Robust engineering plastics market

The global engineering plastics market, valued to be $53,580.7 million in 2013, is estimated to reach about $79,026.6 million in 2018, growing at a CAGR of 8.0% from 2013 to 2018, according to the report on the sector conducted by MarketsandMarkets.

Engineering plastics exhibit high dimensional stability, good heat & chemical resistance and high strength. Apart from this each type of engineering plastic has its own unique set of properties making them the material of choice in several applications. Due to this reason the application of engineering plastic is extensive and is growing at a fast pace. One of the major uses of engineering plastic is to replace metals in various end-user industries.

One of the major end-user industries where engineering plastics are used to replace metal is automotive and transportation. Due to increasingly stringent regulations for reducing emission levels and increasing fuel economy, OEMs (Original Equipment Manufacturers) are replacing metals in vehicles with various types of engineering plastics. Recent developments have resulted in the development of bio-based grades of different engineering plastics. These factors are expected to lead the growth in engineering plastics market. Other major end-user industries are consumer products and appliances, electrical and electronics, industrial and machinery, packaging, others (medical, construction, & so on). In general, the use of engineering plastics by various end-user industries helps in development of durable, reliable and more efficient products than their predecessors.

Asia Pacific market remains strong
Another study by Reportlinker analyses the engineering plastics market by key end-user segments: transportation, electrical and electronics, consumer goods, medical, construction, packaging, and other miscellaneous applications. The study covers the important competitive factors in the market and provides market share analysis by company for each product segment.

According to the report, the global engineering plastics market is growing, boosted by the increasing demand from the Asia-Pacific (APAC) region. The electrical and electronics end-user segment accounted for the highest volume consumption share in the year. 2013. Because many engineering plastics have gained significant acceptance in this end-user segment, the segment is mature. Increasing production activities from APAC will likely boost growth in the electrical and electronics end-user segment. The drive towards miniaturisation is affecting the volume consumption of the market. Also, product segments such as polymethyl methacrylate (PMMA), polycarbonate (PC) and polybutylene terephthalate (PBT) are expected to post high growth rates between 2014 and 2020. In the same way, acrylontrile butadiene styrene (ABS) is the biggest product segment in the market; however, it is highly commoditised and expected to post the lowest growth rate.

Transportation is the next biggest end-user segment as trends such as lightweighting, use of recyclable materials, fuel efficiency, and advanced vehicle designs will continue to drive the automotive sector. Increased electric vehicle production will likely impact the growth for engineering plastics in the next few years.  Construction is the highest growth end-user segment in the engineering plastics market. Growth is spurred by increasing construction activities in the Asia Pacific market.

Low-volume end-user segments such as medical will witness increased penetration of engineering plastics, aided by the development of new medical grades. Lightweighting is a prevalent trend in the segment, which will further enhance the demand for engineering plastics.  The growth of other low-volume packaging will depend on the segment, whilst some sectors are expected to post rapid growth to sustain high demand.