San Francisco, California, November 02, 2018 – The substantial drive for engineering plastics in several end-use industries across the world has stemmed from the need for cost-effective, high-end plastics to replace metal and commodity plastics. The attractive demand for engineering plastics in the electrical and electronics, industrial and machinery, automotive and transportation, and consumer appliances industries is attributed to their unique set of mechanical, chemical, and thermal properties. The lower cost of engineering plastics compared to high-temperature plastics is a key proposition that has led to rapid evolution of the global market.
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A report titled “Engineering Plastics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018–2028” takes a critical look at these factors and developments and assesses their role in the various trajectories of the engineering plastics market. The global engineering plastics is benefitting profusely from its rising demand in the packaging industries.
Engineering plastics are fast replacing traditional plastics owing to their remarkable machinability and marked dimensional stability, which help manufactures confer a wide spectrum of properties useful for various end-use industries. The rising demand for technical thermoplastics by the automotive and transportation industries is also bolstering the expansion of the engineering plastics.
The engineering plastics market, however, is beset by the use of several alternatives, notably polymer resins. The low cost of these alternatives is a key factor that puts stiff competition to the dynamics of the market. Moreover, the lack of commercialization of engineering plastics may be hampering the revenues. Nevertheless, the market is likely to benefit substantially from the regulation of cost of these products.
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Regionally, developing regions, particularly Asia Pacific, are expected to emerge as lucrative, driven by the burgeoning demand for engineering plastics coming from the construction and automobile industries.
Some of the top players operating in the global engineering plastics could be Mitsubishi Engineering-Plastics, Evonik Industries, LG Chem, Dow Chemical Company, Celanese, Solvay SA, and BASF.