Published by Uma Rajagopal
Posted on February 21, 2022
The growing popularity of polycarbonates and polyamides has emerged as a central force in driving sales across the global engineering plastic compounds market. In addition to this, other engineering plastic compounds such as nylons and PVC have also contributed to the growth of the global market. Acid trays, bolts, nuts, agitators, and hoppers are some of the common commodities manufactured through PVC. Nylons, on the other hand, find their applications in guide wheels, bushes, buffer pads, conveyor mechanisms, and pump components. The sheer pervasiveness of each of the aforementioned commodities has generated new lines of revenue generation within the global engineering plastic compounds market.
Fairfield Market Research finds that the net worth of the global engineering plastic compounds market would touch a whopping US$ 26.9 Bn by 2025, growing from a value of US$ 17.3 Bn in 2017. The estimated CAGR of the global engineering plastic compounds market for the forecast period is 5.75%.
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New Research Lines across Key Industries to Drive Demand for Engineering Plastic Compounds
Emergence of new research lines pertaining to engineering plastics and related chemical compounds is creating formidable opportunities for growth within the global market. The energy sector has ramped up its investments towards creation of a circular economy. This factor shall directly aid the growth of the global engineering plastic compounds market. Furthermore, PVC and PP are extensively used in manufacturing tanks that come in handy across residential, commercial, and industrial units. This factor shall also bode well for the popularity and sale of engineering plastic compounds across the globe.
Automobile Sector to Contribute Towards Popularity of Engineering Plastics
The Automobile industry has shown a sharp sense of inclination towards electric mobility. Therefore, the potential usage of engineering plastic compounds in manufacturing electric vehicles shall create fresh avenues for market growth and expansion. Moreover, the ongoing use of these compounds in the automobile sector is slated to sustain growth within the market. Bearings, gears, and gaskets are amongst the leading applications of engineering plastics in the automobile industry. Investments in automobile manufacturing have increased in recent times, and are expected to trickle down to the global engineering plastic compounds market.
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Asia Pacific to Witness Towering Growth in Sale of Engineering Plastic Compounds
The astral rate of industrialization across India and China is expected to play a part in driving demand for engineering plastic compounds. The market for engineering plastic compounds in Asia Pacific is projected to exhibit a CAGR of 6.0% over the term spanning between 2021 and 2025. Development of discrete strategies for biodegradable plastic use shall create new avenues for growth within the market. The focus on creating a circular economy in the Scandinavian nations of Denmark, Sweden, and Norway shall expectedly strengthen the engineering plastic compounds market in Europe.
The prominent market players making a mark within the global engineering plastic compounds market are Evonik Industries, Covestro, BASF SE, LG Chem, Celanese, Solvay SA, DowDuPont, SABIC, and Mitsubishi Engineering Plastics. These vendors have a formidable opportunity in the form of the emerging automobile industry.
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