Demand for engineering plastics in Europe is likely to sustain the slowest CAGR of 4.5%-5% over the 2015-2020 analysis period. Germany constitutes the largest and the fastest growing engineering plastics market in the region. With regard to the product segment, the market for styrene copolymers (ABS & SAN) is the largest. By end-use area, highest consumption of engineering plastics is recorded for consumer goods & appliances, though fastest growth for the same is anticipated from automotive & transportation applications.
Engineering plastics typically possess superior properties, such as high dimensional stability, enhanced resistance to heat and chemicals and greater mechanical strength. Since each category of engineering plastics offers unique properties, their application in the range of end-use industries has been growing significantly.
Increased demand for light-weight, flexibility and durability of the materials have enabled the penetration of engineering plastics into sectors that were hitherto, unexplored or not thought viable, including automotive & transportation, building & construction, consumer goods & appliances, electrical & electronics and industrial machinery and packaging, among others. In these industries, engineering plastics are being increasingly utilized as substitutes for conventional materials, such as metal and wood. Companies have been engaged in extensive research and development activities focused on developing improved grades of engineering plastics, which is anticipated to increase the scope of their utilization to a greater extent. Innovation in products has become the standard strategy adopted by major players in this sector, who are also engaging in mergers and acquisitions, collaborations and expansions into unexplored markets
In terms of product, demand for styrene copolymers (ABS & SAN) is the largest while, on the application front, consumer goods & appliances have the highest number of end-users. Asia-Pacific constitutes the largest, as well as, the fastest growing global market for engineering plastics. However, the developed markets of North America and Europe are likely to exhibit slower growth over the analysis period. Automotive & transportation and building construction are two of the more promising application areas for engineering plastics. The market is segmented by product types (Fluoropolymers, Polyacetal/Polyoxymethylene, Polyamides, Polycarbonates, Polymethyl Methacrylate (PMMA), Polyphenylene Oxide (PPO/PPE Blends), Polyphenylene Sulfide (PPS), Styrene Copolymers (ABS & SAN), Thermoplastic Polyesters (PET & PBT) and Other engineering plastics), by their application (Automotive & Transportation, building & construction, consumer goods & appliances, electrical & electronics, industrial & machinery and packaging) and by their geography (North America, Asia-Pacific, Europe, Middle East & Africa and South America). The prime players in this market are BASF SE, Bayer Material Science, Poly Plastic Co. Ltd, Mitsubishi Engineering Plastic Corporation.
Engineering plastics are replacing the traditional materials as there is demand for lighter, more flexible and innovative products.
The raw materials used in this industry are expensive and there are strict environmental norms curbing the use of plastics
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