BANGALORE, India, July 29, 2020 /PRNewswire/ -- The specific categorization of Engineering Plastic materials is due to their utility in a variety of applications requiring heightened performance and requiring engineering to design customized products. Because of their toughness, design flexibility, high strength-to-weight ratios, and low densities, engineering plastics is slowly replacing metal from the construction and automotive industries.
Engineering Plastics Market was valued at 82 Billion in 2019 and is expected to reach 116.2 Billion by 2026, growing at a CAGR of 5.1%.
The rising trend for lightweight vehicles, increasing demand for connected vehicles, and increasing knowledge about vehicle emissions drive the growth of Engineering Plastic Market size.
This Engineering Plastic Market report highlights the primary drivers, opportunities, and restraints, along with impact analysis over the forecast period.
TRENDS INFLUENCING THE ENGINEERING PLASTICS MARKET SIZE
Growth is largely driven by rapidly replacing conventional plastics and other materials in various applications, growing bio-PET popularity, and rising purchasing power in emerging economies.
Due to its flexibility, strength-to-weight ratio, longevity, corrosion resistance, and so on, the building production adapts engineering plastic. Engineering plastic can be converted artificially into pipes, tubes, coverings, walls, films, sheets, etc. This adoption of engineering plastics in the construction field is expected to increase the engineering plastics market size.
For the automotive industry, metal replacement is critical for vehicle weight reduction, design freedom, and easy parts integration, and a decrease in total system costs. Automotive manufacturers are focused on improving fuel economy due to government regulations and concerns about fuel efficiency requirements and customer expectations for vehicles with high gas mileage. Furthermore, engineering plastics are often used in the electrical components of hybrid electric cars. These characteristics are expected to fuel the growth of Engineering Plastic Market size during the forecast period.
Bio-based engineering plastics, such as PLA and PHA and PET, have found various applications in packaging, food service ware, containers, and agriculture. This growing demand for bio-based plastics is expected to increase the growth of engineering plastics market size.
ENGINEERING PLASTICS MARKET SHARE ANALYSIS
Based on the end-user, the Automotive industry is expected to hold the largest engineering plastics market share during the forecast period. This is due to the growing knowledge to minimize vehicle weight and boost fuel efficiency. Engineering plastics are used in the interior, exterior, under the hood, and powertrain applications of automobiles.
Based on region, Asia-Pacific produced the highest revenue in the Engineering Plastic Market, while LAMEA is projected to rise at a significant CAGR due to several emerging economies with growing end-user industries such as automotive, construction, and consumer goods.
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ENGINEERING PLASTICS MARKET SEGMENTATION
Data by Type
Data by Application
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