Engineering Plastics Market is rising at a CAGR of 6.7% for the estimated period from 2019 to 2027

Posted March 23, 2020 by andreadevis

The global market is worth US$ 80.46 Bn in 2018 and expected to grow at a CAGR of 6.7% during the forecast period from 2019 to 2027.

The global market is worth US$ 80.46 Bn in 2018 and expected to grow at a CAGR of 6.7% during the forecast period from 2019 to 2027.
Market Insights
"Growing demand for engineering plastics from high-performance industries driving the market growth"
Advancement in plastic technology made plastic more superior to its competitors like metals and ceramics, resulting in its increased role in industrial applications. The superior properties such as durability, flexibility, corrosion resistance, thermal resistance, and machinability made the engineering plastics one of the best materials to use in automotive, electrical & electronics, packaging, consumer appliances, and building & constructions, etc. among others.
The rapidly growing automotive sector, with its new technological trend such as electrical and hybrid vehicles, the market has high potential to grow in the coming future. Engineering plastics like acrylonitrile butadiene styrene (ABS), polyamide, and polyurethane are widely used in the manufacturing of the vehicle components. Further, to achieve the UN’s sustainable goals, many countries are charting regulations to reduce vehicle emission rates. This has increased the demand for engineering plastics at the global level thereby, positively impacting the global engineering plastic market.
Overall, the global engineering plastics market was US$ 80.46 Bn in 2018 and expected to reach US$ 142.99 Bn in 2027, growing with a CAGR of 6.7% from 2019 to 2027.
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The overall engineering plastics market is slightly fragmented in nature and it is growing at a moderate rate. The market players are adopting strategies such as acquisition and increasing production capacity to stay competitive in the market. Some of the leading global players included in the reports are BASF SE (Germany), Covestro AG (Germany), Solvay (Belgium), etc. among others.
Industrial Developments
• In January 2019, Celanese Corporation, a global manufacturer of specialty materials has acquired Next Polymer Ltd., one of India’s largest thermoplastic compounders. With this acquisition, the company increased its portfolio and established itself as one of the leaders in the rapidly growing Indian ETP market.
• In September 2019, Lanxess, a German specialty chemicals company started its new plant facility in China. This new plant is producing Durethan- and Pocan-branded high-tech plastics especially used in the automotive and electrical & electronics industry. With this new facility, the company has increased its annuals productions capacity and expected to increase its market share in the growing Chinese automotive market.
• In October 2019, Lanxess, a specialty chemical company, announced its plan to use artificial intelligence (AI) for product development. The aim of the project is to expand its product range of pre-polymers. With the use of advanced digital technology, the company is expecting to speed up the process of product development and provide customers with tailor-made polyurethane systems.
Key Market Movements:
• The global engineering plastics market estimated to grow with a CAGR of 6.7% from 2019 to 2027.
• Based on end-use, engineering plastics are majorly used in the automotive industry. The growing market of electric & hybrid vehicle has influenced the market growth.
• Based on the region, Asia Pacific is the largest region of global engineering plastics market in 2018. Subsequently, the region is expected to grow at the fastest rate from 2019 to 2027.
List of Companies Covered:
• Covestro AG
• Solvay
• Celanese Corporation
• DuPont
• LG Chem
• Evonik Industries
• Lanxess
• Mitsubishi Engineering-Plastics Corporation
• and among others
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Categories Business
Tags Engineering Plastics Market
Last Updated March 23, 2020