Global Engineering Plastics Market to Reach Around US$ 149.3 Billion by 2027 - CMI

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Mar 30, 2020, 11:16 ET

SEATTLE, March 30, 2020 /PRNewswire/ -- The Engineering plastics exhibit superior properties than standard plastic which makes them ideal for engineering applications. They are excellent chemical resistance, impact resistance, fire retardancy, heat resistance, and mechanical strength. Owing to these properties they are gaining traction in the market and being replaced with traditional materials such as metal and wood. They are widely used in the production of lightweight automotive parts which makes vehicle fuel-efficient.

Moreover, lightweight automotive parts are highly durable and are scratch resistance. Some of the application of engineering plastic are Electrical and electronics, Building and construction, Consumer goods and appliances, and other industrial applications such as corrosion-resistant liners and abrasion-resistant. Polyamides (PA), Polycarbonates (PC), Acrylonitrile butadiene styrene (ABS) and Styrene Acrylonitrile (SAN), Polyoxymethylene (POM), and Polybutylene terephthalate (PBT) are some of the types of engineering plastic.

The global engineering plastics market is estimated to account for around US$ 75.8 billion in terms of value in the year 2018 and it predicted to grow at a CAGR of 8% during the forecast period (2019-2027)

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Drivers

Polyoxymethylene (POM) is the most popular engineering plastic which is produced by using polymerization of formaldehyde. It has excellent properties such as high strength, chemical, thermal, and electrical properties and also offers superior resistance to high temperatures, and abrasion. Moreover, it also possesses superior electrical properties and is also ideal for industrial machinery properties. This is widely used for the production of consumer goods. Hence, the excellent properties of polyoxymethylene are fueling the market growth of engineering plastics.

Rising replacement of glass and metal material with the engineering plastic across the end-use application is projected to augment the market growth. The plastic industry has experienced tremendous development for instance, polyamides are widely used to replace metal automotive gear shift module since polyamides have lightweight and high-strength properties. Moreover, growth in the chemical industry is expected to foster the market growth of engineering plastics.

Market Opportunities

Rising usage of engineering plastic from the aerospace industry is expected to offer enormous growth opportunity to the market of engineering plastic over the forecast period. They are fit for aerospace applications because of their lightweight compared to other industrial materials. Moreover, they have electrical insulating properties and offer transparency for aircraft canopies and windows. Furthermore, engineering plastic also has excellent sealing properties. Hence, the growing usage of engineering plastic in the aerospace industry will favor market growth.

Growth in the packaging industry will provide enormous growth opportunities to the market of engineering plastic and this is expected to accelerate the market growth. According to the Wisconsin Economic Development Corporation, the Indian packaging industry, stood at $32 billion in 2015, had increased at a compound annualized growth rate (CAGR) of 15% for the last five years and is projected to continue growing at a CAGR of 13 to 15% in the coming years.

Market Restraints

The market of engineering plastic is facing stiff competition from other polymers, for example, engineering plastic is facing competition from polypropylene. Polypropylene is cost-effective, tough, and flexible. Moreover, it also has exceptional chemical properties which makes it a suitable alternative to engineering plastics. Therefore, this is expected to restrict the adoption of engineering plastic which in turn hindering the market growth of engineering plastic.

Key Takeaways:

On the basis of the application, the electric and electronic segment dominated the global engineering plastics market in 2018 with a 35.9% of market share in terms of value, followed by automotive and transportation and construction.

Market Trends

Growing trend of using engineering plastic for the packaging of frozen and processed food, carbonated drink, bottles, and ketchup is projected to augment the market growth. They are widely used to produce food containers such as bottles, jars microwave food trays etch. Hence, the growing demand for engineering plastic from the food industry for the packaging of food items in order to protect it from damage is expected to accelerate market growth.

Growing popularity of bio-based PET is expected to foster the market growth of engineering plastic over the forecast period. For instance, in March 2017, Danone and Nestlé Waters launched NaturALL Bottle Alliance with California startup to produced 100% bio-based bottles by using products such as sawdust and cardboard. The purpose of this Alliance is to develop 100% bio-based PET bottles and the feedstocks that will be used.

Competitive Section

Key players operating in global engineering plastics market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro., DSM N.V., DuPont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (SABIC), Solvay SA, Teijin, Toray, and Victrex PLC.

Few recent developments

DuPont

Key Developments:

In Jan 2016, Company invested in DuPont Zytel HTN PPA (Polyamide) polymer capacity at its Uentrop facility in Hamm, Germany. It will be Europe's first Zytel HTN polymer production facility.

DSM N.V.

Key Developments:

In June 2016, Company launched high-performance polyphthalamides, based on polyamide 4T. This product is a replacement or an alternative for die casting materials. Also available in various grades.

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Market Taxonomy

By Product Types