Germany Engineering Plastics Market - Segmented by Product and Application - Growth, Trends, and Forecast (2018 - 2023)
The market for engineering plastics in Germany was estimated to be at USD 5,128.81 million in 2017. The market is expected to show a healthy growth rate over the forecast period (2018 – 2023), at a CAGR of 4.41%. Engineering plastics, a segment of the plastic industry, are used in applications that require high performance with respect to thermal stability, chemical stability, impact resistance, mechanical strength, and dimensional stability. Engineering plastics are gradually replacing metal in the construction and automotive industries, owing to their durability, designing flexibility, high strength-to-weight ratios, and low densities.
Engineering Plastics Replacing Traditional Materials
Engineering plastics, owing to their superior material characteristics such as heat resistance, strength-to-weight ratio, and chemical stability, are increasingly being used to replace traditional materials, including bronze, stainless steel, cast iron, and ceramics, in various major commercial and industrial sectors, including packaging, construction, and automotive. Moreover, as engineering plastics are providing manufacturers with major added advantages, such as no corrosion, noise-reduction, and low wear & tear, along with the resultant increased component and vehicle life, they have gradually become an integral part of the automotive industry. With engineering plastics (primarily thermoplastic polyesters, co-polyamides, and styrene copolymers) expected to replace conventional materials in the automotive industry, their usage is expected to grow considerably in the coming years
Polyether Ether Ketone (PEEK) the Dominant Product Type
With certain unique properties of PEEK, such as operation at high temperature while maintaining stiffness, excellent chemical as well as water resistance, and carrying V-0 flammability rating, the demand for and the usage of PEEK in commercial and industrial applications is increasing. PEEK is widely used in aerospace, electrical & electronics, automotive, and healthcare industries. Electrical & electronics is projected to be the fastest-growing application segment during the forecast period. In 2017, in terms of revenue, Europe was estimated to dominate the global PEEK market with a market share of nearly 37%. In addition, Europe is one of the fastest-growing consumers of PEEK across the globe. Germany is currently the highest revenue generating market for PEEK in Europe. It is also estimated to be the fastest-growing market for PEEK in the European region.
Key Developments in the Market
May 2017: Celanese Corporation has acquired the Nylon compounding business of Nilit Plastics Division.
Major Players: BASF SE, Bayer, Poly Plastic Co. Ltd, and Mitsubishi Engineering-Plastics Corporation, amongst others.
Reasons to Purchase this Report
Market definition, along with the identification of factors instrumental in changing the market scenario and prospective opportunities
Analyzing various market perspectives with the help of Porter’s five forces analysis
Identifying the regions or countries that are expected to witness the fastest growth during the forecast period
To identify the product segment which is going to dominate the market over the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3-month analyst support, along with the Market Estimation sheet (in Excel)
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