Global Engineering Plastics Market to Grow by Over Seven Percent

Driven by growing end-use industries and replacement of traditional materials such as metals, the global engineering plastics market is projected to grow by 7.2%/yr from 2018 to 2023, according to a new study from global market research firm Markets and Markets (U.S.  office in Northbrook, Ill.). The report projects the market to grow from $80.70 billion this year to $115.10 billion in 2023.

“Engineering Plastics Market by Type (PC, Polyamide, ABS, PET & PBT, POM, Fluoropolymers), End-Use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging, Consumer Appliances)—Global Forecast to 2023,” categorizes the global engineering plastics market on the basis of end-use industry, type, and region.

The report included detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities. Here are key highlights:

● Automotive & Transportation: This is the largest end-use industry of engineering plastics, where they are extensively used for such applications as connectors & housings, underhood components, wheel well, lighting & components such as headlamp structural housings, headlamp & fog lamp, and reflectors & lighting sockets. The demand for engineering plastics from this sector is growing at a fast rate in the Asia-Pacific (APAC) region due to an expanding automotive industry in countries such as India, China, Japan, and South Korea. These countries are also among the largest importers of automobiles globally.

● ABS in the lead: This commodity engineering resins has the largest consumption among all engineering plastics examined by the study. Its demand is primarily driven by the consumer appliances and E&E industries (mobile phones, computers, and MP3 players).

● Asia-Pacific (APAC) in the lead: In terms of the highest demand for engineering plastics, APAC led all regions in 2018. The region comprises rapidly growing economies such as India and China and the emerging Southeast Asian countries such as Thailand and Indonesia. Driving the growth are rapid industrialization and the growing demand from industries such as automotive & transportation, consumer appliances, industrial & machinery, packaging, and E&E.

Major companies profiled in this report include: Germany’s BASF, Covestro, Lanxess and Evonik; Belgium’s Solvay SA; U.S.’s Celanese and DowDuPont; South Korea’s LG Chem; Saudi Arabia’s SABIC Innovative Plastics; and Japan’s Mitsubishi Engineering Plastics. The breakdown of primary interviews was as follows:

● By company type: Tier 1—20%, Tier 2—55%, and Tier 3—25%

● By designations: C-level—50%m director level—25%, and others—25%

● By region: North America—60%, Europe—20%, APAC—10%, the Middle East & Africa—5%, and, South America—5%