Plastic materials having an excellent combination of thermal and mechanical properties as compared to other commodity plastic materials are called as engineering plastics. These plastics materials have unique features such as high abrasion, higher impact strength, wear & fatigue resistance, high temperature resistance range, and chemical resistance based on the content. Engineering plastics are costlier and are produced for particular applications. Engineering plastics are also known as thermoplastic materials. Henceforth these materials can efficiently be processed with standard plastic processing equipment.
Increasing demand in automotive industry globally is expected to fuel growth of global engineering plastics market over next ten years
Engineering plastics includes polytetrafluoroethylene (PTFE), poly-oxymethylene plastic (POM), polyphenylene sulfide (PPS), Acrylonitrile-butadiene-styrene (ABS), polyamides (PA), polycarbonates (PC), polyetheretherketone (PEEK), polybutylene terephthalate (PBT), polyethylene terephthalate (PET), polysulphone (PSU), poly(p-phenylene) oxide (PPO), polyimides, and poly-ether ketone (PEK). As a result of an extensive range of properties, engineering plastics has various applications in electrical, electronics, automotive, medical, construction, packaging, transportation, and numerous other industrial sectors.
One of the major driving factors for engineering plastics industry is the growth in the automotive industry in all regions. Due to its properties with respect to metals such as high strength, weight reduction, and lightweight, these materials were rapidly replacing metal components in industrial machinery as well as automotive industry. Growing demand in electronics & electrical appliances market the demand for engineering plastics has raised. However, higher cost of engineering plastics material may restrict the engineering plastics market. Use of engineering plastics in the aerospace industry for building spaceship could be the future trends for these market.
The global engineering plastics market report has been segmented on the basis of type, application, and region. On the basis of region, the global engineering plastics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The Asia Pacific is the dominating market for engineering plastics. The growth of market in the Asia Pacific is driven by huge demand for engineering plastics products in various industries in developing countries such as China and India. North America market is anticipated to grow at a steady growth rate, while the engineering plastics product demand in Europe is foreseen to increase at higher rate in the future.
Key players operational in the global market include BASF SE, SABIC Innovative Plastics US LLC., Eastman Chemical Company, Royal DSM NV, TICONA Engineering Polymers, Bayer Materialscience, Chi Mei Corporation, Teijin Limited, Wintech Polymer Ltd., and Evonik Degussa GmbH