Asia-Pacific Engineering Plastics Market - Segmented by Product, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The market for engineering plastics in Asia-Pacific has been estimated to be at 25.37 million tons in 2017. The market is expected to portray a healthy growth rate over the forecast period, at a CAGR of 5.67%. PET (Polyethylene terephthalate) resins were proven to be the dominating product type segment with 51% share in the engineering plastics’ product basket from the past couple of years and by evaluating the current market trends, PET resin seems to dominate the engineering plastics market over the next five years as well, at a CAGR of 6.56%.
Growing Popularity of Bio-based PET
Considering the side effects of petrochemical based plastics, the popularity of bio-based product is rising globally. Since PET is favorably used in food & beverages packaging industry; this bio-based product trend is creating a direct impact on the PET demand. Additionally, the flexibility to recycle and significant reduction in the weight due to bio-based technology, this product category turns to be one of the most favored product in multiple end-user industry such as automotive, electrical & electronics, and food & beverages packaging industry among others.
Packaging, electrical & electronics, building & construction, and automotive are some of the major end-user industries for engineering plastics market. Demand for PET is majorly driven from packaging industry and constantly increasing. For instance, Coca-Cola developed the concept of recyclable plant bottles, which are made of PET plastics, partially manufactured from plants. Thus, this helped the company to focus on using bio-based PET for packaging its beverages, and at the same time to promote environmental awareness among its consumers.
Asia-Pacific Dominates the Market
Asia-Pacific has the highest share in the market, accounting for around 56% of the global market share in 2016. The market for Asia-Pacific is highly driven by the automotive and electrical & electronics industry demand in the emerging markets such as China, India, South Korea, Thailand, and Indonesia among others.
China is the Largest Producer
The market in China is expected to witness a faster growth, compared to other countries, owing to the significant increase in the per-capita income of the Chinese middle class population and the resultant increase in the overall consumer goods sales in the region. Moreover, China has proven itself as the world’s industrial and manufacturing hub over the past many decades.
Key Developments in the Market
December 2017: BASF SE expanded its research scope at Network for Asian Open Research (NAO) to cover advanced materials & systems research, bioscience research, and process research & chemical engineering by partnering 10 major Asian universities and research partners from China, Japan, and South Korea.
June 2017: BASF SE to acquire Solvay’s polyamide business. The deal is expected to be closed by Q3 2018
Key Players: BASF SE, DowDupont, DSM, and Solvay amongst others
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Regions or countries that are expected to witness the fastest growth during the forecast period
Product segment, which is going to dominate the market over the forecast period
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