Engineering Plastics Market

Engineering Plastics Market: APEJ Region Expected to Exhibit Highest Market Growth: Global Industry Analysis and Opportunity Assessment, 2016-2026

Among all products in the plastic industry, Engineering Plastics are projected to be the fastest growing segment over the forecast period (2016–2026). In terms of value, the global Engineering Plastics market is estimated to be valued at US$ 66.2 Bn by the end of 2016 and is expected to reach US$ 132.8 Bn by the end of 2026, registering a CAGR of 7.2% during the forecast period. Global consumption of engineering plastics is estimated to register a CAGR of 5.7% by volume over the forecast period (2016-2026).

The global engineering plastics market can be segmented on the basis of Product Type (Polyamides (PA), Polycarbonates (PC), Polyoxymethylene (POM), Polybutylene terephthalate (PBT), Acrylonitrile butadiene styrene (ABS) and Styrene Acrylonitrile (SAN), High Performance Polymers, Fluoropolymers, Polymethyl methacrylate (PMMA), Others (includes UHMWPE/UHMW, TPI alloys and blends, etc.)) and Application (Automotive and transportation, Electrical and electronics, Construction, Medical, Industrial and machinery, Packaging, Others (includes furniture and fixtures, sports goods, leisure products, etc.)). High performance plastics is projected to be the fastest growing segment of Engineering Plastics over the forecast period, due to the rising demand for and growth of automotive and transportation, electrical and electronics, and medical industries in various regions across the globe.

In the product type segment, the ABS+SAN market is anticipated to account for 28.6% market share of the overall engineering plastics sales revenue by the end of 2016. The High Performance Engineering Plastics segment is likely to register a CAGR of 10.6% in terms of value and 9.6% in terms of volume during the forecast period, owing to its increasing application in the medical industry. In the application category, the Electrical and Electronics segment is expected to hold a higher value share of the overall global engineering plastics market by the end of 2016, followed by the Automotive and Transportation and the Construction segments.

Key market drivers and trends

A growing use of engineering plastics by end user industries, especially automotive, transportation, and medical industries is expected to drive global demand for the same over the forecast period. Rapid urbanisation, infrastructure development, and increased income levels across various end-user segments are other factors likely to boost the growth of the global engineering plastics market. However, high costs of engineering plastics, increasing use of alternative substitutes, and fluctuations in the cost of raw materials are likely to hamper the growth of the global engineering plastics market over the forecast period.

Market projections by region

The APEJ market is estimated to be valued at US$ 27.1 Bn by the end of 2016 and is anticipated to reach US$ 61.7 Bn by the end of 2026, registering a CAGR of 8.6% over the forecast period. The APEJ market is likely to emerge as the most attractive market in the global engineering plastics market by the end of 2026, accounting for nearly 40.98% market share. This can be attributed to the growth of end-use industries such as automotive and transportation, electrical and electronics, medical, and construction in key APEJ countries such as China, India, Indonesia, Thailand, and Malaysia.The market in North America is estimated to reach a value of US$ 11.2 Bn towards the end of 2016 and is likely to increase to US$ 22.8 Bn by the end of 2026, registering a CAGR of 7.3% over the forecast period.

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Companies dominating the global engineering plastics market

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 Limited, Toray Industries, and Victrex PLC are some of the top companies operating in the global engineering plastics market.

Future Market Insights offers a 10-year forecast for the global engineering plastics market between 2016 and 2026 in a latest research publication. The primary objective of the report is to offer insights on the advancements in the engineering plastics market. The study demonstrates market dynamics expected to influence the current environment and future status of the global engineering plastics market over the forecast period. The report also provides updates on trends, drivers, restraints, volume forecasts, value forecasts, and opportunities for manufacturers operating in the global engineering plastics market.

Higher thermal and mechanical properties offered by engineering plastics are the main factors driving the demand for high-end applications over commodity plastics. Lightweight materials for automotive parts (power train and engine components, intake ducts, and manifolds) are in high demand resulting in fuel efficiency.  Polymers such as polyamides (PA), polyacetals (POM), and polybutylene terephthalate (PBT) hold maximum share of the market. High performance materials such as liquid crystals polymers (LCP), polysulphones, polyether ether ketone (PEEK) and its grades are expected to gain higher momentum during the forecast period for medical and electrical and electronic application segments.

The report discusses key changes in the momentum of industry dynamics. Companies have been expanding through strategic mergers and acquisitions in the engineering plastics industry over the past few years and this trend will continue in the next five to six years. New product development and new application additions are a must for multinational companies to sustain in the market. Besides, companies need to emphasise on next generation growth through high performance polymers such as PEEK, PPSU, PESU, LCP, etc. The report also analyses various industry entry barriers and rates these based on their impact on market competition levels.

The report also segregates the global engineering plastics market by product type and application. A section of the report highlights the region-wise demand for engineering plastics, providing a market outlook for 2016–2026 and setting the forecast within the context of the global engineering plastics industry, including new technological developments and product offerings. This study discusses key regional trends contributing to the growth of the engineering plastics market globally and analyses the degree to which drivers are influencing the market in each region. The final section of the report covers the global engineering plastics market competitive landscape to provide report audiences with a dashboard view of leading manufacturers operating in the market. The report evaluates long-term and short-term strategies, key product offerings, recent developments, detailed SWOT analysis, new target applications, regional presence, and key takeaways of top companies in the engineering plastics market.

Research methodology

The report uses in-depth primary and secondary research to ascertain the overall market size, top industry players, top products, industry associations, etc. in the global engineering plastics market and conducts forecasts not only in terms of CAGR but also analyses the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth. This is useful to understand market predictability and to identify the right opportunities. Another important feature of this report is the analysis of all key segments in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective.

Market segmentation

By Product Type

By Application

  • Polyamides (PA)

  • Polycarbonates (PC)

  • Polyoxymethylene (POM)

  • Polybutylene terephthalate (PBT)

  • Acrylonitrile butadiene styrene (ABS) and Styrene Acrylonitrile (SAN)

  • High Performance Polymers

  • Fluoropolymers

  • Polymethyl methacrylate (PMMA)

  • Others (includes UHMWPE/UHMW, TPI alloys and blends, etc.)

  • Automotive and transportation

    • Interiors and safety

    • Exteriors and structural

    • Engine and mechanical

    • Others (includes fuel systems & electric and electronic components)

  • Electrical and electronics

    • Consumer appliances

    • Electronic products

    • Others (includes lighting, optical media, wire & cable, and electronic components)

  • Construction

    • Glazing and sky lighting

    • Pipes and fittings

    • Others (includes wall outlets, building bricks)

  • Medical

    • Diagnostic and drug delivery systems

    • Medical devices

    • Others (includes surgical instruments, orthopaedic implants and orthopaedics)

  • Industrial and machinery

  • Packaging

  • Others (includes furniture and fixtures, sports goods, leisure products, etc.)

 

Key regions

  • North America

    • U.S.

    • Canada

  • Latin America

    • Mexico

    • Brazil

    • Rest of Latin America

  • Western Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Spain

    • Nordic

    • Benelux

    • Rest of Western Europe

  • Eastern Europe

    • Russia

    • Poland

    • Rest of Eastern Europe

  • Asia Pacific Excluding Japan (APEJ)

    • China

    • India

    • ASEAN countries

    • Australia and New Zealand

    • Rest of APEJ

  • Japan

  • Middle East & Africa

    • GCC

    • North Africa

    • South Africa

    • Rest of MEA

 

Leading market players

  • 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 Limited

  • Toray Industries

  • Victrex PLC