Dublin, Oct. 24, 2022 (GLOBE NEWSWIRE) -- The "Global Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymer), End-use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global engineering plastics market is projected to grow from USD 107.2 billion in 2022 to USD 140.9 billion by 2027, at a CAGR of 5.6% from 2022 to 2027. The growth because of conventional materials not being suitable for high-temperature applications in automotive, industrial application, machinery, packaging and consumer appliances end-use industries. They are also not thermally conductive and durable in comparison to engineering plastics. This is prompting manufacturers to use engineering plastics in applications that require high heat resistance. Engineering plastics are, therefore, gradually replacing conventional materials, due to their high dimensional stability, continuous service temperature, high chemical resistance, and excellent mechanical properties.
Polyacetal to be the fastest growing type in engineering plastics market
Polyacetal or polyoxymethylene (POM) is a type of engineering plastic made by the polymerization of formaldehyde. These are opaque, extremely hard, and crystalline engineering thermoplastics that offer outstanding strength, low coefficient of friction, stiffness, fatigue endurance, and excellent dimensional stability. It possesses superior mechanical, thermal, chemical, and electrical properties and provides high temperature, chemical, and abrasion resistance. POM has excellent resistance to a wide range of solvents and possesses good electrical properties making it suitable for electrical applications. The superior properties of POM make it suitable for applications in industrial machinery, automotive and plumbing applications, consumer goods, and others. The key producers of POM are DuPont (US), Polyplastics Co. Ltd (Japan), BASF (Germany), and Korea Engineering Plastics (South Korea).
Traditionally, POM had applications primarily in the construction and automotive industries. New product development of POM in novel applications such as in medical devices is estimated to drive its demand further globally. In the automotive industry, as the demand for lighter, safer, and more fuel-efficient cars & trucks continues to grow, the demand for components using technologically advanced engineering plastics such as polyacetals is expected to increase during the forecast period.
Consumer appliances to be the second largest end-use industry in engineering plastics during the forecast period
The consumer appliances industry is one of the growing end-users of engineering plastics. Engineering plastics possess design flexibility and aesthetic appeal, which make them a preferred choice of material in this industry. Engineering plastics are widely used in water kettle parts, ironing boards, furniture parts such as castor wheels and chair bases, hair curlers, blower parts in hair dryers, compressor parts for refrigerators, kitchen tools, and gas canisters for cigarette lighters, taps, valves, and bathroom fittings, among others.
Conventionally metals were mostly used in the HVAC industry; however, with the advent of engineering plastics, the share of metals has drastically declined. Properties such as excellent smoke, heat, and abrasion resistance, along with the ability to damp unnecessary noise, have made engineering plastics the material of choice for the HVAC industry. Engineering plastics are widely used in the manufacturing of mobile and computer devices. They help reduce the size of components and have excellent desired electrical and thermal capabilities. They help make such devices lightweight and shockproof. Mobile phone covers and outer covers for electronic books are made from polycarbonate owing to the latter's excellent physical properties. Engineering plastics are also used as heat sinks in electronics applications.
Market Dynamics
Drivers
- Engineering Plastics Replacing Conventional Materials in End-use Industries
- Growth in Demand from End-use Industries
- Increasing Demand for Polyamide in 3D Printing
- Growth of Small and Medium-Sized Enterprises in Emerging Economies
Restraints
- Competition from Other Polymers
- Lack of Skilled Workforce and Testing Facilities in Developing Countries
Opportunities
- Increasing Demand in Emerging Economies
- Financially Attractive Market
Challenges
- Environmental Risks of Using Plastics
- Processability Issues
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Engineering Plastics Market, by Type
7 Engineering Plastics Market, by End-use Industry
8 Engineering Plastics Market, by Region
9 Competitive Landscape
10 Company Profiles
11 Appendix
Companies Mentioned
- 3M Company
- AdvanSix, Inc.
- Arkema SA
- Asahi Kasei Corporation
- Ashland Global Holdings, Inc.
- BASF SE
- Celanese Corporation
- Chevron Phillips Chemical Company, LLC
- Chi Mei Corporation
- Covestro AG
- Daicel Corporation
- DSM Engineering Materials Inc.
- Eastman Chemical Company
- Evonik Industries AG
- Grand Pacific Petrochemical Corporation
- INEOS
- Lanxess AG
- LG Chem Ltd.
- Mitsubishi Chemical Holdings Corporation
- Nova Chemicals Corporation
- Polyplastics Co. Ltd.
- Rochling SE & Co. KG
- SABIC
- Solvay SA
- The Dow Chemical Company
- Trinseo PLC
For more information about this report visit https://www.researchandmarkets.com/r/lvik8j
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