Engineering plastics are called as polystyrene, PVC, polypropylene, and polyethylene. Plastic is advancing the Engineering plastic market to the next level. According to the Plastic Europe Association, the European Plastic Industry had a turnover of $402.3 billion and had a trade balance of more than $19 billion in 2019. Due to engineering plastic market, the European GDP grew to more than 2.4 times. After APAC, Europe is seeing a drastic growth in the demand and supply in the engineering plastic market.
As per the findings of a newly published market research report by IndustryARC titled “Engineering Plastics Market: By Type (ABS, PA, PC, POM, PMMA, PEEK, PET, PBT, Cast Nylon); By End-user (Aerospace, Building & Construction, Food, Mechanical, Medical, Others); By Applications (CD/DVD, Medical implants, Advanced batteries, Shoes, others); By Geography – Forecast (2019-2025)”, the global market size of engineering plastic market was valued at around $79,716 million as of 2018. The analyst estimated the global CAGR of 6.6% during the forecast period of 2019 to 2025. APAC has subjugated the market with the regional market share of more than 42%. The key application in the market is in the automotive industry, and estimated application CAGR is of around 7.5% during the forecast period of 2019 to 2025.
Engineering Plastics Market: Recent Developments
The engineering plastic market is observing continuous developments and innovation, and few of them are listed below:
- BASF SE and Green & Light develops Elastoskin Honeycomb and Pantone Color Institute
Green & Light Automotive component, a China-based company, with BASF SE, chemical producing company, has introduced Elastoskin, a polyurethane skin technology in February 2019. It is the world’s first easy to clean surface for covering car trunk floors using polyurethane paper honeycomb technology. This contains polyurethane skin made of plastics and has exceptional emission properties. This technology has certainly opened new possibilities in design in the engineering plastic market. Also, in January 2019, BASF SE has fabricated a collection of plastic designs which is inspired by Pantone, which is a pigment that enables performance in plastic designs at BASF SE.
- Solvay Investing in Startups to Promote Innovation and Delivering Solutions for Composite Industrialization
Solvay Ventures, a chemical producer, is always open for innovations. The company has started investing in startups of all domains like technology, energy, plastic, health, and wellbeing. Assuming that the investments in startups will generate fresh and different ideas, the major companies are letting the startups enter the market, and so, there is no threat to new entrants. The company has also started delivering cost-efficient technologies to enable reduced cycle times since February 2019. These technologies include both thermoset and thermoplastic composite for growth in aerospace, oil and gas, and automotive.
- SABIC and ExxonMobil form Joint Venture for Gulf and Merger with Clariant
In May 2018, Saudi Basic Industries Inc. and ExxonMobil Chemical Co. formed a JV United States Gulf coast to add plastics and petrochemical productions. This will increase the demand for engineering plastic market in the U.S. They have opened 2 production units for the same. In September 2019, Clariant and SABIC have merged together to create a leading supplier of high-performance materials. This will offer a high range of thermoplastics, plastics, and thermo-electro optical.
Engineering plastic market contributes a good percentage in the GDP of Europe due to the increasing number of manufacturing units. Many big companies have started investing in startups as they have fresh and innovative ideas, and that would help in the growth of the engineering plastic market in the long run.
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