Overview:
Engineering plastics have the ability to bend and have complex shapes. This quality makes them much easier to manufacture than metal or wood. They are also much stronger than standard plastics. These properties make them highly desirable for many industries. They are also easier to shape than other materials. For these reasons, many industries have turned to engineering plastics in combination with injection molding production processes. The engineering plastics class of materials is a group of plastic materials that have better mechanical and thermal properties. These materials are more expensive, as they offer better performance than regular plastics. Engineering plastics are commonly used in engineering applications. Their high-performance properties make them a preferred choice over other materials. They are ideal for use in tough environments, making them a popular alternative to wood and metal. These materials can be manufactured easily and shaped to complex shapes.
Market Dynamics:
Growing number of manufacturing facilities is anticipated to propel growth of the global engineering plastics market over the forecast period. For instance, Solvay announced that they are installing a new thermoplastic composites manufacturing facility in Greenville, South Carolina, in September 2021. This new facility will help in increasing their capacity. Moreover, rising fluctuation in raw material costs is estimated to hinder growth of the global engineering plastics market over the forecast period.
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Impact of COVID-19:
The pandemic had a huge impact on all sectors of the society. Lives of millions of people were affected due to the pandemic. It was an emergency situation and this led the governments to take strict measures for stopping the spread of the virus further. These lockdowns led to halting the production of many products as several manufacturing units were shut down, due to shortage of labor and manpower. Owing to the travel bans raw materials could not be transported and this resulted in delay in supply of products and also disrupted supply chains. Several companies were shut down due to these disruptions. Thus, the pandemic had a negative impact on the global engineering plastics market.
Key Takeaways:
The global engineering plastics market is anticipated to witness significant growth, exhibiting CAGR of % over the forecast period, owing to the growing demand for engineering plastics. For instance, India’s first intelligence EV manufacturer Ather Energy has decided to move their factory from Bengaluru to Hosur. The factory is estimated to have a production capacity of 0.11 million two-wheelers annually. This is anticipated to propel demand for engineering plastics in the plastics.
Asia Pacific is anticipated to witness significant growth in the global engineering plastics market over the forecast period, due to increasing usage of engineering plastics in sectors like packaging, construction, automotive and building in the region.
Key players active in the global engineering plastics market are Covestro AG., BASF SE, SABIC, DuPont, DSM, Arkema, Teijin Aramid B.V., BASF SE, Celanese Corporation, Grand Pacific Petrochemical, AdvanSix, Ashland, Eastman Chemical Company, Chevron Phillips Chemical Company, Celanese Corporation, Mitsubishi Electric Corporation and Chi Mei.
