The global engineering plastics market was valued at US$ 79.3 billion in 2017, according to Global Engineering Plastics Market Report by Product Type (Ultra High Molecular Weight Polyethylene (UHMWPE), Acrylonitrile Butadiene Styrene (ABS), Fluoropolymers, Polybutylene Terephthalate (PBT), Polymethyl Methacrylate (PMMA), Polyethylene Terephthalate (PET), Polyamide (PA), Polycarbonate (PC), Polyoxymethylene (POM), Liquid Crystal Polymers (LCP), Polyimides (PI), Polyether Ether Ketone (PEEK), Polyphenylene Oxide, and Others), by Application (Automotive & Transportation, Construction, Consumer Goods, Electrical and Electronics, Industrial and Machinery, Packaging, and Medical) published by Coherent Market Insights. The engineering plastics market is expected to exhibit a CAGR of 6.3% over the forecast period (2018 – 2025) to reach US$ 127.9 billion by 2025.
Major factor propelling growth of the global engineering plastics market is increasing replacement of conventional materials with engineering plastics. Moreover, increasing demand for engineering plastics from emerging economies such as China, India, Indonesia and others, is one of the major factors driving growth of the global engineering plastics market. For instance, plastic products export from India increased by 17.1% from US$ 7.56 billion in 2016-17 to US$ 8.85 billion in 2017-2018, therefore further augmenting the plastic production and thereby, engineering plastics.
However, higher price of engineering plastics as compared to conventional polymers is one of the major restraints for growth of the global engineering plastics market.
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Key Trends and Analysis of the Engineering Plastics Market:
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