global-engineering-plastics-market-industry
Published

December 2017

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

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The global engineering plastic market was estimated at USD 89,893.90 million and 46,141.72 kilo tons in 2017, and is expected to register a moderate CAGR at 4.99% and 4.68% in value and volume terms respectively, during the forecast period (2018-2023).

One of the major drivers of the engineering plastics, identified in this report, is the growing purchasing power of the consumers in the developing countries/emerging economies. With the consistent economic growth in these regions, the financial status of the consumers is increasing, which in turn is improving their purchasing power. As a result, their demand for and production of automobile is growing consistently. In addition, with the improvement of their purchasing power, their demand for technologically advanced consumer goods and appliances, and electrical and electronic goods is continually increasing, which in turn is boosting the demand for engineering plastics in these emerging economies. Major restraint identified in this report is the volatility in raw material prices.

The market has been segmented on the basis of product type, and application. By product type, in 2017, polyethylene terephthalate (PET) segment dominated the market, however, polyether ether ketone (PEEK) is expected to witness the highest CAGR during the forecast period (2018-2023).

Geographically, the global engineering plastics market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific dominated the market for engineering plastics, followed by North America and Europe. The developing countries of South America and Asia-Pacific are expected to increase their market share, owing to the growing purchasing power in these regions. Middle-East & Africa recorded the second largest market, registering a CAGR of 5.36% in value terms through 2023. 

Europe and North America are expected to remain interesting locations for research and development; they are, additionally, important as sales markets. However, the establishment of new production capacities is favored in the Middle East region. Emerging countries of Asia, South America, the Middle East and various developing regions of Europe have been witnessing sizeable growth prospects for engineering plastics.

The global engineering plastic market is characterized by the presence of numerous international and regional players, resulting in a highly competitive market environment. The top seven players in the market accounted for more than 20% of the total share in 2016. An overwhelming majority of companies in this market focus on just one or two end-use markets and have annual sales of less than USD 10 million.

Opportunities and Market Players

The increasing usage of engineering plastics in the aerospace industry, innovative product applications and accelerating usage in green vehicles will offer numerous opportunities for the growth of the global engineering plastics market. Some of the major companies and vendors in the market include:

  • BASF SE
  • Solvay Plastics
  • Royal DSM
  • SABIC
  • DuPont

Few Notable Developments in the Market

  • In Nov, 2017, DSM entered into an agreement with Toyota Motorsport, under which DSM will be providing Toyota their materials and technologies for new enginnerign solutions in the automotive industry.

Key Deliverables in the Study

  • Market analysis for the global engineering plastics market, with region-specific assessments and competition analysis on a global and regional scale.
  • Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
  • Extensively researched competitive landscape section with profiles of major companies along with their market share.
  • Identification and analysis of the macro and micro factors that affect the global engineering plastics market on both, global and regional scales.
  • A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
  • Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped.
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