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| Countries covered: South America This Frost & Sullivan research service titled Latin American Engineering Plastics Market provides the current status of the engineering plastics market in Latin America, highlighting the forecasts, market trends, and an analysis for participants and end users. In this research, Frost & Sullivan's expert analysts thoroughly examine the following engineering plastics resin markets: acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), polyoxymethylate (POM), polybutylene terephtalate (PBT), and polymethylmethacrylate (PMMA). Market Overview Differentiation and Product Performance Play Key Roles in the Promising Engineering Plastics Market in Latin America Sustained growth in the industrial sector and the growing utilization of high-performance plastics in some applications are the major forces driving the Latin American engineering plastics market. Notwithstanding the impact of the economic downturn, the market is expected to become more competitive, opening up new avenues of opportunity for key participants and new entrants. “Engineering thermoplastics are sold in much lower quantities and are thus more expensive per unit weight than commodity plastics; the applications are more specific and niche products are constantly required by the end-users,” notes the analyst of this research service. “The Latin American market for engineering plastics is considered to be in an early mature stage since it already has many possibilities to grow through new applications.” Differentiating the product offering and providing optimized performance are the two major areas on which participants must lay particular emphasis. In Latin America, the main end user for engineering plastics is the automotive industry, followed by the electronics sector. The automotive sector registered impressive growth rates in Latin America during 2008 - 14.5 percent in 2008 for Brazil, representing 6.0 percent of the Brazilian GDP in 2008, and 8.0 percent in Argentina. As plastics have the advantage of being cost effective, versatile, and lighter than competing materials, they facilitate cost savings in many applications, particularly automotive parts. Despite the fact that engineering plastics have extensively replaced metals in Latin America, the focus on metal replacement is still a prominent factor influencing market dynamics. End-users are applying engineering plastics instead of commodity plastics for products that require better materials performance. The automotive and electronics segments are constantly seeking new ways for product improvement, for instance, replacing polypropylene (PP). Commodity plastics have been replaced by ABS, which is priced lower than other engineering plastics and has enhanced properties for greater performance. However, cost reduction is at the crux of the short term strategy for the Latin American engineering plastic market participants. During 2008, oil prices had climbed to $150 per barrel, heavily affecting the engineering plastics market. Latin America imports a sizeable portion of plastic resins and increasing prices encouraged substitution by commodity materials. “Companies are aiming to reach new markets and applications in the medium and long term, so as to not be so dependant on the automotive industry,” notes the analyst of this research service. “However, technical developments and partnerships to develop a new application can take anywhere between six months to two years.” Innovative applications can expand the range of markets where engineering plastics are applied, unleashing prospects for penetration in diverse markets. Participants must be attuned to the subtle nuances of the market, identify the needs of major consumers, and work toward finding newer, more potent solutions to ensure business progression. |
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