Market research for engineering plastics, developments, expansion, statistics, alternatives and forecasts up to 2027 – bulk material handling
The engineering plastics market will grow from $ 80.70 billion in 2019 to $ 115.10 billion by 2027, with an average annual growth rate (CAGR) of 7.2% over the forecast period.
The increasing trend towards lightweight vehicles, the increasing demand for connected vehicles and the growing awareness of reducing vehicle emissions are driving the market for engineering plastics in the automotive and transportation industries.
Key Market Players Covered In This Report: Invista, Ascend, Solvay, BASF, Asahi Kasei, Dupont, Radici Group, Shenma, Hua Yang,
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The APAC region is considered to be the largest and fastest growing market for engineering plastics. The high growth rate of the market in the region is due to the increasing demand from countries such as China, Japan and India. China is considered to be the largest engineering plastics market in the APAC region. India is considered to be the fastest growing market in the region and worldwide. The growth in the automotive and electrical and electronics industries, increasing semiconductor manufacturing, and increasing exports of televisions and other consumer goods have significantly increased the demand for engineering plastics. The rapidly growing economies in APAC such as India and Taiwan are expected to drive demand for engineering plastics in the region.
The global Engineering Plastics Market can be segmented into the following categories: The major product types of the Engineering Plastics Market are: Injection molding quality, extrusion quality,
Engineering Plastics Market Outlook by Application: Automotive industry, machine equipment, electrics and electronics, miscellaneous,
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Engineering plastics are versatile plastic materials with excellent physical and electrical properties, such as stability, excellent chemical resistance, heat resistance, abrasion resistance and weather resistance. These properties made it one of the fastest growing segments in the plastics industry. Metals and glass are constantly being replaced by lighter materials due to the continuous developments in the plastics industry. For example, because of their low weight and high strength, polyamides are used as a replacement for metallic switching modules in automobiles. Metal replacement is important for the automotive industry for reducing vehicle weight, allowing freedom of design and easy integration of parts, and lowering overall system costs. Due to government regulations and concerns about fuel efficiency standards and consumer preferences for high-gasoline vehicles, automakers are focusing on improving fuel economy. Due to their favorable properties, engineering plastics are also used in the electrical components of hybrid electric cars; for example high heat resistance.
Engineering plastics face strong competition from other polymers, especially in the case of engineering plastics in the lower price range. ABS, for example, faces competition from standard polymers such as polypropylene. Polypropylene is flexible and tough and exhibits superior properties when copolymerized with ethylene. The relatively low cost of polypropylene and its excellent chemical properties make it possible to use it as an alternative to engineering plastics such as ABS. This threat becomes more apparent in markets with high cost competition, such as consumer goods and home appliances, where product manufacturers must worry about finding inexpensive overseas suppliers. Companies that are focused on cutting costs and have not fully recovered from the global economic recession are expected to replace engineering plastics with standard plastics.
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The economies in APAC such as China and India are growing rapidly, including Indonesia, Taiwan, South Korea, and other South Asian countries. The main drivers of their growth are the increasing investments due to the high consumption of engineering plastics. With the rise in disposable income, consumer buying behavior has changed; it was influenced by globalization and westernization. The growing population in APAC is driving demand in end-user industries such as automotive and transportation, electrical and electronics, consumer goods, and packaging. The growth of the automotive industry has led to an increased demand for engineering plastics. The booming electrical and electronics industry is also driving the growth of the engineering plastics market.
India, Taiwan, Indonesia and other countries in APAC are witnessing a rapidly growing chemical industry. These countries welcome foreign investment and manufacturers to build their factories. This has created many opportunities for global manufacturers to set up their plants in emerging markets
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