Excellent Growth of Engineering Plastics Market
Posted by pooja on June 6th, 2019
Global Engineering Plastics Market is projected to reach 2 billion by 2022, with a CAGR of 6.4% from 2016 to 2022, according to a new report published by Allied Market Research.Acrylonitrile-butadiene-styrene (ABS) segment is expected to lead the market throughout the forecast period, in terms of consumption as well as revenue. North America and Europe collectively accounted for about half of the market share in 2015.
Engineering plastics are utilized for manufacturing instrument panels, seating materials, airbag retainers, fuel systems, shifter bases, door systems, driver train, pedal boxes, sensor housings, and front end modules for automotive. These components make use of ABS, PC, PA, and POM. The key elements that drive the engineering plastics market growth include rise in trend of reducing vehicle weight, improvement in fuel efficiency, and metal replacement in the construction and electrical & electronics industries. Moreover, growth in the end-user industry namely packaging, building & construction, electrical & electronics, automotive and consumer products is further expected to increase the consumption of engineering plastics. However, fluctuating price of crude oil and regulatory challenges about CO2 emissions hamper the market growth.
In the year 2015, ABS segment acquired the largest share and is expected to lead during due to its versatile design structure, dimensional stability, mechanical strength, and thermal resistance. The polyamide segment is expected to grow with a high CAGR of 6.7% from 2016 to 2022 owing to increased demand from the automotive sector. In 2015, the automotive application segment accounted for the largest market share of nearly one-fourth. Packaging is estimated to be the fastest growing application segment with a CAGR of 7.3% due to the increase in requirement of enhanced storage and transporting solutions for perishable and non-perishable goods.
In the year 2015, Asia-Pacific occupied the largest market share of about 30%, owing to the growth in the automotive and consumer products industry. The huge emerging markets of China and India are estimated to show the highest increase in demand for polyamide (nylon) and polybutylene terephthalate (PBT) products. Furthermore, LAMEA is estimated to grow at the highest CAGR of 7.8%, as it consists of several emerging economies with expanding end-user industries such as automotive, construction, and consumer products.
Key Findings of Engineering Plastics Market
The key players profiled include BASF SE (Germany), LG Chem (South Korea), SABIC Innovative Plastics (Saudi Arabia), Solvay SA (Belgium), Evonik Industries AG (Germany), Arkema SA (France), E. I. du Pont de Nemours and Company (U.S.), Royal DSM NV (Netherlands), Lanxess AG (Germany), and Bayer AG (Germany).
Access Full Summery @ https://www.alliedmarketresearch.com/engineering-plastics-market
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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About the Authorpooja
Joined: May 29th, 2019
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