Engineering plastics plays a crucial role in augmenting the thermal and mechanical properties of plastic materials, meeting higher requirements across various industries. These plastics offer advantageous properties such as high impact strength, abrasion resistance, and fatigue resistance, making them suitable for applications where durability and performance are crucial. The versatility of engineering plastics has led to their widespread adoption, replacing conventional materials such as wood and metals in many applications. This market trend showcases the increasing demand for advanced plastic materials that can deliver improved performance and reliability in diverse sectors, driving the growth of the engineering plastics market.
According to Data Bridge Market Research the Engineering Plastics Market accounted for a CAGR of 6.90% in the forecast period of 2022 to 2029.
“Increasing trend of engineering plastics in lightweight vehicles”
The increasing trend towards lightweight vehicles is a significant driver of the engineering plastics market. As automakers strive to improve fuel efficiency and reduce emissions, they are increasingly turning to lightweight materials such as engineering plastics to replace traditional metal components. Engineering plastics offer high strength-to-weight ratios, excellent mechanical properties, and design flexibility, making them ideal for automotive applications. By incorporating engineering plastics in-vehicle components such as bumpers, body panels, interiors, and under-the-hood parts, manufacturers can achieve significant weight reduction without compromising on safety or performance. This trend towards lightweight vehicles not only enhances fuel efficiency but also opens up opportunities for the growth of the engineering plastics market in the automotive sector.
What restraints the growth of the engineering plastics market?
“Time-consuming manufacturing process”
One of the major challenges faced by the engineering plastics market is the time-consuming manufacturing process. Engineering plastics often require complex processing techniques, such as injection molding or extrusion, which can be time-consuming and require precise control over temperature, pressure, and other parameters. This can lead to longer production cycles and increased costs. Additionally, the intricate formulations and compounding processes involved in engineering plastics production further contribute to the time-consuming nature. Manufacturers need to find innovative solutions and optimize their manufacturing processes to overcome these challenges and ensure efficient and cost-effective production of engineering plastics.
Segmentation: Global Engineering Plastics Market
The engineering plastics market is segmented on the basis of type, parameters, application, and end-user industry.
- On the basis of type, the engineering plastics market is segmented into acrylonitrile butadiene styrene (ABS), polyamide, polycarbonates, thermoplastic polyester, and others.
- On the basis of application, the engineering plastics market is segmented into abrasion resistant liners, acid trays, anti-corrosive liners, braking tray liners, bearings, bench top, boat chopping board, boat windscreen, bolts and nuts, and others.
- On the basis of end-user, the engineering plastics market is segmented into automotive and transportation, consumer appliances, electrical and electronics, industrial and machinery packaging, and others.
Regional Insights: Asia-Pacific Dominates the Engineering Plastics Market
Asia-Pacific dominates the engineering plastics market due to its large number of plastic manufacturing units and easy availability of raw materials in the region. This positive alliance allows for efficient production processes and cost-effective supply chains, positioning Asia-Pacific as a leading hub for engineering plastics manufacturing and driving its market dominance.
North America is expected to exhibit lucrative growth in the engineering plastics market during the forecast period. This growth is driven by the rising demand for engineering plastics from industries such as automotive, electronics, and electrical, which rely on these materials for their lightweight, durable, and high-performance properties.
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The Prominent Key Players Operating in the Engineering Plastics Market Include:
- BASF SE (Germany)
- Ashland (U.S.)
- Arkema (France)
- Covestro AG (Germany)
- AdvanSix (U.S.)
- Asahi Kasei Corporation (Japan)
- Celanese Corporation (U.S.)
- LANXESS (Germany)
- Chi Mei (Taiwan)
- Chevron Phillips Chemical Company, LLC. (U.S.)
- Daicel Corporation (Japan)
- 3M (U.S.)
- Eastman Chemical Company (U.S.)
- Corporate-Evonik (Germany)
- Grand Pacific Petrochemical (Taiwan)
- INEOS (U.K.)
- LG Chem (South Korea)
- Mitsubishi Electric Corporation (Japan)
- NOVA Chemicals Corporation (Canada)
- Polyplastics Co., Ltd. (Japan)
- Röchling SE & Co. KG (Germany)
- DSM (Netherlands)
- SABIC (Saudi Arabia)
- Solvay (Belgium)
- Trinseo (U.S.)
- Teijin Aramid B.V. (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list of engineering plastics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Engineering Plastics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
