(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 27, 2021, 02:33 /Comserve / -- The engineering plastics market is estimated at USD 80.70 billion in 2018 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% from 2018 to 2023.
The engineering plastics market is estimated at USD 80.70 billion in 2018 and is projected to reach USD 115.10 billion by 2023, at a CAGR of 7.2% from 2018 to 2023. Engineering plastics are lighter and more durable than conventional materials such as glass and metals. They outperform metals in corrosion and abrasion resistance. Engineering plastics are finding increased use in various end-use industries such as automotive & transportation, electrical & electronics, consumer appliances, and industrial & machinery. The increasing trend for lightweight vehicles and growing awareness about the reduction of vehicular emissions are driving the engineering plastics market in the automotive & transportation end-use industry. Competition from other polymers and lack of institutional arrangements act as restraints to the engineering plastics market.
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Automotive & transportation is estimated to be the largest end-use industry of engineering plastics. It is projected to be the largest end-use industry, owing to the increased awareness for reducing vehicle weight and improving fuel efficiency. Engineering plastics are used in automotive interior, exterior, under the hood applications, and powertrain. The easy processability of engineering plastics is further increasing its demand in the automotive industry.
Polyacetal or polyoxymethylene (POM) is a type of engineering plastics made by the polymerization of formaldehyde. It possesses superior mechanical, thermal, chemical and electrical properties and provides resistance to high temperatures, chemicals, and abrasion. It has good resistance to a wide range of solvents and possesses good electrical properties, which make it suitable for electrical applications. The superior properties of polyoxymethylene make it suitable for use in industrial machinery, electrical & electronics, automotive & transportation, and consumer goods, thereby, driving the engineering plastics market.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Engineering Plastics Market Trends Future Growth and Revenue Analysis Forecast Till 2023
The APAC region is estimated to be the largest and the fastest-growing market for engineering plastics. The high growth rate of the market in the region is due to the increasing demand from the countries such as China, Japan, and India. China is estimated to be the largest market for engineering plastics in the APAC region. India is estimated to be the fastest-growing market in the region as well as globally. The growth in the automotive and electrical & electronics industries, growing semiconductor manufacturing, and increasing exports of televisions and other consumer appliances have increased the demand for engineering plastics considerably. The fast-growing economies of APAC such as India and Taiwan are expected to drive the demand for engineering plastics in the region.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Engineering Plastics Market Trends Future Growth and Revenue Analysis Forecast Till 2023
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.
The breakup of primary interviews is given below.
• By Company Type - Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation - C level – 50%, Director level – 25%, and Others – 25%
• By Region - North America – 60%, Europe – 20%, APAC – 10%, the Middle East & Africa – 5%, and South America – 5%.
Research Coverage:
This research report categorizes the global engineering plastics market on the basis of end-use industry, type, and region. The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities. The detailed analysis of key market players provides insights into business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market.
TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 MARKET SCOPE 18
1.3.1 BY REGION 18
1.3.2 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 19
1.5 UNITS CONSIDERED 19
1.6 LIMITATIONS 20
1.7 STAKEHOLDERS 20
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