A
new report published by Allied Market Research, titled, "Engineering
Plastics Market by Type and Application - Global Opportunity Analysis and
Industry Forecast, 2014 - 2022," states that the global engineering
plastics market was $67 billion in 2015, and is projected to
reach $102 billion by 2022, with a CAGR of 6.4% from 2016 to 2022.
Acrylonitrile - butadiene - styrene (ABS) segment is expected to lead the
market throughout the forecast period, in terms of consumption as well as
revenue. North America and Europe collectively accounted
for about half of the market share in 2015.
Engineering
plastics are utilized for manufacturing instrument panels, seating materials,
airbag retainers, fuel systems, shifter bases , door systems, driver train,
pedal boxes, sensor housings, and front end modules for automotive. These
components make use of ABS, PC, PA, and POM. The key elements that drive the
engineering plastics market growth include rise in trend of reducing vehicle
weight, improvement in fuel efficiency, and metal replacement in the
construction and electrical & electronics industries. Moreover, growth in
the end-user industry namely packaging, building & construction, electrical
& electronics, automotive and consumer products is further expected to
increase the consumption of engineering plastics. However, fluctuating price of
crude oil and regulatory challenges about CO2 emissions hamper
the market growth.
According
to Shiv Shukla, Research Analyst, Materials & Chemicals Research at Allied
Market Research, "Polyamide is expected to emerge as the most lucrative
type of engineering plastics owing to its elevated design flexibility and shear
resistance properties". He further states, "Consumption of polyamides
is highest in Europe; however, Asia-Pacific would closely follow
by 2022".
In
the year 2015, ABS segment acquired the largest share and is expected to lead
during due to its versatile design structure, dimensional stability, mechanical
strength, and thermal resistance. The polyamide segment is expected to grow
with a high CAGR of 6.7% from 2016 to 2022 owing to increased demand from the
automotive sector. In 2015, the automotive application segment accounted for
the largest market share of nearly one-fourth. Packaging is estimated to be the
fastest growing application segment with a CAGR of 7.3% due to the increase in
requirement of enhanced storage and transporting solutions for perishable and
non-perishable goods.
In
the year 2015, Asia-Pacific occupied the largest market share of
about 30%, owing to the growth in the automotive and consumer products
industry. The huge emerging markets of China and India are
estimated to show the highest increase in demand for polyamide (nylon) and
polybutylene terephthalate (PBT) products. Furthermore, LAMEA is estimated to
grow at the highest CAGR of 7.8%, as it consists of several emerging economies
with expanding end-user industries such as automotive, construction, and
consumer products.
Key
Findings:
·
In 2015, ABS generated the highest revenue and is projected to
grow at a CAGR of 5.9%.
·
The packaging segment is estimated to grow at a CAGR of 7.3%.
·
Polyamide is expected to be the fastest growing engineering
plastic, with at a CAGR of 7.8%, in terms of value.
·
China accounted for more than 20% share of the global
engineering plastics market in 2015.
·
LAMEA is expected to be the fastest growing market, with a CAGR
of 7.8%.
The
key players profiled include BASF SE (Germany), LG Chem (South Korea), SABIC
Innovative Plastics (Saudi Arabia), Solvay SA (Belgium), Evonik Industries AG (Germany),
Arkema SA (France), E. I. du Pont de Nemours and Company (U.S.), Royal DSM NV (Netherlands), Lanxess
AG (Germany), and Bayer AG (Germany).
About Us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in Portland,
Oregon. Allied Market Research provides global enterprises as well as medium
and small businesses with unmatched quality of “Market Research Reports” and
“Business Intelligence Solutions”. AMR has a targeted view to provide business
insights and consulting to assist its clients to make strategic business
decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps us generate
accurate research data tables and confirms utmost accuracy in our market
forecasting. Each and every data presented in the reports published by us is
extracted through primary interviews with top officials from leading companies
of domain concerned. Our secondary data procurement methodology includes deep
online and offline research and discussion with knowledgeable professionals and
analysts in the industry.
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