Engineering Plastics Market Value to Reach $134.83 Billion by 2023

The global engineering plastics market is expected to witness a CAGR of 6.8% during the forecast period to reach a value of $134.83 billion by 2023

Bangalore, India, July 31, 2018: With its recently published study “Engineering Plastics Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the global market for engineering plastics will continue to expand. The growing disposable income among developing countries and the increasing penetration of engineering plastics in various applications are the key factors driving the market growth. Further, the changing consumer preferences toward the better quality and eco-friendly products are increasing the demand for engineering plastics. This pattern is expected to continue during the forecast period to increase the engineering plastics market value to $134.83 billion by 2023, growing at a CAGR of 6.8%.

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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.

 

Engineering plastics have come a long way from being considered a premium product to becoming an essential material in various applications. It has become a critical addition to regulatory compliance in some geographies. Increasing affordability will give an impetus to the market. The market that was earlier dominated only by the developed countries is now finding a strong foothold in developing countries, such as China, wherein the domestic market is quite robust and offers high potential for growth. The market is still in the nascent stage and is expected to witness rapid growth in the next 5–6 years.” Khushboo Pandey, Research Analyst, Infoholic Research

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The key insights of the report are as follows:

  • The global engineering plastics market has been analyzed based on material types:
    • Polycarbonate
    • Acrylonitrile Butadiene Styrene
    • Polyamides
    • Thermoplastic Polyesters
    • Others
  • The study constitutes a classification based on application areas:
    • Automotive & Transport
    • Electrical & Electronics
    • Consumer Appliances
    • Construction
    • Others
  • The study covers the below-mentioned geographies:
    • Asia Pacific
    • North America
    • Europe
    • Rest of the World
  • Industry outlook: Market trends, drivers, restraints, and opportunities

Contact:
Ms. Sunanda Ganguli
Infoholic Research LLP
IND: 080-461-51400
USA: 1-661-210-1186
sunanda@infoholicresearch.com

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