Rapid urbanization, infrastructure development, advancements in the traditional sectors of automobiles, building and construction, business machines, electrical & electronics, household appliances, telecommunications and transportation and increased income levels across various end-user segments are bolstering underlying demand for engineering plastic.
According to Goldstein Research, the global engineering plastics market was worth USD 68 Billion in 2016 and is expected to bolster the market at a CAGR of 7.1% during the forecast period by reach the valuation of USD 117.7 billion by 2024.
High performance plastics tends to be the fastest growing segment of engineering plastics market over the forecast period owing to the rising demand for and growth of automotive and transportation, medical device manufacturing, electrical and electronics, industrial products, etc worldwide.
The APAC engineering plastics market is likely to emerge as the most attractive market by 2024, accounting for nearly 42% market share. This can be ascribed to the growth of end-user industries such as automotive and transportation, electrical and electronics, medical, and construction in key APAC countries such as China, India, Indonesia, Thailand, and Malaysia.
Engineering Plastics: The Road Ahead
Selecting the correct engineering plastics for implementation can be an intimidating manifesto, and certainly the preference process will be crucial in regulating the success or failure of the application. Therefore, considering application conditions is of vital importance, i.e. chemicals, heat/temperature, speeds/loads, expansion/creep and insulations are few examples. The benefits of plastics are particularly evident in pharma and public healthcare due to the manifold health applications, such as disposable syringes, intravenous bags, sterile packaging in medical instruments, in joint replacements, tissue engineering, etc.
“Global Engineering Plastic Market Outlook 2024” contains detailed overview of the global engineering plastic market in terms of market segmentation by product type and end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global engineering plastic market report also provides competitive outlook for some of the major players which includes profiling of companies such as BASF SE, Du Pont De Nemours and Co, Mitsubishi Engineering Plastics, Covestro, LG Chem, Laxness AG, Styrolution ABS, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global engineering plastic market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.
Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.