LONDON, Nov. 5, 2018 /CNW/ -- 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 by 2024, growing at a CAGR of 5.4% between 2017 and 2024.
"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."
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To gain a competitive advantage, Mukherjee recommends that players emulate market leaders such as DSM, SABIC and BASF, 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.
Key trends creating growth opportunities in the market include:
- Lightweighting and metal replacement trends in end-user industries driving engineering plastics consumption
- High demand for engineering plastics in construction, transportation and medical applications with significant market share gains
- A shift in focus towards niche applications and product differentiation strategies to combat commoditization of engineering plastics
- Growth in partnerships, tie-ups and collaboration across the value chain to drive customisation
"Government regulations, price volatility of petroleum, international trade wars, and miniaturisation of electrical and electronics components are key factors disrupting supply chains and hindering market growth," noted Mukherjee. "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."
Global Engineering Plastics Market, Forecast to 2024 market intelligence identifies disruptive market and technology trends, drivers and restraints, market share and competitive analysis. Unit shipment and revenue forecasts are provided for segments including ABS, polycarbonate, polyamides, polyesters, POM, PMMA and others. In terms of end-user applications, the market has been segmented into electrical and electronics, automotive, medical, consumer goods, packaging, construction and others.
Global Engineering Plastics Market, Forecast to 2024 is the latest addition to Frost & Sullivan's Visionary Science research and analysis available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Engineering Plastics Market, Forecast to 2024
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SOURCE Frost & Sullivan