Engineering Plastics Is Estimated To Witness High Growth Owing To Increasing Usage In Automotive Industry
Engineering plastics are synthetic polymers that exhibit properties which make them suitable for engineering applications. These engineering polymers are impact-resistant, durable, and possess high mechanical strength. They are widely used in automotive components such as interior fittings, exterior body parts, engine components, etc. due to their ability to withstand high temperatures without losing structural integrity. Engineering plastics provide advantages like corrosion resistance, dimensional stability, durability, and consistency in color. Moreover, they are lightweight and help reduce vehicular emission. The rising demand for fuel-efficient and emission-compliant vehicles has propelled the usage of engineering plastics in automotive manufacturing.
The global Engineering Plastics Market is estimated to be valued at US$ 130.68 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the engineering plastics market is the increasing usage in automotive industry. The automotive industry is increasingly adopting engineering plastics to reduce weight and improve fuel efficiency of vehicles. Lightweight materials help lower CO2 emissions and comply with stringent emission norms. Engineering plastics provide weight savings of around 20-50% compared to traditional materials like steel. Their improved mechanical properties allow use in under-hood applications involving high temperatures. They enhance automobile performance, reduce manufacturing costs, and provide design flexibility to automakers.
The rising demand for fuel-efficient and emission-compliant vehicles has propelled the usage of engineering plastics in automotive manufacturing. Their ability to withstand high temperatures without degradation makes them suitable for applications in engine compartments. Engineering plastics provide advantages like corrosion resistance, dimensional stability, and ease of processing. The growing automotive industry in emerging economies and stringent emission regulations will drive the adoption of engineering plastics during the forecast period.
SWOT Analysis
Strength: Engineering Plastics Market Share offer high resistance to chemicals, corrosion and heat. They are lightweight and durable. Their strength to weight ratio makes them preferred over conventional plastics. They have high glass transition temperature and melting point which increases their usage temperature.
Weakness: Cost of engineering plastics is high compared to conventional plastics. They require specialized manufacturing processes which increases production cost. Changes in crude oil prices directly impacts the pricing of engineering plastics.
Opportunity: Increased consumption of engineering plastics in automotive industry due to stringent fuel efficiency and emission norms. Growing electric vehicles market will boost the demand for engineering plastics as they replace metals. Rising usage of engineering plastics in consumer goods due to superior properties over traditional plastics.
Threats: Availability of substitutes like metals and ceramics poses threat. Fluctuations in crude oil prices can negatively impact the prices. Slowdown in automotive and consumer goods industry affects the demand.
Key Takeaways
The global Engineering Plastics market is expected to witness high growth.
Regional analysis: Asia Pacific dominates the global engineering plastics market due to large automotive manufacturing base in China, India, Japan and South Korea. Counties like China and India are expected to grow at fastest pace aided by growing domestic automotive and consumer goods industry.
Key players: Key players operating in the Engineering Plastics market are Eli Lilly and Company, Sanofi S.A., Cadila Healthcare Limited, Cipla Limited, Castle Biosciences, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Vidac Pharma, LEO Pharma A/S, Regeneron Pharmaceuticals, Inc., Merck Sharp & Dohme, and Amgen Inc.
Get More Insights On This Topic: https://www.pressreleasebulletin.com/engineering-plastics-market-growth-accelerated-by-increasing-demand/
English
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian