SAN FRANCISCO, April 13, 2020 /PRNewswire/ -- The global industrial plastic market size is anticipated to reach USD 103.96 billion by 2027, registering a revenue-based CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Developments in the building and construction and electrical and electronics industries are projected to positively impact the demand for industrial plastics.
Industrial plastics reduce weight in various equipment, thus improving their performance and reducing the overall maintenance cost. Rising demand for environment-friendly and energy saving products and solutions is expected to drive the market for industrial plastics. Moreover, increasing investments by the government and private institutions in the aerospace and defense sector are projected to contribute to the demand for these industrial plastics.
Key suggestions from the report:
- Based on product, polyamide occupied the largest share in 2019 on account of its properties, such as rigidity, sliding friction, dimensional stability, and chemical resistance
- PEKK emerged as the fastest growing product segment in Asia Pacific and North America as it is used in 3D printing application in the healthcare, automotive, and aerospace industries
- By application, the automotive and transportation segment accounted for 29.16% share of the global revenue in 2019 and is projected to witness significant growth over the forecast period
- Key players operating in the industrial plastic market include BASF SE; SABIC; Victrex plc; Ensinger GmbH; Evonik Industries AG; LyondellBasell Industries Holdings B.V.; Arkema Inc.; Eastman Chemical Company; Solvay SA; Formosa Plastics Corporation; Teijin Limited; and Mitsubishi Engineering Plastics Corporation.
Read 136 page research report with ToC on "Industrial Plastic Market Size, Share & Trends Analysis Report By Product (ABS, PBT, PEEK), By Application (Building & Construction, Automotive & Transportation), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/industrial-plastic-market
Most global companies are expected to enhance their product offerings for their consumers in Asia Pacific, Central and South America, and the Middle East and Africa. This can be attributed to significant growth opportunities for these companies in the electrical and electronics and building and construction industries. Strategic partnerships, capacity expansion, and new product development are among the major strategies adopted by most players operating in the market.
Demand for products that are lightweight, durable, and efficient is increasing in various applications, including automotive, electrical and electronics, building and construction, and various others. New product launches have enabled consumers to pick application-specific products from a wide range of options. Expansion of distribution channels has also made industrial plastics readily available to the users, thus acting as a driving force for the growth of this market.
Grand View Research has segmented the global industrial plastic market on the basis of product, application, and region:
- Industrial Plastic Product Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- Polyphenylene Ether
- Acrylonitrile Butadiene Styrene (ABS)
- Polybutylene Terephthalate (PBT)
- Polysulfone (PSU)
- Polyphenylsulfone (PPSU)
- Liquid Crystal Polymers
- Polytetrafluoroethylene (PTFE)
- Industrial Plastic Application Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- Building & Construction
- Electrical & Electronics
- Automotive & Transportation
- Industrial Plastic Regional Outlook (Volume, Tons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Southeast Asia
- Central & South America
- Middle East & Africa
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Plastic Packaging Market – Growing packaged food and beverage industry owing to changing lifestyle and increasing penetration of organize retail is principally expanding the product application scope.
- Medical Tubing Market – Availability of cost-competitive medical-grade plastics, increasing access to healthcare supplies across the globe, and rising demand for medical devices that incorporate tubing are the primary factors driving the market.
- Plastic Compounding Market – Increasing substitution for glass, metals, wood, natural rubber, and man-made materials, such as concrete, is anticipated to drive the growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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