Asia-Pacific Engineering Plastics Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Product Type (Fluoropolymers, Polycarbonate, Polyethylene Terephthalate, Polybutylene Terephthalate, Polyacetal/ Polyoxymethylene, Polymethyl Methacrylate, Polyphenylene Oxide, Polyphenylene Sulfide, Styrene Copolymers, Liquid Crystal Polymers, Polyether Ether Ketone, Polyimides, and Polyamides), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Electrical and Electronics, Industrial and Machinery, Packaging, and Medical), and Geography (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific)

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

5 %

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Market Overview

The market for Asia-Pacific Engineering Plastics is expected to grow at a CAGR of more than 5% during the forecast period. 

  • Growing purchasing power in the counties and engineering plastics replacing traditional materials are driving the market growth.
  • Volatility in raw material prices is expected to hinder the market growth.
  • Introduction of green vehicles as a key to future growth is expected to increase the opportunity for the market.

Scope of the report

The Asia-Pacific Engineering Plastics Market report include: 

Product Type
Fluoropolymers
Polycarbonate (PC)
Polyethylene Terephthalate (PET)
Polybutylene Terephthalate (PBT)
Polyacetal/ Polyoxymethylene
Polymethyl Methacrylate (PMMA)
Polyphenylene Oxide
Polyphenylene Sulfide (PPS)
Styrene Copolymers (ABS and SAN)
Liquid Crystal Polymers (LCP)
Polyether Ether Ketone (PEEK)
Polyimides (PI)
Polyamides
Application
Automotive & Transportation
Building & Construction
Consumer Goods
Electrical and Electronics
Industrial & Machinery
Packaging
Medical
Geography
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific

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Key Market Trends

Polyethylene Terephthalate (PET): The Most Used Engineering Plastic

  • Polyethylene terephthalate (PET) is a thermoplastic polyester engineering resin. PET resins are known for their excellent melt flow characteristics, close molding tolerances, and high productivity from multi-cavity molds. Due to its broad mechanical and electrical properties, PET is often used to replace metals in motor housings, switches, sensors, and other electrical applications.
  • PET and polyolefins are the most widely used materials in the plastic packaging industry. Some of the major properties of PET as a packaging material are recyclability, strength, and versatility, which drive the demand for these products.
  • These products mainly include take-out containers, frozen foods, carbonated drinks and juices, ketchup, bottled water, jars, and baked good containers. They are also used in the food industry for clamshells, deli containers, as well as microwave food trays.
  • PET also has great barrier properties that protect and preserve the contents of the product. PET maintains the fizz in carbonated soft drinks, the vitamins in juices, and the color in ketchup. In other words, it protects products and keeps them on the shelves and out of the rubbish bin, for a longer period.
  • With an increasing demand for beverage packaging and a lack of better substitute for PET resin for this application, the demand for PET is projected to increase over the forecast period.

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China Country to Dominate the Market

  • China is the largest producer and consumer of engineering plastics in the Asia-Pacific region. The abundant availability of raw materials and low cost of production have been supporting the production growth of the engineering plastics market in the country since the past few years. 
  • The consumption of engineering plastics has increased drastically in the recent past due to the growing population, increasing urbanization, and substitution of many metals by suitable engineering plastics in various industries, such as packaging and automotive. 
  • Automotive is one of the fastest-growing sectors in the country, due to the rise in disposable income among the consumers and expanding automotive manufacturing facilities by manufacturers, such as Tesla and FAW-Volkswagen, among various other factors. However, the automotive production and sales has been declining from the recent past, but the emerging electric vehicles are expected to take over the market.
  • Electronic products, such as smartphones, OLED TVs, tablets, and so on have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the demand for engineering plastics, such as polycarbonate and ABS in the country.
  • The use of engineering plastic products in the packaging sector (PET containers, bottles, etc.) is growing at a tremendous rate, owing to their advantages over the conventional packaging plastics used. The demand from industries like food & beverage, consumer goods, and others for packing materials is increasing in China, owing to the increasing exports, as well as domestic consumption. 
  • The recent trade tariffs between the United States and China may reduce the reliance of Chinese consumers on the United States for the supply of few plastics. This scenario is expected to push the consumers of China to look for manufacturers of polycarbonate and nylon 6,6 in the European and Asia-Pacific regions.
  • Such growth trends in the country are expected to boost the demand for engineering plastics at a moderate rate in the future.

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Competitive Landscape

The Asia-Pacific engineering plastics market is partially fragmented in nature with the presence of many players in the market. Some of the major companies in Asia-Pacific engineering plastics market includes BASF SE, SABIC, Solvay, Covestro AG, and DuPont, among others. 

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Purchasing Power in the Countries

      2. 4.1.2 Engineering Plastics Replacing Traditional Materials

    2. 4.2 Restraints

      1. 4.2.1 Volatility in Raw Material Prices

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Fluoropolymers

      2. 5.1.2 Polycarbonate (PC)

      3. 5.1.3 Polyethylene Terephthalate (PET)

      4. 5.1.4 Polybutylene Terephthalate (PBT)

      5. 5.1.5 Polyacetal/ Polyoxymethylene

      6. 5.1.6 Polymethyl Methacrylate (PMMA)

      7. 5.1.7 Polyphenylene Oxide

      8. 5.1.8 Polyphenylene Sulfide (PPS)

      9. 5.1.9 Styrene Copolymers (ABS and SAN)

      10. 5.1.10 Liquid Crystal Polymers (LCP)

      11. 5.1.11 Polyether Ether Ketone (PEEK)

      12. 5.1.12 Polyimides (PI)

      13. 5.1.13 Polyamides

    2. 5.2 Application

      1. 5.2.1 Automotive & Transportation

      2. 5.2.2 Building & Construction

      3. 5.2.3 Consumer Goods

      4. 5.2.4 Electrical and Electronics

      5. 5.2.5 Industrial & Machinery

      6. 5.2.6 Packaging

      7. 5.2.7 Medical

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 India

      3. 5.3.3 Japan

      4. 5.3.4 South Korea

      5. 5.3.5 ASEAN Countries

      6. 5.3.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M

      2. 6.4.2 Arkema SA

      3. 6.4.3 Ashland Inc.

      4. 6.4.4 BASF SE

      5. 6.4.5 Celanese Corporation

      6. 6.4.6 Chemtura Corporation

      7. 6.4.7 Chevron Phillips Chemical

      8. 6.4.8 Covestro AG

      9. 6.4.9 DuPont

      10. 6.4.10 Eastman Chemical Company

      11. 6.4.11 Evonik Industries AG

      12. 6.4.12 LANXESS

      13. 6.4.13 LG Chem

      14. 6.4.14 Lyondellbasell

      15. 6.4.15 Nova Chemicals Corporation

      16. 6.4.16 Polynt

      17. 6.4.17 PolyOne Corporation

      18. 6.4.18 Rochling Group

      19. 6.4.19 SABIC

      20. 6.4.20 Solvay

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Introduction of Green Vehicles as a key to Future Growth

    2. 7.2 Other Opportunities

** Subject to Availability

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