Engineering Plastics Market: The revenue is expected to ascend further to $134.83 billion
The global engineering plastics market is expected to grow at a CAGR of 6.8% during the forecast period 2017–2023 owing to high demand growth from emerging economies. The market has been analyzed based on types – PC, ABS, PA, TOP, and others. The study has also been classified based on applications – automotive & transport, electrical & electronics, consumer appliances, construction, and others.
Asia Pacific is the emerging region and also has the significant share in the global engineering plastics market. Other than Asia Pacific, South America, Middle East, and developing countries of Europe have been witnessing substantial growth scenarios for engineering plastics. China and India are driving the demand for engineering plastics in the Asia Pacific region due to regional growth along with huge base of automobile manufacturers, increasing demand for packaging solutions from various applications industries, existence of electrical & electronics manufacturers, and increasing industrial establishment for metal fabrication. In developing regions, growing purchase power is leading the economic growth.
Engineering plastics are replacing metals in various applications such as automobile, consumer appliances, electrical & electronics, and construction among many others. The European Union is imposing stringent rules for emission and safety, which have enforced the OEM manufacturers to focus on technological advancements. OEM manufacturing companies are intensely carrying out R&D to produce products that are lighter in weight, can withstand a wide temperature range, resistance to wear and fatigue, chemical resistance, have higher impact strength, and high abrasion. The European regional market is providing a new path of applications for engineering plastics with innovation and technological advancements.
The study produced by Infoholic Research provides drivers, restraints, opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each product and application along with forecasting and trends analysis in the global engineering plastics market. Major companies covered in the study include big multinational players such as BASF SE, SABIC, DowDuPont, Shin-Etsu Chemical Corp., and PolyOne Corp., which are offering different engineering plastics products.
– Khushboo Pandey,