Global Engineering Plastics Market 2017-2021
About Engineering Plastics
Engineering plastics have simple molecular structure and chemically independent macromolecules. These materials are used in a wide range of applications in the automobile and transportation, electrical and electronics, packaging, appliances, and consumer goods industries. This is due to its features such as lightweight, greater impact strength, abrasion resistance, high strain, and temperature resistance above 212°F. They are broadly classified into acrylonitrile butadiene styrene (ABS), polyamide (PA), fluoropolymers, polycarbonate (PC), polyoxymethylene (POM), polybutylene terephthalate (PBT), styrene acrylonitrile (SAN), and polymethylmethacrylate (PMMA).
Technavio’s analysts forecast the global engineering plastics market to grow at a CAGR of 7.14% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global engineering plastics market 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Engineering Plastics Market 2017-2021
Technavio recognizes the following companies as the key players in the global engineering plastics market: BASF, Evonik Industries, LG Chem, SABIC, and Solvay.
Other Prominent Vendors in the market are: Arkema, Celanese, Covestro, DuPont, LANXESS, Mitsubishi Engineering-Plastics Corporation, TORAY INDUSTRIES, and Royal DSM.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing capacity expansions. Owing to the growing demand from the automotive and electrical and electronics industries, several key vendors and prominent vendors are undertaking capacity expansions and joint ventures. This is mostly to maintain the market position in the global engineering plastics market. For instance, BASF, one of the key vendors, has amplified its production capacities in Schwarzheide, Europe, and Korea.”
According to the report, one of the major drivers for this market is Demand for replacements of metals and fiber glass. The use of metals or thermosets is replaced by engineering plastics in the electrical and electronics, and automobile industries. This can be attributed to the lesser manufacturing cost, time, and higher tensile strength of the products. It is estimated that the cost can be reduced up to 50% by replacing metals with engineering plastics. In addition, engineering plastics help in achieving thinner-walled designs, which can easily replace thicker die casted metal parts.
Further, the report states that one of the major factors hindering the growth of this market is Degenerative properties of ABS. Acrylonitrile in ABS is considered as a carcinomic compound by the EPA. The release of acrylonitrile powder in the air during the manufacturing process can cause health hazards such as limb weakness, labored and irregular breathing, anemia, leukocytosis, and kidney irritation. Considered acceptable oral dose is 0.001 milligrams per kilogram per day. According to the EU Regulation (EU) No 10/2011, residues should not exceed 2.5% of the raw polymer. These stringent regulations by the governments are impeding the manufacture of ABS.
BASF, Evonik Industries, LG Chem, SABIC, and Solvay.Other Prominent Vendors in the market are: Arkema, Celanese, Covestro, DuPont, LANXESS, Mitsubishi Engineering-Plastics Corporation, TORAY INDUSTRIES, and Royal DSM.