The engineering plastics market is estimated to be USD 80.70 billion in 2018 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% from 2018 to 2023. With the increased penetration of engineering plastics in the manufacturing sector of APAC, Middle East & Africa, and South America, the market in these regions is expected to register slightly higher growth than in North America and Europe, during the forecast period.
APAC region is estimated to be the largest and the fastest-growing market for engineering plastics. The high growth rate of the market in the region is due to the increasing demand from the countries such as China, Japan, and India. China is estimated to be the largest market for engineering plastics in the APAC region. India is estimated to be the fastest-growing market in the region as well as globally. The growth in the automotive and electrical & electronics industries, growing semiconductor manufacturing, and increasing exports of televisions and other consumer appliances have increased the demand for engineering plastics considerably. The fast-growing economies of APAC such as India and Taiwan are expected to drive the demand for engineering plastics in the region.
Engineering plastics are high-performance polymers, which possess excellent physical properties for efficient and prolonged use. These polymers are capable of working under wide temperature ranges and various mechanical stresses and in various chemical environments. They have better mechanical and thermal properties than the more widely used commodity plastics. The major players adopted expansions and new product developments to achieve growth in the engineering plastics market between 2014 and 2018. These key strategies accounted for the majority share among all the strategies adopted between 2014 and 2018.
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The leading players in the global engineering plastics market include BASF SE (Germany), Covestro (Germany), Solvay (Belgium), Celanese Corporation (US), DowDuPont (US), LG Chem (South Korea), SABIC (Saudi Arabia), Evonik Industries (Germany), Lanxess (Germany), and Mitsubishi Engineering Plastics (Japan). Besides expansions and new product developments, the companies also adopted contracts & agreements as a key strategy to enhance their distribution network and extend their reach to customers.
BASF is a chemical company having a presence in more than 80 countries. The company operates through six business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, oil & gas, and others. It has 13 operating divisions and 86 strategic business units. In April 2018, BASF started a new production line of Ultroson in Korea. This new production unit has added an annual capacity of 6,000 metric tons of polyarylsulfone and this expansion has helped the company serve the growing global demand for high-performance thermoplastic in the automotive and electronics industries.
Covestro manufactures high-tech polymer materials and also develops products that are used in many areas of daily living. The company operates through three major business segments, namely, polyurethanes; polycarbonates; and coatings, adhesives, and specialty segment. In October 2016, Covestro started two production lines for polycarbonate resins at its site in Shanghai, China. The company increased the production capacity from 200,000 to 400,000 metric tons per year. It aims at becoming the worlds largest producer of polycarbonate resins. In June 2016, Covestro launched a new brand, Cardyon, developed from a new technology that uses CO2. Cardyon is expected to reduce dependence on oil and be an equal alternative to conventional products.
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