The market for engineering plastics in China has been estimated to be at USD 29,720.93 million in 2017. The market is expected to portray a healthy growth rate during the forecast period, at a CAGR of 6.18%. Engineering plastics, a segment of the plastic industry, are used in applications that require high performance with respect to thermal stability, chemical stability, impact resistance, mechanical strength, and dimensional stability. The specific categorization of these materials is due to their utility in various applications that require higher performance than commodity materials and require engineering to design customized products. Engineering plastics are gradually replacing metal from construction and automotive industries due to their durability, designing flexibility, high strength-to-weight ratios, and low densities.
Considering the side effects of petrochemical based plastics, the popularity of bio-based product is rising globally. Since PET is favorably used in food & beverages packaging industry; this bio-based product trend is creating a direct impact on the PET demand. Additionally, the flexibility to recycle and significant reduction in the weight due to bio-based technology, this product category turns to be one of the most favored product in multiple end-user industry, such as automotive, electrical & electronics, and food & beverages packaging industry among others.
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 multicavity molds. Because its mechanical and electrical properties are so broad, PET is often used to replace metals in motor housings, switches, sensors, and other electrical applications. Demand for PET is majorly driven from automotive and packaging industry. For instance, Coca-Cola developed the concept of recyclable plant bottles, which are made of PET plastics, partially manufactured from plants. Thus, this helped the company to focus on using bio-based PET for packaging its beverages, and at the same time, promote environmental awareness among its consumers.
December 2017: BASF SE expanded its research scope at Network for Asian Open Research (NAO) to cover advanced materials & systems research, bioscience research, and process research & chemical engineering by partnering 10 major Asian universities and research partners from China, Japan, and South Korea
Major Players: BASF SE, DowDuPont, DSM, and Solvay, among others.
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