Global Engineering Plastic Market - Overview
Engineering plastics are group of plastic material such as polystyrene, PVC, polypropylene and polyethylene and others. These materials have superior properties such as higher impact strength, high abrasion, wear and fatigue resistance. It has better mechanical and thermal properties. Engineering Plastics are expensive and are manufactured for special purpose applications only. These are usually thermoplastic materials. Hence these materials can be easily processed with conventional plastic processing machinery.
According to a recent study report published by the Market Research Future, the global market of engineering plastic is booming and expected to gain prominence over the forecast period. The Global Engineering Plastic Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).
High growth in automotive industry is the major factor driving the growth of the market. It has the slightly similar properties to metals and in light weight. Hence, these materials have been largly substituting some metal components in auto as well as industrial machineries and help in weight reduction. Additionally, high demand for electronics and electrical appliances among the consumers also fuelling the growth of the market. However, higher cost, fluctuating price of crude oil and regulatory challenges regarding CO2 emissions are some factors may hamper the growth of the market.
Global Engineering Plastic Market - Competitive Analysis
Global Engineering Plastic Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
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Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Engineering Plastic strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Engineering Plastic for every application.
Industry News
In April 2016, Quadrant, a leading manufacturer of high-performance thermoplastic materials, completes the acquisition of Piper Plastics, Inc. for its Global Engineering Plastic Products (QEPP) business unit.
In August 2015, RadiciGroup, a global producer of engineering thermoplastics including polyamide, polyester, polyacetal and TPEs, announced the formation of Radici Plastics S. de R.L. de C.V. through the acquisition of the polyamide engineering plastics division of Resinas TB.
Global Engineering Plastic Market - Segmentation
Global Engineering Plastic Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
Segmentation:
On the basis of Product, market is segmented into Polyamide, Acrylonitrile Butadiene Styrene, Thermoplastics Polyesters, Polycarbonate and Others. Acrylonitrile-Butadiene-Styrene is dominating product segment of the engineering plastic market.
Based on Application segment the market is segmented into Construction, Electrical & Electronics, Automotive, Consumer Goods, and Others. Automotive segment dominates application segment of the market. Engineering Plastic material are widely used in the automotive & transportation industry for applications such as connectors & housing, under-the-hood components, wheel well, lighting & components.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Engineering Plastic Market - Regional Analysis
Asia Pacific region dominates the Global Engineering Plastic Market. Rapid industrialization, and urbanization is the major factor driving the growth of the market. Additionally, growing demand from end use industries like petrochemicals, power generation, automobile manufacturing, packaging, electrical & electronics, and so on, and the increasing government spending in infrastructure activities are also fuelling the growth of the market in region.
China, India, and Japan are the major market in the region. China is expected to account for the largest share in the Asia-Pacific region whereas India is expected to register the fastest growth in the Engineering Plastics Market, during the forecast period.
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North America is another major market for the Engineering Plastic. It is expected to contribute significantly during the forecast period.
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