According to the latest report by Transparency Market Research on the global engineering plasticsmarket, thegrowth rate of the market is expected to be at an impressive CAGR of 8.0%. Thisgrowth rate is expected to be observed during the forecast period of 2018 to2026. Also, with this robust growth rate, the global engineering plasticsmarket will substantially improve on its initial valuation of US$190.0 bnrecorded in 2017.
The growth of the global engineering plastics market is primarily drivenby the increasing adoption of 3D printing. In the near future, the demand forthese engineering plastics is expected to rise as specialized applications andmaterial advancements of the engineering plastics grow day by day. Originally,these type of materials offered a promising application for substitutingtraditional materials such as wood because of their cost-efficiency and ease ofproduction for a broad ranged commercial use.
Growing Applications of 3D Printing to Pave Way forMarket Growth
Today, the new material advancements in the engineering plastics offershigh growth potential for substituting traditional plastics in day to day itemssuch as bumpers, ski boots, bike helmets, and other types of materials such aspolycarbonates. This specialized nature is only expected to improve with thegrowing adoption of 3D printing technology across the globe.
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Another important trend that has been fueling the development of theglobal engineering plastics market is of the growing popularity of electricvehicles. In recent years, given the increasing cry about environmentconservation, electric vehicles have been among the top priorities for the autoindustry. Naturally, the automotive sector is turning to engineered plasticwith an objective to enhance the engine performance and improve mileage forthese electric vehicles. The reason being, these engineered plastics are highlydurable, cost-efficient, and lightweight. Custom designed engineered plasticsoffer great application in this area. As per a new research study, KingfaScience, a prominent provider of engineering plastics to the automobile sector,is expected to expand is monthly supply to Maruti by around 500 tons. Suchdevelopments are thus expected to push the overall development of the globalengineering plastics.
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Market Leaders to Look for Integrating Suppliersfor Performance Optimization
The competitive landscape of the global engineering plastics market is ahighly fragmented one. This situation of the market is because of the presenceof large pool of leading players. One key trend that has been observed amongthe leading companies in the global engineering plastics market is ofintegrating their suppliers. This strategy is being put in place so as toreduce the transportation expenses and improve the overall production output.Some of the leading companies in the global engineering plastics market includenames such as RTP, Covestro AG, Celanese Corporation, BASF SE, Asahi KaseiCorporation, Wittenburg Group, Triseo LLC, and Piper Plastics among others.
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