Engineering Plastic Compounds Market - Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)

The demand within the global engineering plastic compounds, especially polyamides, polycarbonates, and ABS is expected to touch new horizons in the times to follow. The pervasive use of engineering plastics across a range of industries, sectors, and production activities has brought these plastics under the spotlight of attention. There is no contention about the utility, relevance, and widespread application of engineering plastics in the building and construction industry. The publisher finds that the global engineering plastic compounds market would expectedly be worth US$ 26.9 Bn by the end of 2025, increasing from US$ 17.3 Bn in 2017, growing at a CAGR of 5.75% over the forecast period.

Influx of Electric Vehicles in the Automobile Market to Propel Market Demand

At the behest of the electric vehicle sector, several leading companies in the industry have invested in research related to engineering plastics and how the latter can be optimized for usage in electric automobile manufacturing. Polyamides and polycarbonates are extensively used in manufacturing of electric vehicles. Polycarbonates are expected to attract the highest demand amongst all other engineering plastic compounds, with an expected CAGR of 6.2% over the period between 2021 and 2025. The growing application of nylons and PVCs across leading industries is also expected to power the growth of the global engineering plastic compounds market in the years to follow.

Europe to Witness Escalation in Demand for Engineering Plastics

China superseded all other regional markets in terms of demand for engineering plastics across Asia Pacific. The expected CAGR for the engineering plastic compounds market in Asia Pacific is found to be 6.0% for the period between 2021 and 2025. Use of engineering plastics in the automobile industry is far from being halted, despite calls to develop a sustainable model for manufacturing. The humongous use of engineering plastics, especially across automobile-affluent nations such as France, England and Germany, has created new pathways for growth and advancements within the global engineering plastic compounds market. Moreover, concerns related to recycling of plastics are being rapidly addressed through plans to build a circular economy across Asia Pacific and Europe. A discrete strategy of plastic recycling and biodegradable plastic use has been developed to this end.

Creation of a Circular Economy on Top of the Priority Charter for Competitors

Concerns related to plastic recycling and degradation have been alleviated to a large extent with emergence of new research lines that advocate pragmatic means of plastic recycling. In a recent breakthrough, researcher professors from EPFL’s School of Engineering in Sweden developed a viable method for recycling plastics. Companies in the engineering plastic compounds market are focusing on developing circular economy solutions for these plastics.

Some of the prominent vendors making growth headways across the global engineering plastic compounds market are BASF SE, Covestro, Celanese, DowDuPont, Solvay SA, SABIC, LG Chem, Mitsubishi Engineering Plastics, Evonik Industries, and Lanxess. These vendors are expected to capitalize on the lucrative opportunities floating across key industries such as automotive, electric vehicles, energy and recycling, construction and engineering, and consumer goods.