Europe Engineering Plastics Market - Segmented by Product Type, Application, and Country- Growth, Trends and Forecasts (2018 - 2023)
The Europe engineering plastics market has been estimated at USD 20,015.42 million in 2017. The market is expected to register a CAGR of 3.92% during the forecast period, 2018 to 2023. PET dominated the European engineering plastics market with nearly 27% share in Europe, while PEEK segment is estimated to register the fastest CAGR through the forecast period, 2018-2023.
GROWING POPULARITY OF BIO-BASED PET
PET is majorly used in the packaging industry, primarily for packaging of water (bottled), food and alcoholic beverages. It is a downstream product of crude oils, but with growing environmental concerns, and depleting oil reserves, engineering plastic manufacturers are shifting toward the development of bio-based PET. However, the bio-based PET market is still in its growth stage and is commercially available as a partially bio-based product. The demand for engineering plastics in Europe have been at a rise majorly owing to the increasing demand from the automotive and transportation industry. In the last two decades, the European automotive industry has perceived a lot of transformation with the digitization of vehicles. A further moderate growth in the coming is supported by the ongoing strengths in key economies, solid labor market, rising disposable income of people and low interest rates.
With the growing demand for engineering plastics, companies are developing products which can be used for new applications. Engineering plastic manufacturing companies, such as BASF, DowDuPont and Covestro, are consistently engaged in R&D activities to develop products that are environment-friendly and comply with regulations. Furthermore, they have been investing in developing new technologies to continually enhance their competitive advantage in the industry.
Germany Dominates the Market
Germany has the highest share in the market, accounting for nearly 25% of the European market share in 2017. The market for Germany is driven majorly because of the increasing demand for engineering plastics by the end user industries including electrical & electronics, automotive & transportation. Additionally, the presence of automotive giants in the country, along with huge investments made in automotive R&D sector by companies, coupled with government support are propelling the growth of engineering plastics in Germany.
Key Developments in the market