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.
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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.
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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.
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