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Global Engineering Plastics Market InsightJune 7, 2022 Comments
The Engineering Plastics is forecast to crazy increase over the next four years. According to the WK-chem Research “Global Engineering Plastics Professional Survey Report 2022, Forecast to 2027”, The fast-changing automotive industry is unswervingly trying to match the “lightweight” trend, and engineering plastics are being used in multiple auto parts and the impact of the COVID-19, the Chemicals and materials industry is developing at an incredible speed. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 7.85% base on WK-chem Research regression analysis model.
“Engineering plastic is a high-performance polymer material” said Aggie, Senior analyst, Chemicals and materials Market Research Center in WK-chem Research. “Industry participants needImprove product molding and other processing technologies adapt to the rapid development of the market.”
One of the main growth drivers for the use of plastics in industrial operations is the continuing trend of “lightweight”. With increasing pressure to reduce vehicle load, improve fuel efficiency and emissions, engineering plastics are being exchanged with many other materials.
In order to comply with similar trends, the construction industry also prefers to use plastics for operations. Due to its versatility, strength-to-weight ratio, durability, corrosion resistance, etc., construction production uses engineering plastics for a wide range of purposes in its daily work. Plastics can be manually processed into pipes, cables, coverings, panels, films, sheets, etc., and used in the industry worldwide.
Bio-based engineering plastics such as PLA, PHA and PET are widely used in packaging, food service utensils, bags and agricultural applications. Due to the growing demand for bio-based products, many suppliers provide bio-based engineering plastics on the market.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Engineering Plastics companies that include BASF SE、Covestro、Solvay SA、Celanese、DowDuPont、LG Chem、SABIC、Evonik Industries、Lanxess.
Segmentation of Engineering Plastics Market:
The engineering plastics market is divided into polyacetal, polyolefin, polyoxymethylene, etc., among which polyacetal is an engineering plastic polymerized by formaldehyde. It has excellent mechanical, thermal, electrical and chemical properties, and has high temperature resistance, chemical resistance and abrasion resistance. In addition, it has considerable resistance to many solvents and has good electrical properties, making it suitable for electrical applications. The excellent properties of polyoxymethylene (POM) make it suitable for other applications such as industrial machinery, automobiles and transportation, electrical and electronics, and consumer goods. The use of polyolefins has increased. These materials are known for their outstanding durability and are therefore used in various mechanical and electrical industries. They provide excellent strength and recyclability at a relatively low cost.
According to applications, the engineering plastics market is subdivided into automobiles and transportation, consumer appliances, electrical and electronics, industrial and mechanical packaging, etc. The electronics industry is increasingly using engineering plastics in its products. The bodies of many smart phones and similar gadgets are made of engineering plastics. People attach great importance to the recycling of plastics, so they are also used to manufacture various equipment components, such as laptops, mobile phones, cameras, etc. Engineering plastics are also heavily used in the automotive industry; many vehicle components are made of plastic because it provides durability at low cost. Major market players are using engineering plastics in vehicles designed for a larger customer base.
Engineering Plastics Market: Regional Analysis
In terms of geography, the global Engineering Plastics market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.The Asia-Pacific region is estimated to be the largest and fastest-growing market for engineering plastics. The high growth rate of the market in this region is due to increasing demand from countries such as China, Japan and India. China is the largest engineering plastics market in the Asia-Pacific region. India is the fastest growing market in the region and even in the world. The development of the automotive and electrical and electronic industries, the development of semiconductor manufacturing, and the increase in exports of televisions and other consumer appliances have greatly increased the demand for engineering plastics. Fast-growing economies in the Asia-Pacific region, such as India and Taiwan, are expected to drive demand for engineering plastics in the region.
Largest share area：China
Largest share country：Asia Pacific
Product Type：polyacetal, polyolefin, polyoxymethylene, etc
Application： automobiles and transportation, consumer appliances, electrical and electronics, industrial and mechanical packaging, etc.
Leading Company： BASF SE、Covestro、Solvay SA、Celanese、DowDuPont