Pune India, Jan. 25, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the engineering plastics market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the engineering plastics market are present across various countries in the above-mentioned regions.
Get Sample Copy of This Report @ https://greyviews.com/reports/engineering-plastics-market/454/request-sample
The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global engineering plastics market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, Victrex Plc. among others. To achieve a substantial market share in the worldwide engineering plastics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
There is a group of plastic materials called engineering plastics that offer superior mechanical and thermal properties compared to commodity plastics, which are more commonly used. Because of current environmental and economic concerns, the market for lightweight engineering plastic is expected to grow faster. According to a recent study, every 10% reduction in vehicle weight reduces fuel consumption by 6-8%. As a result, automobile manufacturers are now using more advanced plastic materials to reduce weight and make their vehicles more fuel efficient. It is expected that the market growth of engineering plastics will be hampered by high costs associated with raw material fluctuations. As engineering plastics have enhanced properties and complex processing, they increase the final cost, thereby hampering the market growth. Therefore, the high cost of engineering plastics is expected to hamper the market growth. In the forecast period, the growth of the engineering plastics market is expected to be hampered by fluctuations in crude oil prices and regulatory challenges regarding emissions of greenhouse gases.
Enquiry Before Buying This Report @ https://greyviews.com/inquiry/454
Scope of Engineering Plastics Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Product Type, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, Victrex Plc. among others|
Acrylonitrile-butadiene-styrene is expected to be the fastest-growing segment in 2022.
The product type segment includes polyamide, acrylonitrile-butadiene-styrene, thermoplastics polyesters, polycarbonate, polyacetals, fluoropolymers, and others. The acrylonitrile-butadiene-styrene segment is expected to witness the highest growth rate during the forecast period. Due to rapid growth in the automotive industry, the Acrylonitrile-Butadiene-Styrene segment accounted for the largest share of revenue within the Engineering Plastics segment. The automotive industry, electrics and electronics industries, as well as the building and home goods industry, primarily use ABS.
Automotive is expected to be the fastest-growing segment in 2022.
The application segment includes packaging, building & construction, electrical & electronics, automotive, consumer products, and others. The automotive segment is expected to witness the highest growth rate during the forecast period. Engineering plastics are used in automotive powertrains, chassis, electrical components, interior and exterior décor, and under-the-hood components, as well as in powertrains, chassis and electrical components. In addition to upholstery and dashboards, it is used to fill liquid reservoirs, bumpers, seats, body panels, fuel systems, interior trim, and under-bonnet components, which is boosting the market growth.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the engineering plastics market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Plastic production facilities are abundant in this area and raw materials are easily accessible, contributing to its expansion. As a result of urbanization, an increasing population, and the replacement of numerous metals with engineered plastic in a variety of end-user sectors, including packaging and automotive, the region’s market is expected to grow strongly.
Germany’s engineering plastics market size was valued at USD 9.18 billion in 2022 and is expected to reach USD 15.5 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.
Due to rising government mandates to promote the use of electric vehicles, manufacturers of electric vehicles are expanding rapidly in Germany, driving the market for engineering plastics in the interior trim, exterior trim, and electronic components.
China’s engineering plastics market size was valued at USD 9.5 billion in 2022 and is expected to reach USD 16.2 billion by 2030, at a CAGR of 7% from 2023 to 2030.
In China, the automotive industry is one of the fastest-growing industries due to a surge in consumer disposable income and the expansion of automobile production facilities by companies such as Tesla and FAW-Volkswagen.
India’s engineering plastics market size was valued at USD 7.3 billion in 2022 and is expected to reach USD 12.4 billion by 2030, at a CAGR of 6.9% from 2023 to 2030.
As the automotive, electronics and electrical sectors expand in the forecast period, the engineering plastic market in India is expected to exhibit lucrative growth.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand in the automotive and electrical sectors, propelling the growth of the market across the countries.
Buy Now Full Report @ https://greyviews.com/checkout/454/single_user_license
Phone: (+44) 162-237-1047
Email: [email protected]
Follow Us: LinkedIn | Twitter
Browse Related Reports:
Fuel Measuring Devices Market Size By Offering (Software, Hardware and Services), By Application (Automotive, Railway Tank Cars, Industrial Tanks, and Oil & Gas), Regions, Segmentation, and Projection till 2030
Engineering Plastics Market Size By Product Type (Polyamide, Acrylonitrile-Butadiene-Styrene, Thermoplastics Polyesters, Polycarbonate, Polyacetals, Fluoropolymers, Others), By Application (Packaging, Building & Construction, Electrical & Electronics, Automotive, Consumer Products, and Others), Regions, Segmentation, and Projection till 2030
Cargo Container X-Ray Inspection Systems Market Size By Operating Mode (Stationary Type and Mobile Type), By Component (Hardware and Software), By Application (Roadways/Border Crossing, Airports, and Seaports), By Regions, Segmentation, and Projection till 2030
Carbide Tools Market Size By Operating Mode (Manual and Automatic), By Coating (Coated and Non-Coated), By Type (Router Bits, Circular Saw Blades, Mills, Reamers, Tap & Dies, Cutters, and CNC Inserts), By End-User (Construction, Metal Fabrication, Furniture & Carpentry, Automotive & Transportation, Oil & Gas, Heavy Machinery and Others), Regions, Segmentation, and Projection till 2030
Slewing Bearings Market Size By Category (Roller and Ball), By Product (Internal Gear Type Slewing Bearings, Non-Gear Type Slewing Bearings, and External Gear Type Slewing Bearings), By Application (Renewable Energy, Metals, Machine Tools, Industrial Machinery, Mining, Robotics, Medical Systems, Construction Machinery, and Aerospace & Defense), Regions, Segmentation, and Projection till 2030
Linear Bearings Market Size By Type (Superball Bearing, Flanged Linear Bearing, Stainless Linear Bearing, Ceramic Linear Bearing and Standard Linear Bearing), By Application (Agriculture, Machinery & Equipment, Automotive, Medical and Others.), Regions, Segmentation, and Projection till 2030
Industrial Safety Gloves Market Size By Material (Nitrile, Polyethylene, Vinyl, Natural Rubber and Others), By End-User (Chemicals, Food, Pharmaceuticals, Manufacturing and Others), Regions, Segmentation, and Projection till 2030
Industrial Jacks Market Size By Type (Ball Screw Jack, Screw Jack and Others), By Application (Aerospace and Aircraft, General Industry, Automotive, Material Handling Industry and Others), Regions, Segmentation, and Projection till 2030
Transformer Testing Equipment Market Size By Product (Complete transformer test system, Transformer insulation testing, Transformer resistance testing, Turns ratio testing, Current transformer testing, High Power transformer test system, and Others), By Application (Power generation stations, Transmission & Distribution stations, Steel plants, Refineries, Railways, and Others ), Regions, Segmentation, and Projection till 2030
Sterilization Container Systems Market Size By Type (Perforated and Non-perforated), By Material (Aluminum, Stainless Steel, and Others), Regions, Segmentation, and Projection till 2030