8.85% during the forecast period. The growth in APAC is attributed to the increasing electronics as well as consumer appliances segment, especially in China. China imported almost 69% of Asia-Pacific’s import volumes during 2010, and is currently driving Asia-Pacific demand for ABS alone.
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The Prominent Players in this Market Include
- Celanese Corporation
- BASF SE
- DSM NV
- Covestro (Bayer)
These companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the market. Celanese Corporation is one of the major players in the Engineering Plastics market with wide range of product offerings dealing in various industries. The concentration of players in the APAC region, especially in Taiwan can be attributed to the fact that the region is up and coming in the electronics industry, a major end-use segment for the Engineering Plastics.
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