global-engineering-plastics-market-industry
Published

MAR 2018

Global Engineering Plastics Market - Segmented by Product Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)

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The global engineering plastics market was estimated at USD 89,893.90 million in 2017. The market is expected to register a CAGR of 4.99% during the forecast period, 2018 to 2023. PET dominated the global engineering plastics market with nearly 24% share globally, while the PEEK segment is estimated to register the fastest CAGR through the forecast period.               

Growing Popularity of Bio-based PET

PET is majorly used in the packaging industry, primarily for packaging of water (bottled), food, and alcoholic beverages. It is a downstream product of crude oils; but with growing environmental concerns and depleting oil reserves, engineering plastic manufacturers are shifting toward the development of bio-based PET. However, the bio-based PET market is still in its growth stage and is commercially available as a partially bio-based product. With increasing concerns about the reduction of carbon emissions, government and environmental agencies, such as US EPA and European Commission, are focusing on creating awareness regarding the usage and benefits of bio-based PET.

With the growing demand for engineering plastics, companies are developing products that can be used for new applications. Engineering plastic manufacturing companies, such as BASF, DowDuPont, and Bayer, are consistently engaged in R&D activities to develop products that are environment-friendly and comply with regulations. Furthermore, they have been investing in developing new technologies to continually enhance their competitive advantage in the industry.

Asia-Pacific Dominates the Market

Asia-Pacific has the largest share in the market, accounting for nearly 50% of the global market share in 2017. The market in Asia-Pacific is driven majorly by the increasing demand for engineering plastics by the end-user industries, including electrical & electronics and automotive & transportation. Also, with the increasing automotive production in the major economies of the region, the market for engineering plastics has benefitted to a great extent.

China is the Largest Consumer

China is the largest producer and consumer of engineering plastics in the region. The demand for engineering plastics is increasing from various end-user sectors, including the electrical & electronics and the automotive & transportation sector in China. Automotive is one of the fastest growing sectors in developing economies like China due to the rise in disposable incomes among the population and various other factors. The abundant availability of raw materials and low cost of production are estimated to boost the demand for engineering plastics market in the country

Key Developments

  • February 2017: Asahi Kasei and Bluestar planned joint venture for mPPE business in China.
  • February 2017: Chemtura announced merger agreement with Lanxess. This merger is aimed at the expansion of its product portfolio.

Major Players: BASF SE, Solvay S.A., DowDuPont, SABIC, and DSM amongst others.

Reasons to Purchase this Report

  • Market definition, along with the identification of factors instrumental in changing the market scenario and prospective opportunities
  • Various market perspectives, with the help of Porter’s five forces analysis
  • Regions or countries that are expected to witness the fastest growth during the forecast period
  • Product segment, which is going to dominate the market over the forecast period
  • The latest developments, market shares, and strategies that are employed by the major market players
  • 3 months analyst support along with the Market Estimation sheet (In excel).

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