Frost & Sullivan’s recent analysis, Global Engineering Plastics Market Forecast to 2024, reveals that rapid urbanisation and rising purchasing power in Asia, particularly China, India and South Asia, have resulted in booming demand for engineering plastics in automotive, electronic, and construction development segments.
The market is forecast to reach $104.32 billion (approximately £79.34 billion) by 2024, growing at a CAGR of 5.4 per cent between 2017 and 2024.
The report discusses high demand for engineering plastics in construction, transportation and medical applications with significant market share gains, as well as a shift in focus towards niche applications and product differentiation strategies to combat commoditisation of engineering plastics.
Unit shipment and revenue forecasts are provided for segments including ABS, polycarbonate, polyamides, polyesters, POM, PMMA and others.
“The market presents enormous opportunities for specialised material manufacturers, as evolving applications demand new R&D, product development and functional solutions,” said Sayan Mukherjee, Senior Research Analyst, Chemicals and Materials, EIA at Frost & Sullivan.
“Product development in novel formulas and solutions to capture new application markets in consultation with OEMs and end users will provide lucrative revenues, product differentiation, and technological advancements.”
Mukherjee recommends that players emulate market leaders such as DSM, SABIC and BASF, to gain a competitive advantage and establish or expand production capabilities and strategic efforts in the APAC market as it is likely to provide maximum exposure and growth opportunities in the foreseeable future.
Mukherjee, added: “To be future-ready, players should build contingency strategies to mitigate disruptions and include bio-based engineering plastics with a low environmental footprint into their product portfolio, particularly in Europe and North America.”