Engineering Plastic materials exhibit better mechanical and thermal properties than that of commodity plastic materials. Market Research Future (MRFR) asserts Global Engineering Plastic Market is expected to record an astonishing growth by the end of the forecast period (2016-2022). Engineering Plastic has unique properties such as higher impact strength, high abrasion, wear and fatigue resistance, chemical resistance, and extensive service temperature range based on the material. It is perfect for various end-user industries.
Drivers and Restraints:
The automotive sector is proving to be a major industry propelling the growth of the engineering plastic market. At present, this industry is experiencing a need to replace metal. Engineering Plastic is a perfect replacement owing to its similar properties to metal and being lightweight in nature. The other potent factor is its lower manufacturing time and higher tensile strength. This can also replace die-casted metal parts for thin-walled designs.
Other industries, such as electronics and electrical appliances are looking for materials that can reduce weight. Engineering Plastic has future prospects in spaceship construction projects in the aerospace industry.
However, it is also facing tough competition from other materials such as polymers. Also, high-production cost, fluctuating price of crude oil, and regulatory challenges regarding CO2 emissions can restrain the Global Engineering Plastic Market growth.
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The Global Engineering Plastic Market has been segmented based on Product and Application.
Product-wise segmentation includes polyamide, acrylonitrile-butadiene-styrene, thermoplastics polyesters, polycarbonate, and others. Among these, acrylonitrile-butadiene-styrene can account for the largest market share till the end of the forecast period. High impact, chemical resistance, heat stability, mechanical potency, and high-temperature resistance are some of the properties of acrylonitrile-butadiene-styrene or ABS making it apt for applications in electrical & electronic parts, automotive and transportation, pipes and fittings, and various consumer products. The demand for ABS is primarily driven by the consumer products and electrical & electronics sectors. In the electronics and electrical sectors, it is used for applications in mobile phones, computers, MP3-players, and so on.
By Application, the market can be segmented into construction, electrical & electronics, automotive, consumer goods and others. Rising demand for lighter and sturdier replacement of metal has made the automotive industry the largest consumer of Engineering Plastic. Electrical & electronics and consumer goods segments are following automotive in amount of consumption.
Regional segmentation of the Global Engineering Plastic Market covers North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Asia Pacific has the highest market share, and the growing automotive sector has proven itself a boon for the engineering plastic market. China leads the market owing to the fastest growing automotive sector. Ample availability of raw materials and low cost of production is expected to take the market to the next level. India has emerged as a strong contender for the first position with booming automotive industry.
North America and Europe are both expected to witness steady growth till the end of the forecast period. However, Europe is spending more on research and development owing to stringent measures taken by the European Union regarding emission and safety rules.
Due to substantial investment from foreign companies, South America is about to experience a radical shift in industrial development in coming years in RoW. Sectors such as chemicals, construction, automotive, packaging, and electronics, hold high growth prospects for the engineering plastics market and are likely to boost the same by 2022.
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