Increasing preference for lightweight materials over metals is driving the market for engineered plastics
- Vikas Kumar
- August 13, 2022
- CHEMICAL, NEWS
- Engineered plastics market, Engineered plastics market Forecast, Engineered plastics market Growth, Engineered plastics market News, Engineered plastics market Share, Engineered plastics market Size, Engineered plastics market Trend
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The global engineered plastics market is likely to showcase a growth of around 6% during the forecast period. This can be ascribed to the large and growing end-use industry, increasing preference for plastics over metals, and growing use of engineered plastics in additive manufacturing.
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Global engineered plastics production has grown relentlessly in recent decades. These plastics help us preserve food, reduce product costs, use electronics and make vehicles more fuel-efficient, among other things. Besides industries, engineered plastics like PET has become a part of daily life. For instance, increasing demand for on-the-way products and ready-to-eat food has increased the consumption of PET in consumers’ daily life. Further, due to its low cost and easy-to-carry properties, companies are using PET plastic for packaging purposes. Around the world, one million plastic drinking bottles are purchased every minute.
In addition to this, investment in research & development of high-quality plastics has increased their usage in the medical industry. Improving standards and regulations mandating high-quality plastics used in medical applications is creating a market for polyamides in the medical industry. Polyamide tubing is tough and durable, allowing it to resist abrasion, chemicals, and extreme temperatures. It is ideal for use in medical devices like stent delivery systems
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Based on type, the market is categorized into polycarbonates, polyamides, PBT, PET, POM, and PMP. During the forecast period, the demand for polycarbonates is likely to showcase significant growth owing to the increasing demand for high quality and impact resistance plastics. For instance, polycarbonate sheets are preferred over the glass, as they are half the weight of glass yet provide almost 200 times the impact resistance. Further, increasing investment in e-mobility charging infrastructure is likely to propel polycarbonates demand as it is use in charging plug and other related components.
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.
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For a better understanding of the market adoption of Engineered Plastics, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, 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. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to growing industrial production and increasing investment in setting up new facilities by western players in order to take advantage of lower labor rates and raw materials. Further, the growing population and increasing urbanization coupled with improving per-capita income boost the demand from the end-use industry, thereby increasing the demand for engineered plastics.
Global Engineered Plastics Market Segmentation
Market Insight, by Type
• Polybutylene Terephthalate (PBT)
• Polyethylene Terephthalate (PET)
• Polyoxymethylene (POM)
• Polymethylpentene (PMP)
Market Insight, by Structure
Market Insight, by Application
• Automotive & Transportation
• Consumer Goods
• Electric & Electronics
• Industrial & Machinery
Market Insight, by Region
- North America Engineered Plastics Market
- The United States
- Rest of North America
- Europe Engineered Plastics Market
- The United Kingdom
- Rest of Europe
- Asia-Pacific Engineered Plastics Market
- Rest of Asia-Pacific
- Rest of World Engineered Plastics Market
Top Company Profiles
- BASF SE
- Covestro AG
- Solvay S.A.
- Celanese Corporation
- Evonik Industries AG
- The Ensinger Group
- LG Chem Ltd.
- Lanxess AG
- Mitsubishi Chemical Holdings Corporation