The global engineered plastics market is likely to showcase a growth of around 6% during the forecast period. Major factors driving the market of engineered plastics include a large base of end-use industry; the robust growth in packaging demand and recovering automobile industry. Also, the growing automotive industry with the focus on reducing vehicle weight, autonomous and e-mobility; growing industrial production owing to rising population coupled with rising people per-capital income, thereby consumers have more spending power. In industries like automobiles, a large number of components are made up of engineered plastics in order to reduce the cost and weight, thereby more fuel efficiency. For instance, it has been estimated that every 10% reduction in vehicle weight leads to a 4-8 % reduction in fuel consumption.
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Moreover, engineered plastic like PET is widely used in the packaging industry. In countries like India, where around 40% of the food items perished before reaching the market. This issue presents a huge opportunity for plastic packaging manufacturers. However, currently, most plastics are derived using crude-oil-based raw materials owing to which the price of plastic raw materials is highly dependent on the international crude-oil market, which is highly fluctuating, thus manufacturers find difficulty in maintaining profit margins
According to UnivDatos Market Insights (UMI)’ research report “Global Engineered Plastics Market”, the market is expected to showcase a growth of around 6% during the forecast period. large and growing end-use industry, increasing preference for plastics over metals, and growing use of engineered plastics in additive manufacturing are some of the key attributable factors to the growth of the market.
Based on type, the market is categorized into polycarbonates, polyamides, PBT, PET, POM, and PMP. Among these, polyamides accounted for a significant share in the market as it is widely consumed in automotive & transportation markets, consumer goods and electrical and electronics applications among others. For instance, in automotive fuel systems, the most widely used plastics are PAs such as PA12, PA6, and PA66, due to their combination of balanced mechanical properties and relatively good barrier properties to hydrocarbons.
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Based on application, the market is categorized into automotive & transportation, consumer goods, electric & electronics, industrial & machinery, packaging, and others. Among these, automotive & transportation accounted for a prominent share in the market owing to increasing consumption of plastic-based components in vehicles owing to their low weight and high mechanical and chemical resistant properties. Further, the growing market for electric vehicles is providing new application areas for engineered plastics like battery covers, frames, and cages; battery management systems; electrical housings, airbag housings, high-voltage switches and connectors, and charging plugs and receptacles to name a few.
Asia-Pacific is expected to demonstrate robust growth during the forecast period
Asia-Pacific accounted for the prominent share in the global engineered plastics market and is expected to retain its position during the forecast period. This can be attributed to the large and growing manufacturing sector in the region, rising population, improving standard of living, and increasing foreign investment in the regional countries. The demand for engineered plastics is mainly from packaging, automotive, textile, electrical & electronics, consumer goods, and general industry. The region is the largest market for automotive both in terms of production and sales. Further, regional countries like China and Bangladesh are the hub of the global textile industry owing to their low labor cost and vast workforce. Further, to boost the local industrial production governments in many regional countries are taking various initiatives to lure western companies in order to open facilities in the region. Owing to such factors, the demand for engineered plastics is expected to rise during the foreseeable future.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global engineered plastics market include BASF SE, Covestro AG, Solvay S.A., SABIC, Celanese Corporation, Evonik Industries AG, The Ensinger Group, LG Chem Ltd., Lanxess AG, and Mitsubishi Chemical Holdings Corporation. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Engineered Plastics Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Type (Polycarbonates, Polyamides, PBT, PET, POM, and PMP)
- By Structure (Amorphous and Semi-crystalline)
- By Application (Automotive & Transportation, Consumer Goods, Electric & Electronics, Industrial & Machinery, Packaging, and Others)
- By Region (North America (the United States, Canada, and Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World)
- By Company (BASF SE, Covestro AG, Solvay S.A., SABIC, Celanese Corporation, Evonik Industries AG, The Ensinger Group, LG Chem Ltd., Lanxess AG, and Mitsubishi Chemical Holdings Corporation)
Key questions answered in the study:
- What are the current and future trends of the global engineered plastics industry?
- How the industry has been evolving in terms of type, structure, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global engineered plastics industry?
- What are the customer orientation, purchase behavior, and expectations from the global engineered plastics suppliers across various region and countries?