Engineering Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

  • Single User License $3500

Engineering Plastics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : September, 2021 | Chemical & Materials

Report Digest


Global Engineering Plastics Market: Snapshot 

The demand within the global engineering plastics market has been rising on account of advancements in the field of mechanical engineering. These plastics are considered to perform supremely as against commodity plastics such as PVC, polypropylene, polystyrene, and polyethylene. Hence, the global engineering plastics market would expand at a stellar pace in the years to follow. Although engineering plastics are more expensive as against normal plastics, their high price has not restricted their demand. Hence, the global engineering plastics market is projected to witness a continual upsurge in demand in the years to follow. Furthermore, the revenue index of the global engineering plastics market is also expected to improve in the years to come. The field of mechanical manufacturing has emerged as a vital industry across the globe. 

  • The use of traditional engineering materials such as plastic and wood has been replaced with engineering plastics. 
  • This factor is expected to reap in humongous revenues in the global engineering plastics market. 
  • Moreover, the relevance of engineering plastics in high-volume applications has also created a plethora of opportunities for market growth. 
  • Car bumpers, lego bricks, and motorcycle helmets are some of the products that are manufactured with the help of engineering plastics. 

On the basis of geography, the global engineering plastics market can be segmented into Latin America, North America, Europe, Asia Pacific, the Middle East and Africa, and Asia Pacific. The engineering plastics market in North America is expected to expand with advancements in the overall sector for manufacturing high-end products.

Global Engineering Plastics Market: Overview        

The report details an exhaustive account of the global engineering plastics market along with numerous associated factors. Some of these factors that are included in the report are drivers, restraints, competitive analysis, latest trends and opportunities, geographical outlook, and many other aspects. The study covered in the report spans a forecast period from 2018 to 2028. From an overall perspective, the report is expected to exist as a valuable insight to businesses which are already operating in the global engineering plastics market, as well for those who intend to newly establish themselves in this environment.

Global Engineering Plastics Market: Market Potential    

Widespread use of engineering plastics in industries such as electrical & electronics, industrial & machinery, automotive & transportation, consumer appliances, and packaging is primarily driving growth in the global engineering plastics market. As each of these sectors is witnessing immense growth, the global engineering plastics market is anticipated to expand at a splendid pace during the forecast period. Replacement of traditional materials such as metal and commodity plastics with engineering plastics also has been responsible for pushing the market to earn handsome revenue. Among all the above-mentioned sectors, the automotive and transportation industry is majorly witnessing a notable use of the plastic type, thereby propelling growth in the global engineering plastics market. This is mainly due to several favorable characteristics associated with this plastic type such as durability, sturdiness, and resistance to wear and tear, among others.

However, the global engineering plastics market is being restrained mainly due a rampant use of alternatives such as polymer resins. High costs of engineering plastics are also expected to act as a market restraint, mainly as other plastic varieties are available at cheap prices, thus holding better preference. Moreover, the cheaper plastics might be used on a large-scale basis, mainly when high-end characteristics are not needed. Nonetheless, several players are expected to introduce cost regulated products. This could help decrease the effects of restraints acting on the global engineering plastics market.

Global Engineering Plastics Market: Geographical Outlook

This market is majorly concentrated in North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Of these, Asia Pacific holds a leading position in the market, mainly due to rapidly developing construction and automobile industries. With a dramatic rise in population expected to occur in Asia Pacific during the next few years, the use of engineering plastics is foretold to increase further in this region. In Asia Pacific, India and China depict maximum production as well as use of these plastics, thus making the market grow at a fast speed. However, strong construction and infrastructure-based industries in North America are also expected to make the market grow a phenomenal pace in this region.

Global Engineering Plastics Market: Competitive Landscape

This market depicts the presence of a highly fragmented and competitive landscape owing to the presence of innumerable players. With the number of players expected to increase during the next few years, the competition is anticipated to further intensify.

BASF, Covestro, Solvay SA, Celanese, DowDuPont, LG Chem, SABIC, Evonik Industries, Lanxess, and Mitsubishi Engineering Plastics, are key players operating in the global engineering plastics market. Most players are focusing on implementing organic growth strategies such as product capacity expansion and new product launches in this market. Through these schemes, the players are expected to gain a competitive advantage over their rivals and improve their product quality. Many businesses are also expanding their product portfolios, along with improving their geographical reach. With the number of players increasing in this market, the competitive intensity is expected to witness a tremendous surge in the near future in the engineering plastics market.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?