Engineering Plastics Market By Plastic Type (Acrylonitrile Butadiene Styrene (ABS), Polyamides, Thermoplastic Polyesters, Polycarbonates, Polyacetals, Fluoropolymers, Others), By End-use (Automotive, Electrical & Electronics, Packaging, Consumer appliances, Constructions, Medical, Others) - Growth, Share, Opportunities & Competitive Analysis, 2019 - 2027

"Superior properties of engineering plastics promoting the global market"

The growing use of engineering plastics in industrial applications is anticipated to grow the global engineering plastic market during the forecast period. The growing trend of lightweight vehicles in the automotive industry reduces the stress on the vehicle to improve fuel efficiency. To reduce carbon emissions, engineering plastics are widely used by automotive manufacturers. Moreover, increasing the use of engineering plastic in the end-use segments such as electrical & electronics, packaging, and building & construction is further advancing its demand in the global market. 

Engineering plastic offers excellent machinability, dimensional stability, and good chemical and wear resistance. Due to these superior properties, engineering plastic is replacing conventional metals such as aluminum, steel, and a material like wood, ceramics, etc., in many industrial applications such as 3D printing and aerospace, etc. In addition, government-sponsored schemes such as a sustainable goal of the UN and strict regulations against vehicle pollution control have further pushed the automotive industry to invest in R&D of an advanced material segment that will lower the vehicle weight and reduces emission. 

On the other hand, the global engineering plastic market is adversely affected by the high cost of material and increasing competition from other polymers. Overall, the global engineering plastic market was US$ 80.46 Bn in 2018 and is expected to reach US$ 142.99 Bn by 2027, growing at a CAGR of 6.7% from 2019 to 2027.

End-use Segment Analysis

"Automotive segment accounted for the fastest growth rate."

The automotive and transportation industry is estimated to be the largest segment during the forecast period. With increasing research on lowering the vehicle's weight to reduce fuel consumption, manufacturers are increasingly adopting engineering plastics in vehicle production. Further, with the increasing adoption of electric cars and government regulations on reducing automotive pollution, automobile manufacturers have a high demand for engineering plastics. Furthermore, apart from the automotive, the electrical & electronics, and packaging industry has a high demand for engineering plastics. This has further added to the growing market of engineering plastics.

Moreover, market players are targeting the automotive industry players by showcasing a portfolio that is best suited for the automotive industry. For instance, in October 2019, Celanese Corporation, a global specialty material company, provided the broadest portfolio of polymers with more efficient, automated, lighter, and better design freedom to OEMs that will help them secure a competitive edge in the market. 

Regional Analysis

"Asia Pacific market dominating the world market."

The Asia Pacific is dominating the global engineering plastics market in 2018. The growing automotive industry due to the rising demand for vehicles and the emergence of electric vehicle manufacturers in the region is driving the demand for engineering plastics. In the Asia Pacific, China has a major share of the market due to its strong demand for electric vehicles and its largest automotive manufacturing hub of the world. Additionally, India, Japan, and other Asian countries are contributing to the growth of the regional market due to its growing automotive and electronics sector. Overall, the Asia Pacific is estimated to be the most attractive to the region for investment and is the fastest-growing region during the forecast period. 

"Emerging partnership trend is keeping the market competitive."

The overall engineering plastic market is fragmented, and market players are focusing on new product launches and acquisitions of other players to boost their market position. Some of the leading global players included in the reports are BASF SE (Germany), Mitsubishi Engineering Plastics (Japan), DuPont (U.S.), and LG Chem (South Korea).

List of Companies Covered:

• BASF SE
• Covestro AG
• Solvay
• Celanese Corporation
• DuPont
• LG Chem
• SABIC
• Evonik Industries
• Lanxess
• Mitsubishi Engineering-Plastics Corporation
• and among others 
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Key Industry Development:

In February 2020, Solvay, a Belgium company, introduced Xencor™ LFT compounds that offer high strength and enhanced impact resistance for applications in the medical field. This new compound provides healthcare designers and OEMs better opportunities to replace currently used metals and short fiber thermoplastics (LFT) used in structural medical components such as chassis, gear systems, and components requiring high mechanical properties and load-bearing capability. With the launch of this new compound, the company is expecting to improve its market share of advanced materials in the medical industry. 

In December 2019, Solvay signed an agreement with Safran to supply high-performance Halar® ECTFE film. The film will be a protective layer on the aircraft engine acoustic ring panel. With this collaboration, Solvay is expected to increase its share in the aerospace material segment. 

In February 2020, BASF SE, in partnership with Fabbri Group, developed the cling film Nature Fresh, used in fresh-food packaging. Along with food, industrial packaging is also possible with this highly transparent stretch film. With this plastic film, both the companies have strengthened their collaboration and are expected to increase their market share in the near future.

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Segmentation Plastic Type Segment (2017-2027; US$ Bn)

• Acrylonitrile Butadiene Styrene (ABS)
• Polyamides
• Thermoplastic Polyesters
• Polycarbonates
• Polyacetals
• Fluoropolymers
• Others
•  

 End-use Segment (2017-2027; US$ Bn)

• Automotive
• Electrical & Electronics
• Packaging
• Consumer appliances
• Constructions
• Medical
• Others
•  

 Geography Segment (2017–2027; US$ Bn)

• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
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The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the global engineering plastic market better. In addition, the global report also comprises a graphical representation of a competitive landscape based on market initiatives and strategies, product portfolio, and business strengths. 

Unique data points of this report

• Recent trends across different regions in terms of the development of the engineering plastic market
• Attractive investment proposition for application segment as well as geography