The global engineering plastics market is projected to register a CAGR of 7.2% in terms of value.
The global engineering plastics market is projected to register a healthy compound annual growth rate (CAGR) of 7.2% in terms of value and 5.7% in terms of volume from 2016-2026.
The automotive and transportation segment is increasingly inclined toward adoption of engineering plastics products due to their various thermal and mechanical properties. The fuelling demand for engineering plastics is largely from automotive components such as fasteners and supports for chassis and power trains and body panel lens of head lamps, as these parts require higher strength materials. Besides mechanical strength, engineering plastics help in reducing the overall weight of the vehicles. Bio-based engineering plastics that help reduce carbon footprint such as polyamides and polycarbonates are also in high demand. Packaging, electrical and electronics, and consumer goods are lucrative segments for bio-based engineering plastics ranging from stiff to flexible grades. Strong market growth is likely to be observed across high performance plastics such as PEI, PEEK, PSU/PES, PCTF, PVDC, PPSU, LCP, PPS.