New York, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Increasing demand for engineering plastics in high performance segment coupled with high investment in R&D of engineering plastics is fueling the market growth.
The global engineering plastics market is forecast to reach USD 138.59 Billion by 2026, according to a new report by Reports and Data. The market is rising rapidly in the global market due to the increase in high demand for engineering plastics in various highly productive applications. These plastics offer transparency, self-lubrication, and economy in fabricating and decorating with almost the same durability and toughness when compared to metals.
The automotive segment has witnessed the highest amount of usage of the engineering plastics. About 21.0% of the overall market is acquired by the automotive applications in 2018. The most prominent reason the engineering plastics has a significant market in automotive industries and is chosen over metals or any other heavy metal these days, is that the plastics have a way lesser amount of weight than those alternatives. This helps plastic to reduce fuel consumption.
The Asia Pacific region for this market is forecasted to generate a revenue of USD 64.31 Billion in the year 2026, owing to its extensive market penetration towards engineering plastics coupled with its superior development in automotive and construction industries mostly in China, Japan, and India.
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Further key findings from the report suggest
- Nylon has a high tensile strength, elasticity, moisture absorptivity, and is also easy to wash. Nylon is widely used for a variety of applications to include clothing, reinforcement in rubber materials such as car tires, temperature sealing materials, a number of injection molded parts for vehicles, and mechanical equipment. Nylon is often used as an alternative to low strength metals. Nylons had a market share of 8.2% in 2018 and is expected to grow with a CAGR of 9.6% throughout the forecast period.
- Polyamides are naturally present in the world. Instances for the natural Polyamides would be wool and silk. However, Polyamides are often artificially made through solid-phase synthesis. Kevlar and Nomex are some of the commercial products available in the market. The segment is expected to grow with a CAGR of 7.4% in the period 2019-2026 and would reach a revenue of USD 15.38 Billion by the end of the forecast period.
- High Performance segment possesses properties which are comparatively more endurable and have a broader range of thermal sensitivity. These type of plastics are costlier than the low performance ones and used mostly in the automotive and construction industry. The market share for this segment in 2018 was 62.4%.
- Electronic & Electrical Components includes insulators, bobbins, connectors, television bodies, mobile phone bodies, circuit boards and others. The market revenue is forecasted to USD 26.19 Billion by 2026.
- APAC having its massive rise in demand from the automotive and electronics and electrical components segment in China, Japan, and India, is expected to dominate the market with a CAGR of 9.1% during the forecast period with a market share of 46.4% by 2026.
- North America, with its increasing rate of demand for plastics in the automotive segment, is accounted to gain 20.8% of market possession by 2026 with a CAGR of 7.9% during the forecast period.
- Key participants include BASF SE, Dowdupont, LG Chem Ltd., Asahi Kasei Corporation, Mitsubishi Engineering-Plastics Corporation, Polyplastics Co. Ltd, Royal DSM, Trinseo, Evonik Industries AG, LANXESS.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global engineering plastic market on the basis of type, performance parameter, applications, and region:
Type Outlook (Revenue, USD Billion; 2016-2026)
- Acrylonitrile Butadiene Styrene (ABS)
- Nylons
- Polyamides (PA)
- Polybutylene Terephthalate (PBT)
- Polycarbonates (PC)
- Polyethers
- Polyethylene Terephthalate (PET)
- Polyimides (PI)
- Polyoxymethylene (POM)
- Polyphenylenes
- Polysulphone (PSU)
- Polytetrafluoroethylene (PTFE)
Performance Parameter Outlook (Revenue, USD Billion; 2016-2026)
- High Performance
- Low Performance
Applications of Plastic Outlook (Revenue, USD Billion; 2016-2026)
- Packaging
- Automotive
- Electronics & Electrical Components
- Construction
- Machinery
- Consumer Goods
- Medical Products
- Others
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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