Engineering plastics are a group of plastic materials that have better mechanical and/or thermal properties than the more widely used commodity plastics. Engineering plastics are blended with additives and fillers such as antioxidants, antistatic agents, blowing agents, colorants, coupling agents, curing agents, heat stabilizers, UV stabilizers, flame retardants, or nucleating agents to produce engineering plastic compounds. The global engineering plastic compounds market was 197 billion USD in 2018 and will reach 315.72 billion USD by 2025 at a CAGR of 6.97% during the period.
Growth by Region
Asia Pacific will dominate the market due to increasing demand for engineering plastic compounds by various industries like electrical & electronics and automotive & transportation. North America and Europe will grow at a moderate pace during the forecast period.
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Drivers vs Constraints
Increase in production of automotive components and electronic devices is the major factor for the growth of the market. Increase in the production of lightweight vehicles and rise in awareness regarding electric cars are further boosting the demand for engineering plastic compounds. On the other hand, lengthy and exhaustive process for manufacturing of engineering plastics is restraining the market growth.
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Industry Trends and Updates
Asahi Kasei and Bluestar planned joint venture for mPPE business in China.
Chemtura announced merger agreement with Lanxess. This merger is aimed at the expansion of its product portfolio.
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