Market - - Sep 21,2017
The market for engineering plastics is advancing mostly due to its striking features such as abrasion strength and high strain; market growth expected at a CAGR of 7.14% during 2017-2021.
Engineering plastics have established a strong market at present, and are required across a wide variety of applications such as automobile and transportation, electrical and electronics, packaging, appliances, and consumer goods industries. This high demand is due to the vital features of this special grade plastic plastics that possesses high impact strength, abrasion resistance, temperature resistance above 212F and are significantly lightweight.
Currently, the spotted market is quite popular across different geographical regions. The Americas, APAC, and Europe are the prime prosperous market hubs for engineering plastics. The prominent varieties that hold a strong overall industry presence are acrylonitrile butadiene styrene (ABS), fluoropolymers, polyamide (PA), polycarbonate (PC), polybutylene terephthalate (PBT), polyoxymethylene (POM), styrene acrylonitrile (SAN), and polymethylmethacrylate (PMMA).
As per active research findings, it has been analyzed that the global market for engineering plastics is anticipated to surge at a significant CAGR of 7.14% during the period until 2021. This growth can be attributed to the rising need for replacement of metals and fiberglass with plastic selections. Moreover, it is interesting to know that, degenerative properties of ABS is expected to pose a challenge for the engineering plastics market on the global front.
Further, the recent trends in the industry impacting the market growth include increasing capacity expansions, growing importance for bio-based engineering plastics and swelling demand from APAC. The contribution from the chief players from the engineering plastics market is impressive. Manufacturers such as BASF, Evonik Industries, SABIC, Solvay, LG Chem, along with other prominent vendors Arkema, Covestro, LANXESS, Celanese, and DuPont, are working relentlessly to maintain the market stability.
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