Engineering Plastics Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Growing usage in applications such as automotive & transportation, electricals & electronics, consumer appliances, industrial & machinery, packaging, and other applications (construction and medical among many others) is fostering the engineering plastics market growth. The companies are indulged in R&D activities to innovate and develop new products, which can open new paths of applications.
The engineering plastics market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
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Key Market Insights
Asia Pacific is the emerging region and also has a significant share in the global engineering plastics market. Other than Asia Pacific, South America, Middle-East, and developing countries of Europe have been witnessing substantial growth scenarios for engineering plastics. China and India are driving the demand for engineering plastics in the Asia Pacific region due to regional growth along with huge base of automobile manufacturers, increasing demand for packaging solutions from various applications industries, existence of electrical & electronics manufacturers, and increasing industrial establishment for metal fabrication. In developing regions, growing purchase power is leading the economic growth.
Globally, Asia Pacific is the largest engineering plastic market, primarily due to the presence of export-oriented manufacturing capacities and intense domestic demand from various end-user industries. The increase in manufacturing industries is further driving the market growth in the region. The anticipated economic stability in Europe is expected to boost its manufacturing sector, complementing the growth of the engineering plastics market. North America is likely to remain the key region with a significant contribution from the US. Few of the prominent companies operating in the engineering plastics market are BASF SE, DowDuPont Inc., SABIC, Shin-Etsu Chemical Corp., and PolyOne Corp.
o Acrylonitrile Butadiene Styrene
o Thermoplastic Polyesters
o Automotive & Transport
o Electrical & Electronics
o Consumer Appliances
o Asia Pacific
o North America
o Rest of the World