Engineering Plastics Market Size to Grow by USD 43 Billion by 2024 due to the Rising Demand for Replacements of Metals and Fiber Glass | Technavio

The global engineering plastics market size is poised to grow by USD 43.00 billion during 2020-2024, progressing at a CAGR of over 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Engineering Plastics Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Engineering Plastics Market 2020-2024 (Graphic: Business Wire)

Technavio predicts that the rising demand for the replacement of metal and fiberglass is one of the major factors that will have a positive impact on the growth of the market. These engineering plastics are readily replacing the Metals or thermosets due to their lower manufacturing cost, time, and higher tensile strength of the products. Engineering plastics assist in achieving thinner-walled designs that can easily replace thicker die-casted metal parts. These factors coupled with the government regulations will result in the increasing demand for engineering plastics.

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Report Highlights:

  • The major engineering plastics market growth came from the ABS plastics. These plastics are lightweight and offer better impact strength and abrasion resistance.
  • APAC was the largest engineering plastics market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increased demand for engineering plastics from the automotive, electrical and electronics, and construction industries.
  • The global engineering plastics market is fragmented. BASF SE, Celanese Corp., Chi Mei Corp., Covestro AG, DuPont de Nemours Inc., Formosa Plastics Corp., LANXESS AG, LG Chem Ltd., Mitsubishi Engineering-Plastics Corp., and Toray Industries Inc. some of the major market participants. To help clients improve their market position, this engineering plastics market forecast report provides a detailed analysis of the market leaders.
  • As the business impact of COVID-19 spreads, the global engineering plastics market 2020-2024 is expected to have a neutral impact. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Rising importance for bio-based engineering plastics will be a Key Market Trend

Polylactic acid (PLA), Polyhydroxyalkanoates (PHA), and bio-based polyethylene terephthalate (PET) are a few of the bio-based polymers which can replace plastics. Owing to the growing demand for bio-based products, numerous vendors are offering bio-based engineering plastics. Major companies such as BASF and Evonik Industries have increased their bio-based production. The rising demand for these bio-based engineering plastics will result in the growth of the engineering plastics market during the forecast period.

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Engineering Plastics Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist engineering plastics market growth during the next five years
  • Estimation of the engineering plastics market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the engineering plastics market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of engineering plastics market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Analysis
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Type

  • Market segments
  • Comparison by Type
  • ABS - Market size and forecast 2019-2024
  • PA - Market size and forecast 2019-2024
  • Fluoropolymer - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by Type

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • BASF SE
  • Celanese Corp.
  • Chi Mei Corp.
  • Covestro AG
  • DuPont de Nemours Inc.
  • Formosa Plastics Corp.
  • LANXESS AG
  • LG Chem Ltd.
  • Mitsubishi Engineering-Plastics Corp.
  • Toray Industries Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.