Engineering plastics are polymers that can be used structurally, typically replacing metals, wood, glass, or ceramics. The nomenclature of these materials is due to their utility in various applications that require higher performance than commodity materials and engineering to design customized products. Automotive, electrical & electronics, and packaging are prominent end users of engineering plastics. Engineering plastics are applicable in coatings, composites, fiber optics, and surgical equipment. The world engineering plastics market accounted for $67 billion in 2015, and is forecast to reach $102 billion by 2022, with a CAGR of 6.4% from 2016 to 2022.
The increase in trend of vehicle weight reduction and improvement in fuel efficiency are expected to boost the adoption of engineering plastics. Moreover, metal replacement in the construction and electrical & electronics industries is estimated to drive the market growth. Furthermore, significant growth of the 3D printing and photovoltaic industry would increase the consumption of engineering plastics. However, fluctuations in price of crude oil, product commoditization, and regulatory challenges about CO2 emissions hamper the market growth.
The world engineering plastics market is segmented based on type, application, and geography. Based on type, it is divided into polyamide (PA), acrylonitrile-butadiene-styrene (ABS), thermoplastics polyesters (PBT), polycarbonate (PC), polyacetals (POM), fluoropolymers (PVDF/PTFE), and others (PEEK/PMMA/PPS). Based on application, the market is classified into automotive, electrical & electronics, packaging, and consumer & industrial.
The market is segmented on the basis of four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Emerging economies in Asia-Pacific and LAMEA regions offer lucrative potential for engineering plastics manufacturers. This is attributed to rapid urbanization, which fuels the growth of the automotive and construction industry and necessitates the need to address energy conservation and sustainability issues.
Leading companies in this market have proactively worked towards expansion as well as launch of new engineering plastics products. The major companies profiled in the report include:
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