05-May-17 The growth and the development in the automotive industry are key factors that are driving the global engineering plastics market, as per Zion Market Research. Engineering plastics are replacing metal components in the industrial machinery and automotive, owing to light weight requirement. Engineering plastics possess similar properties of the metals and is lightweight in nature. Increasing demand for electrical and electronics appliances worldwide anticipates boosting the market. Engineering plastics are very costly in nature; this factor may restrain the market growth. Engineering plastics are extensively used in the aerospace industry for spaceship building which may open up new growth opportunities in the global engineering plastics market.
The global engineering plastics market is bifurcated based on the application, type, and region. The application segment is classified as electrical & electronics, consumer products, packaging, automotive, building & construction, and others. Based on the type the global market is fragmented into fluoropolymers, thermoplastic polyesters, polyamides, polyacetals, acrylonitrile butadiene styrene, polycarbonates, and others. Regionally, the engineering plastics market is diversified into North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa.
Asia-Pacific region is expected to grow at a faster pace in the near future owing to rise in income levels of the people, increase in the population, and rapid urbanization in the region. The presence of ample opportunities in the electronic products, manufacturing automobiles, machinery, consumer appliances, industrial, and medical devices positively influence the market growth. Asia-Pacific region is expected to gain significant growth due to high demand from the emerging countries such as China and India especially in electronics, automotive, and electrical industries. North America is another emerging potential market in the engineering plastics owing to the growth in the consumption of the engineering plastics in transportation and automotive industry. Western Europe is considered as a mature market. The Latin American region will also show a considerable growth in the near future.
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