According to the new market research report on the "Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymers), End-Use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging, Consumer Appliances) - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at 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. Engineering plastics are high-performance polymers which possess excellent physical properties for efficient and prolonged use. The key drivers for the market are growing end-use industries and replacement of traditional materials such as metals and commodity plastics with engineering plastics. The combination of high strength and lightweight properties make engineering plastics suitable for use in many industrial applications and are expected to drive the market during the forecast period.
"Automotive & transportation, the largest end-use industry of engineering plastics"
Automotive & transportation is the largest end-use industry of engineering plastics. Engineering plastics are extensively used in the automotive & transportation industry for applications such as connectors & housing, under-the-hood components, wheel well, lighting & components such as headlamp structural housings, headlamp & fog lamp, and reflectors & lighting sockets. The demand for engineering plastics in the automotive & transportation industry is growing at a fast rate in APAC due to the expanding automobile industry in the countries such as India, China, Japan, and South Korea. These countries are also among the largest importers of automobiles, globally. The growing market for automobiles in these countries is a strong driver for the Engineering Plastics Market.
"Acrylonitrile Butadiene Styrene (ABS), the leading type of engineering plastics"
Acrylonitrile butadiene styrene (ABS) has the largest consumption among all engineering plastics. Acrylonitrile provides chemical resistance and heat stability; the styrene base offers ease of processability and rigidity; and butadiene provides impact strength and toughness. High impact, mechanical potency, and high-temperature resistance are some of the properties of ABS, which makes it suitable for use in applications such as electrical & electronic parts, automotive and transportation vehicles, pipe and fittings, and various consumer products. The demand for ABS is primarily driven by the consumer appliances and electrical & electronics industries. In the electronics & electrical industry, it is used in mobile phones, computers, and MP3-players.
Growing demand in APAC - the major driver for the Engineering Plastics Market
APAC has generated the highest demand for engineering plastics in 2018. The region comprises rapidly growing economies such as India and China and the emerging Southeast Asian countries such as Thailand and Indonesia. The growth is led by rapid industrialization and the growing demand from the industries such as automotive & transportation, consumer appliances, industrial & machinery, packaging, and electrical & electronics.
The key companies profiled in the Engineering Plastics Market research report are BASF (Germany) , Covestro (Germany), Solvay SA (Belgium), Celanese (US), DowDuPont (US), LG Chem (South Korea), SABIC (Saudi Arabia), Evonik Industries (Germany), Lanxess (Germany), and Mitsubishi Engineering Plastics (Japan)
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