Engineering plastic materials are known for their superior mechanical and thermal properties than commodity plastic materials. The potential for this market to reach a better height in the coming years is quite astonishing. The market can reach a substantial valuation by 2022, claims Market Research Future (MRFR). Engineering plastic display better high abrasion, impact strength, chemical resistance, wear & fatigue resistance, and extensive service temperature range that are categorically dependent on the needs of the end user industries
The automotive sector is showing a substantial hike for products that are lightweight. This is to reduce fuel consumption and carbon footprint but the product should also have the qualities of metal. Such a blend is only possible with engineering plastics. Hence, the market is inspiring better growth for the engineering plastic market. It also reduces the production time considerably and increases the tensile strength, and shows potential to replace die-cast with more impact.
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Electronics and electrical appliances can also benefit from the reduced weights of the components. In fact, its percolation in the aerospace industry is quite significant as it promotes the manufacturing of spaceships. But competition from polymers and high production costs can impact the global market growth in the coming years.
Segments:
The global market report for engineering plastic to gain significant grounds from the segments that include product and application. Both segments are known for their intense coverage of the market influencers that can impact the global market significantly in the coming years.
By product, the global market for engineering plastic can be segmented into acrylonitrile-butadiene-styrene, polyamide, polycarbonate, thermoplastics polyesters, and others. Acrylonitrile-butadiene-styrene has better market coverage. There are several other features that can impact the global market considerably. For instance, chemical resistance, mechanical potency, heat stability, and high-temperature resistance are properties that can provide tailwind to acrylonitrile-butadiene-styrene or ABS to make it the choicest preference for various pipes & fittings, automotive & transportation, electrical & electronic parts, and various consumer products.
By application, the market report for engineering plastic can expect better growth by getting significant coverage of industries like electrical & electronics, construction, consumer goods, automotive, and others. the automotive sector is expected to benefit from the inclusion of engineered plastics as they are lightweight in nature.
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Regional Analysis:
The Asia Pacific market has the maximum market share that is growing significantly due to the inclusion of it and surging demand for it from the automotive sector. China has a significant market contribution and this is due to its growth as one of the fastest in the automotive sector. The regional market would also benefit from significant availability of raw materials. Reasonable production costs can also inspire better market growth. India is also expected to make significant market contribution by being a strong automotive sector participant.
North America and Europe are showing the capacity to take substantial growth in their stride for the coming years. Europe’s expenditure is quite strong in the global research and development sector. Also, stringent measures implemented by governments would initiate better market growth in the coming years. This would launch various innovative measures as well.
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Market Overview:
There are several players in the market taking substantial interest in the global market for engineering plastics. These companies have been profiled by MRFR to get a good understanding of how these markets would fare in the coming years. These companies are Covestro (Germany), BASF SE (Germany), Celanese Corporation (U.S.), Solvay S. A. (Belgium), LG Chem Ltd. (South Korea), E. I. du Pont de Nemours and Company (U.S.), Lanxess AG (Germany), Evonik Industries AG (Germany), Saudi Basic Industries Corporation (Saudi Arabia), and Mitsubishi Engineering-Plastics Corporation (Japan).
In October 2019, Nautic Partners, LLC announced that they have recently taken over a company named Spartech, LLC. The latter is known for being a great contributor as it is known for its customized manufacturing of engineered extruded plastics that finds application in several sectors like healthcare, aerospace & defense, consumer goods, automotive, industrial, and packaging.
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