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NEW YORK , June 29, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Engineering Plastics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Polyamide, Fluoropolymers, Polyacetals, Thermoplastic Polyesters, and Polycarbonates) and End User (Automotive & Transportation, Consumer Appliances, Packaging, Electrical & Electronics, Industrial & Machinery, and Others).
The growing trend of Lightweight Vehicles to Drive Demand for Engineering Plastics in the Automotive Industry
In recent years, engineering plastics have been increasingly used across many areas where metal structures were used. Engineering plastics have applications in various industries, including automotive, aerospace, building and construction, mechanical, and medical, due to their peculiar traits including stability, flame resilient, chemical resilient, exceptional machinability, dimension constancy, wear resistance, and minimal damaging friction.
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Strategic Insights – Engineering Plastics Market
Compound Annual Growth Rate During (2022-2028)
No. of Charts & Figures
Solution, Deployment Type, Application, and Vertical
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
The engineering plastic market is being driven by the growing trend of lightweight engineering plastics, which are increasingly used as a substitute for woods and metals across various industries. Using lightweight materials and design is becoming increasingly important in various industries. In the automotive industry, the importance of lightweight materials is growing. According to McKinsey & Company, the share of the lightweight materials used in automotive production will more than double in the next 20 years. Engineering plastics are increasingly used for automotive interior, exterior, under-the-hood applications, and powertrain. The easy processability of engineering plastics is further increasing their demand in the automotive industry.
Engineering plastics are a group of plastic materials having better mechanical and thermal properties than commodity plastics. Engineering plastics are used in various applications requiring high performance with respect to chemical and thermal stability, impact resistance, dimensional stability, and mechanical strength. Due to their high mechanical strength, engineering plastics are rapidly replacing metals and wood across the automotive and construction industries.
MARKET SCOPE AND REPORT FEATURES
Our report on "Global Engineering Plastics Market to 2028" encapsulate a detailed market analysis on key segments such as type and end user of the engineering plastics market, and a deep dive statistical and qualitative analysis by geography covering five key regions and several countries. As part of the qualitative analysis, the report offers an evaluation of key market dynamics such as prevailing market drivers, key challenges and opportunities that pave the path for future developments. Further, our analysis of the key competition provides a strategic viewpoint on the market initiatives, and SWOT analysis, and highlights the products and service developments of the players.
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Global Engineering Plastics Market – By Type
Global Engineering Plastics Market – By End User
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America , Europe , Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America . The engineering plastics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's analysis for the global perspective.
Impact of COVID-19 Pandemic on Engineering Plastics Market
The COVID-19 pandemic has significantly affected the world and is continuing to shatter several countries. To stop the spread of the COVID-19 pandemic, unprecedented lockdowns were enacted worldwide, and many manufacturing industry units were shut down. The shutdown of manufacturing units, difficulty in procuring raw materials, and restrictions on logistics have negatively impacted the global engineering plastics market. The outbreak had distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage.
Along with this, the shutdown of various end-user industries such as automotive, electricals & electronics, and consumer appliances, has led to a fall in demand for engineering plastics in such industries, leading to a negative impact on the engineering plastics market. However, businesses are gaining ground as the governments of various countries eased out the previously imposed restrictions. Moreover, the introduction of the COVID-19 vaccine has further eased the situation leading to a rise in business activities across the globe. The start of operations in the manufacturing units positively impacted the engineering plastics market and has led to the recovery in the production of engineering plastics. Manufacturers can overcome the demand and supply gap as they are permitted to operate at full capacity.
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Key Recent Developments: Engineering Plastics Market
The report segments the global engineering plastics market as follows:
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The report covers key developments in the engineering plastics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the engineering plastics market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the engineering plastics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, and the key development in the past five years.
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