Kenneth Research recently added a report on ‘Engineering Plastics Market’ which offers a complete evaluation of the market and its growth prospects along with new business opportunities in the industry. The report contains the market size and annual growth rate for a forecast period between 2022 and 2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Engineering Plastics Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Engineering Plastics Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Growing usage in applications such as automotive & transportation, electricals & electronics, consumer appliances, industrial & machinery, packaging, and other applications (construction and medical among many others) is fostering the engineering plastics market growth. The companies are indulged in R&D activities to innovate and develop new products, which can open new paths of applications.
Research Methodology
The engineering plastics market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
Key Market Insights
Asia Pacific is the emerging region and also has a significant share in the global engineering plastics market. Other than Asia Pacific, South America, Middle-East, and developing countries of Europe have been witnessing substantial growth scenarios for engineering plastics. China and India are driving the demand for engineering plastics in the Asia Pacific region due to regional growth along with huge base of automobile manufacturers, increasing demand for packaging solutions from various applications industries, existence of electrical & electronics manufacturers, and increasing industrial establishment for metal fabrication. In developing regions, growing purchase power is leading the economic growth.
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Globally, Asia Pacific is the largest engineering plastic market, primarily due to the presence of export-oriented manufacturing capacities and intense domestic demand from various end-user industries. The increase in manufacturing industries is further driving the market growth in the region. The anticipated economic stability in Europe is expected to boost its manufacturing sector, complementing the growth of the engineering plastics market. North America is likely to remain the key region with a significant contribution from the US. Few of the prominent companies operating in the engineering plastics market are BASF SE, DowDuPont Inc., SABIC, Shin-Etsu Chemical Corp., and PolyOne Corp.
Types:
o Polycarbonate
o Acrylonitrile Butadiene Styrene
o Polyamides
o Thermoplastic Polyesters
o Others
Applications:
o Automotive & Transport
o Electrical & Electronics
o Consumer Appliances
o Construction
o Others
Geography:
o Asia Pacific
o North America
o Europe
o Rest of the World
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