The global special engineering plastics market size is set to grow because of the special features these plastics possess, that is resistance from chemicals, heat, and corrosion and have electrical properties. These benefits are set to help the automotive & transportation, packaging, building & construction and electrical & electronics. The rapid industrialization in India and China is expected to grow the demand in these countries and regions. Fortune Business Insights™ mentioned this in a report titled, “Specialty Engineering Plastics Market, 2023-2030”.
Specialty Engineering Plastics are the special plastics which function under the mechanical, chemical, and rigorous electronic conditions, henceforth making them better than regular plastics. They are resistant to heat and chemical corrosion and also have low mold shrinkage, intrinsic proofing, and low water absorption under extreme temperature. These benefits make them superior to regular plastics, making them ideally applicable in automotive & transportation, electrical & electronics, packaging, and building & construction.
COVID-19 Impact: Shutting of Chemical Industries Halted Growth during Pandemic Period
With the pandemic, many of the industries were shut down including the chemical industry. special engineering plastics are produced using various chemicals, they play a very important role in the production of these plastics. With the pandemic, many industries where this product’s application lies were halted leading this specific market also to shut down. Post pandemic era, as the related industries recovered accordingly, the rise in demand for special engineering plastics also recovered accordingly.
Request a sample PDF (includes COVID-19 Impact Analysis):
On the basis of types, the market is divided into Aromatic Polyester (APRES), Polyether Ether Ketone (PEEK), Polyimide (PI), Fluoropolymers (PTFE & Others FPs), Polyamide Imide (PAI), Polyethersulfone (PES), and Polyether nitrile (PEN).
Based on application, the market is divided into automotive & transportation, packaging, electrical & electronics, consumer goods, health care, industrial applications, building & construction, and others.
Geographically, the market is divided in regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
This report offers review of this market with highlighting primary growth factors, hindering factors, challenges, opportunities, overall regional insights, key players, and latest developments adopted by key players and other market players that shows new product launches, acquisitions, and mergers. Demand of the product will change as the market scenario changes and affects demand & supply.
Drivers & Restraints
Demand from Automotive Industry to Augment Market Growth
The increasing demand for these plastics in the automotive industry will drive special engineering plastics market growth due to its properties like chemical resistance, high tensile strength, dimensional accuracy, and stability making it the ideal choice for this industry.
However, on the other hand, too much demand for the product may cause a shortage in supply. The scenario of this unavailability of this product too may act as a restraint for this market. This may lead to rise in the demand for other plastic substitutes.
Application in Healthcare and Packaging to bolster demand in Asia Pacific
On the basis of geography, special engineering plastics market share is expected to be prominent in Asia Pacific due to the rise in applications in healthcare and packaging.
The rising demand for aromatic polyester and polyether ether ketone in electronic and automotive industries will lead to market growth in the Europe region.
In the North American region special engineering plastics will rise due to the applications in consumer goods and packaging.
Middle East & Africa is anticipated to have a considerably large growth because of the adoption of this product in various industries.
January 2020: German chemical company Baden Aniline and Soda Factory (BASF) introduced its new product Polyether Sulfone Ultra son E0510 C2TR for automotive parts that come in contact with oil. It exhibited good tribological properties, dimensional stability and oil resistance. This new product will help in the manufacturing of various car parts that come in contact with hot oil.
November 2019: Royal DSM launched Stanyl and Arnitel to expand its product line, the two new engineering plastics made from 25% recycled materials.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.