Fort Collins, Colorado, May 07, 2024 (GLOBE NEWSWIRE) --
The growing demand from the automotive and aerospace industries drive the industry growth.
The surging demand for super engineering plastics within the automotive and aerospace industries stands as a significant catalyst for market growth. These advanced materials are increasingly favored over metal components, offering superior strength-to-weight ratios and enhancing fuel efficiency. According to the U.S. Department of Energy, integrating lightweight materials, including super engineering plastics, could slash vehicle weight by up to 50%, leading to notable improvements in fuel economy and reduced emissions. Moreover, the aerospace sector's emphasis on utilizing advanced materials capable of withstanding extreme conditions is propelling the adoption of super engineering plastics in aircraft components and space applications.
Another pivotal driver for the market is the expanding array of applications within the electronics and medical sectors. In the electronics industry, the trend toward miniaturization is driving the demand for super engineering plastics, prized for their outstanding electrical insulation properties and dimensional stability. These materials play a crucial role in crafting compact and high-precision electronic components. Similarly, there's a growing need for biocompatible and sterilizable materials within the medical field, spurring demand for super engineering plastics in medical devices and implants. Certain super engineering plastics, such as polyetheretherketone (PEEK), have received approval from the U.S. Food and Drug Administration (FDA) for medical applications, owing to their exceptional properties and biocompatibility.
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Segmentation Overview:
The super engineering plastics market has been segmented into type, application, end-use vertical, and region.
Polyamide is the largest segment and is projected to retain a prominent share in the coming years.
- Based on the market segmentation by type, the polyamide segment was the largest sub-segment in the super engineering plastics market in 2023. Polyamide are widely used in various industries due to their excellent mechanical properties, chemical resistance, and thermal stability.
Automotive is the largest end-user for super engineering plastics.
- Based on the market segmentation by end-use, the automotive industry is largest end-user for super engineering plastics market in 2023. The automotive sector has been at the forefront of adopting super engineering plastics to reduce vehicle weight, improve fuel efficiency, and enhance performance.
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Super Engineering Plastics Market Report Highlights:
- The super engineering plastics market growth is anticipated at a CAGR of 6.9% by 2032.
- The growing demand from the aerospace and automotive industries encourages industry growth.
- North America is currently the largest regional market for super engineering plastics, driven by the presence of a well-established automotive industry and a growing aerospace sector.
- Some prominent players in the super engineering plastics market report include BASF SE, Solvay S.A., Victrex plc, DuPont de Nemours, Inc., Evonik Industries AG, Celanese Corporation, SABIC, Toray Industries, Inc., Arkema Group, Royal DSM, Ensinger GmbH, and Mitsubishi Chemical Advanced Materials.
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