Global Engineering Plastic Market Synopsis -
The engineering plastic market is likely to be valued at a market sum worth USD 115.10 billion during the ongoing forecast period of 2021-2030. During the historic forecast period that had ended in 2019, the market was valued at a global sum of USD 80.70 billion. For the ongoing forecast period that will be ending in 2030, the market is expected to grow at a global CAGR of 7.2%.
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Drivers and Restraints:
The automotive sector is proving to be a major industry propelling the growth of the engineering plastic market. At present, this industry is experiencing a need to replace metal. Engineering plastic is a perfect replacement owing to its similar properties to metal and being lightweight in nature. The other potent factor is its lower manufacturing time and higher tensile strength. This can also replace die-casted metal parts for thin-walled designs.
Other industries, such as electronics and electrical appliances are looking for materials that can reduce weight. Engineering plastic has future prospects in spaceship construction projects in the aerospace industry.
However, it is also facing tough competition from other materials such as polymers. Also, high-production cost, fluctuating price of crude oil, and regulatory challenges regarding CO2 emissions can restrain the global engineering plastic market growth.
Further, the benefits of technical properties such as opacity, color consistency, and good dispersion are likely to escalate the market reach. Another important factor in market growth is the growing application of plastics as an alternative to metals in the manufacture of automotive components. In addition, the implementation of strict rules and regulations with respect to emission and the increasing demand from the packaging industry is likely to magnify the market size.
However, the concerns regarding the heavy prices of color masterbatch, such as large equipment, production space, and related expenses, are anticipated to hamper the market growth. However, masterbatch is gaining momentum as a capable coloring method, which will accelerate the market size.
Engineering Plastic Market - Eminent Firms:
I. du Pont de Nemours and Company (U.S.), Evonik Industries AG (Germany), Mitsubishi Engineering-Plastics Corporation (Japan), LG Chem Ltd. (South Korea), Lanxess AG (Germany), Celanese Corporation (US), Saudi Basic Industries Corporation (Saudi Arabia), and others.
On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
A naturally occurring, non-toxic mineral deposit, barite exhibits various properties which make it ideal for use in oil gas drilling, in the analysis of oxygen sulfur isotopic, as a filler in paint plastics, in automobile finishes for corrosion resistance, and several others ranging across several end-use industries. Increasing commercialization and urbanization, particularly in emerging markets, the automotive sector, among others is growing at a rapid pace and is expected to increase demand for barium amongst industries. Moreover, oil gas activities are growing rapidly due to the high demand for fuel.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Segment Study of Engineering Plastic Market-
In the reports by MRFR, the global Engineering Plastic Market share has been segmented based on the product, application, and region for the forecasted period 2016 to 2022.
Segmentation by product, the market is categorized as M grade cellulose, E grade cellulose, and others. In M grade cellulose, nitrocellulose is highly applied in consumer products such as thickener and emulsifier in lubricants in nutritional supplement capsules and others.
Based on application, the global Engineering Plastic Market is segmented into printing inks, automotive paints, wood coatings, leather finishes, nail varnishes, and others. Out of which, print inking inks is driven by technology advancement and eco-friendly inks and is the largest application industry of Engineering Plastic Market. While automotive paints are the second largest segment in Nitrocellulose, on the other hand, wood coating manufacturing process also highly utilize nitrocellulose, as it has the ability to coat multiple time and it is user-friendly. Due to these factors’ nitrocellulose is expected to witness significant growth in the forecasted period.
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Regional Analysis -
On a geographical note, Asia-Pacific region leads the Engineering Plastic Market in terms of both, volume and value, which is expected to proliferate significantly at a higher CAGR by 2022. In the Asia Pacific, China has been a significant revenue generating country owing to growing end-user industry and an increase in the consumption rate of chemicals by manufacturers. Also, substantial expansion scope in the automotive industry in India, South Korea Taiwan, and leather industries in Vietnam may enhance the market growth. Besides, a surge in personal care and cosmetic products demands from the middle-class population may also stimulate the global Engineering Plastic Market substantially.
Whereas, North America for second market share in this segment. North America led by the U.S. Engineering Plastic Market may also witness gains of market by the end of the forecast period. U.S. market, driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional market growth during the projected period.
Europe is now estimated to witness moderate growth on account of rising demand from the automotive sector. Furthermore, stringent regulations for the storage and usage of this product have led to increased innovation and development in this sector.
Study Objectives -
- The global engineering plastic market aims to conduct a detailed analysis along with the forecast figures for the upcoming forecast period of 2021-2030 of various market segments and sub-segments of the functions that are in the global market premises.
- The market report helps in having a deep market analysis and insights of the factors that have both a positive and negative impact on the global market operations and expansion.
- The report aims to analyze the market equilibrium based on factors like the supply chain analysis and the force analysis that will drop comparison between the historic market growth, forecast, and revenue along with the present period.
- The report helps to provide strategic profiling of the key market players functional in the global market premises by analyzing the core competencies and drawing a competitive graph amongst the functional players in the forecast period that will be ending in 2030.
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