From the Desk of Managing Editor
Global engineering plastics market to reach USD 79.0 b/n by 2018
Engineering plastics exhibit high dimensional stability, good heat & chemical resistance and high strength. Apart from this each type of engineering plastic has its own unique set of properties making them the material of choice in several applications. Due to this reason the application of engineering plastic is extensive and is growing at a fast pace. One of the major uses of engineering plastic is to replace metals in various end-user industries.
One of the major end-user industries where engineering plastics are used to replace metal is automotive & transportation. Due to increasingly stringent regulations for reducing emission levels and increasing fuel economy, OEM's (Original Equipment Manufacturers) are replacing metals in vehicles with various types of engineering plastics. Recent developments have resulted in the development of bio-based grades of different engineering plastics. These factors are expected to lead the growth in engineering plastics market.
Engineering plastics are used in many end-user industries such as automotive & transportation, consumer & appliances, electrical & electronics, industrial & machinery, packaging, others (medical, construction, & so on) Among these the consumer & appliances industry is a dominant end-use industry. Different types of engineering plastics are used for a variety of applications that befit their properties. Use of engineering plastics by various end-user industries helps in development of durable, reliable and more efficient products than their predecessors.
The global market for engineering plastics in terms of revenue was estimated to be worth $53.5 billion ($53,580.7 million) in 2012 and is expected to reach $79.0 billion (79,036 million) by 2018, growing at a CAGR of 8.0% in terms of revenue, from 2013 to 2018.
The Asia-Pacific region dominated the global engineering plastics market, accounting for 47.9% of the global engineering plastics market demand in 2013.
The APAC is expected to have the highest market revenue in 2018 followed by the Western European market. ROW a collection of individual country markets is expected to be the fastest growing marketing in the future, with a CAGR of 10.0% from 2013 to 2018, owing to rising consumption in this region, where the end-user markets of engineering plastics are growing steadily. The Western European market is expected to grow at a rate of 7.8% in revenue terms and 4.8% in consumption terms from 2013 to 2018.
It is obvious that Engineering Plastics has a major role to play in the Plastics Industry in the days to come.