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Lanxess is expanding operations to open a new plastics compounding facility at its existing site in Krefeld-Uerdingen in Germany. While the investment figures have not been revealed the move is expected to boost the company's position in the global plastics market.
SABIC and Clariant AG are merging specific parts of their businesses to gain the upper hand on supplying high-performance materials such as engineering plastics.
Engineering plastics are known to be one step above commodity plastics due to the added benefits of superior mechanical and thermal properties. Market Research Future has released its report on the global engineering plastics market which observes growth for the global market during the forecast period which ends in 2022. Other benefits that engineering plastics offer include high abrasion resistance, high impact strength and resistance to wear and tear. These benefits act as a key driver of the global engineering plastics market.
Engineering plastics have a great number of uses which are expected to lead to increased demand as relevant industries continue to grow. Engineering plastics have successfully replaced woof and metal in a variety of applications due to their superior properties and the greater ease in production of this form of plastic. Engineering plastics have extensive use in the automotive industry, where they are used in the production of bumpers, dashboards headlamps, and various others components. Engineering plastics in automotive applications serve to provide high-performance yet lightweight components to offer higher fuel efficiency. Additionally, these plastics are also used in the manufacturing of toys, helmets, sporting equipment, and electronics and electrical appliances. The growing demand for automotive vehicles across the globe will encourage market growth for the global engineering plastics market. It should be noted, however, that the engineering plastics are often manufactured for specific purposes which make them expensive, thus hindering the market.
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I. du Pont de Nemours and Company, Mitsubishi Engineering-Plastics Corporation, Solvay S. A., BASF SE, Celanese Corporation, LG Chem Ltd., Lanxess AG, Saudi Basic Industries Corporation (SABIC), Covestro, and Evonik Industries AG are among the leading players that have been included in the competitive analysis of the global engineering plastics market.
MRFR has performed a segmental analysis based on product, applications, and region. By product, the market is segmented into acrylonitrile butadiene styrene (ABS), polyamide, thermoplastics polyesters, polycarbonate, and others. Of these, the ABS segment dominates the market with the largest share due to its various beneficial properties which include high temperature resistance, ability to sustain high impact and mechanical potency among others.
By application, the market is segmented into construction, electrical & electronics, automotive, consumer goods, and others. The automotive segment accounts for the largest share of the market due to the high demand for fuel efficiency and the importance of lightweight components to achieve this.
The global division of the market segregates it into North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific is likely to gain traction as the most significant regional market in the global engineering plastics market and grow at a rapid pace. Large-scale industrialization and the region’s growing reputation as a manufacturing hub for electronics and automotive where engineering plastics are in high demand. Moreover, the region itself is experiencing urbanization across various emerging economies which has resulted in an increase in buying power on the part of the consumers in the region, who are placing high demand for automotive vehicles. Notably, the region has an extremely large population which is gradually being recognized as a viable and lucrative market.
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