The engineering plastics market size was USD 75.39 billion in 2017 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% from 2018 to 2023.
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Browse 157 market data Tables and 39 Figures spread through 171 Pages and in-depth TOC on “Engineering Plastics Market”
Increasing demand from emerging markets
The economy of APAC countries such as China and India is growing rapidly. South Asian countries like Indonesia, Taiwan, and South Korea are also witnessing fast growth. The primary driver behind their growth is the increasing population. With the increase in disposable income, the consumer buying pattern has changed, it has also been influenced by globalization and westernization. With a growing population, end-use industries such as automotive & transportation, electrical & electronics, consumer appliances, and packaging are growing. These industries have shown steady growth in the past few years, and this scenario is expected to remain the same during the forecast period. The growth of the automotive sector has resulted in increased demand for engineering plastics. The booming electrical & electronics sector is also driving the growth of the engineering plastic industry.
Countries such as India, Taiwan, and Indonesia are witnessing a fast growing chemical industry. These countries are welcoming foreign investments and manufacturers to set up manufacturing facilities. This has created a lot of opportunities for global manufacturers operating in the engineering plastics market to set up their plants in this region.
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Plastics, in general, are considered harmful to environment & sustainability and are frequently criticized by environmental NGOs and watchdogs. The plastics used in automotive and packaging industry are especially criticized for their role in solid waste disposal issues and economic recycling. Due to excessive criticism which follows, the automotive industry and packaging industry is moving cautiously on further integration of engineering plastics in their products. The public perception sometimes dictates that in spite of the recycling efforts, the products which are not recycled are exposed to open atmosphere, burnt, or even mixed in the marine life. There have been efforts by many organizations for mass mobilization against the use of plastics, especially in the packaging industry. These factors act as restraint in the further development of the engineering plastics market.
Thermoforming Plastic Market by Plastic Type (PP, PS, PET, PE, PVC, Bio-plastics, ABS), Thermoforming Type (Vacuum Formed, Pressure Formed, Mechanical Formed), Parts Type (Thin Gauge, Thick Gauge), End-use Industry, and Region – Global Forecast to 2024
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