Friday, February 6, 2015

Metal substitution drives robust growth of global engineering plastics market

The global engineering plastics market, valued at US$53,580.7 mln in 2013, is estimated to reach about US$79,026.6 mln in 2018, growing at a CAGR of 8% from 2013 to 2018, as per Research and Markets. The Asia-Pacific region led the global engineering plastics market; it contributed nearly 42.5% of the total revenue in 2013. China was the global leader in engineering plastics consumption, followed by USA- together both these countries accounted for 46.4% of the global consumption. The Indian engineering plastics consumption is expected to grow at 7.3% from 2013 to 2018. The APAC is expected to have the highest market revenue in 2018 followed by the Western European market. ROW a collection of individual country markets is expected to be the fastest growing marketing the future, with a CAGR of 10% from 2013 to 2018, owing to rising consumption in this region where the end-user markets of engineering plastics are growing steadily. The Western European market is expected to grow at a rate of 7.8%, in revenue terms and 4.8% in consumption terms from 2013 to 2018 
The engineering plastics market is witnessing a healthy growth due to its application as a substitute for metal. Another factor for its popularity among various end-user industries is its ability to withstand high temperatures and resistance against chemicals. Consumer & Appliances market is the biggest end-use market of engineering plastics; however in the recent years the use of engineering plastic is gaining popularity in the automotive & transportation industry and is being used in the several interior, exterior and under-the-hood applications. Growing demand from developing countries, due to increase in disposable income of the rising middle class, is expected to drive the growth rate for engineering plastics in the Asia-Pacific region. The increased usage in automobile & transportation, due to strict regulations, poses as an opportunity for the growth of engineering plastics in this end-user segment. 
Increasing R&D efforts are expected to ensure that the newer applications and better grades of engineering plastics will be developed for various end-use markets in the coming future. Engineering plastics market is driven by replacing traditional materials such as wood and metal, which don't possess a good weight to strength ratio. Increasing popularity in the automotive & transportation industry, medical industry, and building & construction industry assures the growth of engineering plastics in the long-term future. New product launch is the major strategy adopted by the companies for increasing their market share. Other development strategies that major market players are engaged in are mergers & acquisitions, agreements & collaboration and expansion. Companies are expanding their geographical footprints by setting up plants and subsidiaries at new locations; Asia-Pacific is emerging as a top destination for the companies in order to expand.
As per Markets and Markets, 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 & 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. Engineering Plastics are used in many end-user industries such as automotive & transportation, consumer & appliances, electrical & electronics, industrial & machinery, packaging, others (medical, construction, & so on). Among these the consumer & appliances industry is a dominant end-use industry. Different types of engineering plastics are used for a variety of applications that befit their their properties. Use of engineering plastics by various end-user industries helps in development of durable, reliable and more efficient products than their predecessors.
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