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The increasing demand for engineering plastics in high-performance fields, coupled with high investment in engineering plastics research and development, is driving market growth
New York City, New York, USA, November 3, 2021/EINPresswire.com/-According to a new report from Reports and Data, the global engineering plastics market is expected to reach US$138.59 billion by 2026. Due to the increased demand for engineering plastics in various high-yield applications, the global market is rapidly rising. Compared with metals, these plastics have transparency, self-lubricity and economy in manufacturing and decoration, and have almost the same durability and toughness.
The automotive sector has witnessed the highest usage of engineering plastics. In 2018, automotive applications accounted for about 21.0% of the entire market. The most prominent reason why engineering plastics have an important market in the automotive industry and are now chosen over metals or any other heavy metals is that plastics have their own way of being lighter than those alternatives. This helps plastics reduce fuel consumption.
Due to its extensive market penetration of engineering plastics and superior development of the automotive and construction industries mainly in China, Japan and India, the Asia-Pacific region of this market is expected to generate 64.31 billion U.S. dollars in revenue in 2026.
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Major participants include BASF SE, Dowdupont, LG Chem Ltd., Asahi Kasei Corporation, Mitsubishi Engineering-Plastics Corporation, Polyplastics Co. Ltd, Royal DSM, Trinseo, Evonik Industries AG, LANXESS.
The further main findings of the report indicate
• Nylon has high tensile strength, elasticity, moisture absorption, and it is easy to clean. Nylon is widely used in a variety of applications, including clothing, reinforcing materials in rubber materials (such as automobile tires), temperature sealing materials, many vehicle injection molded parts, and mechanical equipment. Nylon is often used as a substitute for low-strength metals. Nylon's market share in 2018 was 8.2% and is expected to grow at a compound annual growth rate of 9.6% throughout the forecast period. • Polyamides occur naturally in the world. Examples of natural polyamides are wool and silk. However, polyamides are usually manufactured artificially by solid phase synthesis. Kevlar and Nomex are some commercial products on the market. The segment is expected to grow at a compound annual growth rate of 7.4% during 2019-2026, and reach revenue of $15.38 billion at the end of the forecast period. • The high-performance part has relatively more durable and wider thermal sensitivity characteristics. These types of plastics are more expensive than low-performance plastics and are mainly used in the automotive and construction industries. The market share of this segment in 2018 was 62.4%. • Electronic and electrical components include insulators, bobbins, connectors, TV body, mobile phone body, circuit boards, etc. By 2026, market revenue is expected to reach US$26.19 billion. • The Asia-Pacific region's demand for automotive, electronic and electrical components in China, Japan, and India has grown substantially, and it is expected to dominate the market at a compound annual growth rate of 9.1% during this period. During the forecast period, the market share by 2026 is 46.4%. • In North America, the demand for plastics in the automotive sector continues to increase, and it will account for 20.8% of the market share by 2026. The compound annual growth rate during the forecast period is 7.9%.
View the full report "Engineering Plastics Market" @ https://www.reportsanddata.com/report-detail/engineering-plastics-market
For the purpose of this report, the report and data segment the global engineering plastics market according to type, performance parameters, application and region:
Type outlook (revenue, billion US dollars; 2016-2026)
• Acrylonitrile butadiene styrene (ABS) • Nylon • Polyamide (PA) • Polybutylene terephthalate (PBT) • Polycarbonate (PC) • Polyether • Polyethylene terephthalate Alcohol ester (PET) • Polyimide (PI) • Polyoxymethylene (POM) • Polyphenyl • Polysulfone (PSU) • Polytetrafluoroethylene (PTFE)
Performance parameters outlook (revenue, billion US dollars; 2016-2026)
Prospects for plastic applications (revenue, billion US dollars; 2016-2026)
• Packaging • Automobiles • Electronic and electrical components • Construction • Machinery • Consumer goods • Medical products • Others
The research includes the use of advanced research methods (such as SWOT analysis and Porter's five forces analysis) to conduct in-depth analysis of the market. The report further explores key business players and their in-depth analysis, product portfolio and strategic business decisions. The report was developed through extensive primary and secondary research and further verified by analysts, industry experts and market professionals. The report also shed light on recent mergers and acquisitions, joint ventures, cooperation, partnerships, and product launches.
Regional analysis includes an assessment of imports and exports, production and consumption ratios, supply and demand, costs, prices, estimated revenue and gross margins, and the presence of major players in the region. The report also provides insights on revenue growth, market size, market share, technological progress, and the presence of major players in each region.
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The regional forks of the engineering plastics market include:
North America (United States, Canada, Mexico) Europe (UK, Italy, Germany, France, rest of Europe) Asia Pacific (India, Japan, China, South Korea, Australia, rest of Asia Pacific) Latin America (Chile, Brazil, Argentina, Latin America) Rest of the Americas) Middle East and Africa (Saudi Arabia, UAE, South Africa, other MEA regions)
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