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Demand from Asia Anticipated to Drive Global Growth
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This research service analyses the market for global engineering plastics. The main segments covered by product types are ABS, Polycarbonate, polyamides, polyesters, POM , PMMA, and others. In terms of end-user applications the market has been segmented into electrical & electronics, automotive, medical, consumer goods, packaging, construction, and others. The global market has been segmented into North America, Europe, Asia-Pacific and Rest of World (RoW). Major market drivers and restraints, regional demand outlook, application growth trends and product trends are also discussed. Unit shipment and revenue forecasts have been provided for each segment from 2014 to 2024. Competitive structure and market share data have been provided at individual levels and the top level. The competitive environment has been covered for each segment. The base year is 2017 and the forecast period ends at 2024.Mega Trends: Urbanization is, by far, the most important factor for the growth of engineering plastics market. Rapid urbanization and rising purchasing power in Asia, particularly China, India and Southeast Asia, have resulted in booming demand for automobile, white goods, and infrastructure development. Urbanization and development of the region as a global manufacturing hub are the top reasons for high growth in Asia. Functionality and performance are the key determinants of materials in end-user industries. Weight optimization, without compromising on functionality, and safety are key features that auto manufacturers seek. The construction industry demands weather resistance, strength and life-span of at least 50 years. Evolving product specifications have led to demand of specially designed engineering plastics.Influencing Factors: Automotive OEMs’ increasing focus on lightweighting has triggered new opportunities for plastics for the last two decades. The average plastic content of a vehicle has increased considerably over the years. Though plastics have penetrated interior and exterior applications to a large extent, under the hood is an area that still offers significant opportunities for growth. Engineering plastics with characteristics, such as toughness, abrasion resistance, chemical resistance, heat resistance and easy processability, will find increased applications in the automotive sector.Regional Trends: Asia-Pacific is, by far, the largest consumer of engineering plastics; the region presents the most lucrative opportunity for future growth. The North American market is undergoing an economic revival, in addition to significant improvement in production. As most of the end-user applications are related to the economic wellbeing of an economy, the market is expected to grow at a moderate pace. The Western European market is likely to post a slower growth rate than the North American market over the short term due to sluggish economic growth. Moreover, the shift of electronics manufacturing to APAC may affect the market demand in this region.
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