Engineering plastics are the new choice of materials in various end-user industries. Engineering plastics are preferred mainly due to their properties such as high dimensional stability, good strength, high heat and chemical resistance. The engineering plastics market is growing at a robust rate and this growth is expected to continue in the foreseeable future. This growth is due to its excellent physical properties and its ability to be used as a replacement for traditional materials, such as metal and wood, used in various end-user industries.
Engineering plastics market is experiencing rapid growth, which is expected to continue in the near future, mainly driven by the highly growing Asia-Pacific region and ability of engineering plastics to replace metals in various end user industries. Presently, Asia-Pacific and Western Europe are the largest consumers of engineering plastics.
Demand for engineering plastics is estimated to be highest in automotive & transportation industry and consumer & appliances industry. Automotive & transportation industry is projected to increase at the highest rate. The key drivers of the industry are the increased applications, specifically under-the-hood applications and the strict regulations regarding fuel economy. High volatility in the prices of raw-materials for engineering plastics is one of the major restraining factors that prevails in the market. Increased applications in building & construction industry and growing interior, exterior and under the hood applications in automobile industry, supplement its consumption in developing countries. These countries would serve as the upcoming opportunities in the market.
Asia-Pacific is the largest market for the consumption of engineering plastics owing to the several developing economies in the region. This report estimates the market size of the engineering plastics market, both in terms of volume and value. The report provides a comprehensive review of important market drivers, challenges, and key issues. The market is further segmented and forecasted for regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW), which includes key growth countries, namely the U.S., Germany, China, Japan, and Russia. Key participants and their strategic initiatives for the overall market are discussed in detail in the report. Top players of the industry are profiled in detail with their recent developments and other strategic industry activities.
Further, as a part of qualitative analysis, the research provides a report with a comprehensive review of major market drivers, restraints, winning imperatives, and key issues in the market. We have also profiled leading players of this industry with their recent developments and other strategic initiatives in the industry. These include: BASF SE (Germany), Bayer MaterialScience (Germany), E. I. du Pont de Nemours and Company (U.S.), LG Chem. (South Korea), SABIC Innovative Plastics (Saudi Arabia), and Solvay Plastics (Belgium) and other market players.