The market for engineering plastics in North America has been estimated at USD 17,056.40 million in 2017. The market is expected to portray a healthy CAGR of 4.36% during the forecast period, 2018 to 2023. 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.
With increasing concerns about the reduction of carbon emissions, government and environmental agencies such as the US EPA and European Commission are focusing on creating awareness regarding the usage and benefits of bio-based PET. Considering the side-effects of petrochemical-based plastics, the popularity of bio-based products is rising globally. Since PET is favorably used in the food & beverages packaging industry, this bio-based product trend is creating a direct impact on the PET demand. Additionally, owing to the flexibility of recycling and significant reduction in the weight due to bio-based technology, this product category turns to be one of the most favored products in multiple end-user industries such as automotive, electrical & electronics, and food & beverages packaging industry, among others.
With certain unique properties of PEEK such as operation at high temperature while maintaining stiffness, excellent chemical and water resistance and carrying V-0 flammability rating, the demand for and usage of PEEK in commercial and industrial applications is continually increasing. PEEK is widely used in the aerospace, electrical & electronics, automotive, and healthcare industries. Electrical & electronics is projected to be the fastest growing application segment during the forecast period.
The United States is witnessing the second largest economy for electronics in the world, and is also among one of the top markets for medical, automotive, and construction, globally. Expenditure on healthcare stood at USD 3.3 trillion in the country in 2016, growing by over 4.3%. Growing urbanization, investment in housing and construction, and development of retail chains are a boost for the engineering plastics market in the United States.
Major Players: BASF SE, Bayer, Poly Plastic Co. Ltd, and Mitsubishi Engineering-Plastics Corporation, amongst others
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