According to the latest report by Transparency Market Research on the global engineering plastics market, the growth rate of the market is expected to be at an impressive CAGR of 8.0%. This growth rate is expected to be observed during the forecast period of 2018 to 2026. Also, with this robust growth rate, the global engineering plastics market will substantially improve on its initial valuation of US$190.0 bn recorded in 2017.
The growth of the global engineering plastics market is primarily driven by the increasing adoption of 3D printing. In the near future, the demand for these engineering plastics is expected to rise as specialized applications and material advancements of the engineering plastics grow day by day. Originally, these type of materials offered a promising application for substituting traditional materials such as wood because of their cost-efficiency and ease of production for a broad ranged commercial use.
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Growing Applications of 3D Printing to Pave Way for Market Growth
Today, the new material advancements in the engineering plastics offers high growth potential for substituting traditional plastics in day to day items such as bumpers, ski boots, bike helmets, and other types of materials such as polycarbonates. This specialized nature is only expected to improve with the growing adoption of 3D printing technology across the globe.
Another important trend that has been fueling the development of the global engineering plastics market is of the growing popularity of electric vehicles. In recent years, given the increasing cry about environment conservation, electric vehicles have been among the top priorities for the auto industry. Naturally, the automotive sector is turning to engineered plastic with an objective to enhance the engine performance and improve mileage for these electric vehicles. The reason being, these engineered plastics are highly durable, cost-efficient, and lightweight. Custom designed engineered plastics offer great application in this area. As per a new research study, Kingfa Science, a prominent provider of engineering plastics to the automobile sector, is expected to expand is monthly supply to Maruti by around 500 tons. Such developments are thus expected to push the overall development of the global engineering plastics.
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Market Leaders to Look for Integrating Suppliers for Performance Optimization
The competitive landscape of the global engineering plastics market is a highly fragmented one. This situation of the market is because of the presence of large pool of leading players. One key trend that has been observed among the leading companies in the global engineering plastics market is of integrating their suppliers. This strategy is being put in place so as to reduce the transportation expenses and improve the overall production output. Some of the leading companies in the global engineering plastics market include names such as RTP, Covestro AG, Celanese Corporation, BASF SE, Asahi Kasei Corporation, Wittenburg Group, Triseo LLC, and Piper Plastics among others.