HOME › Research Insight › New Product Developments are the Key Strategies Adopted by the Major Players to Achieve Growth in the Global Engineering Plastics Market Between 2014 and 2016
New Product Developments are the Key Strategies Adopted by the Major Players to Achieve Growth in the Global Engineering Plastics Market Between 2014 and 2016
The global engineering plastics market is projected to reach USD 108.68 Billion by 2026, at a CAGR of 7.4% from 2016 to 2026. With the increased penetration of engineering plastics in emerging manufacturing industries of Asia, Middle East & Africa, and South America, the market is expected to register slightly higher growth than North America and Europe, during the long term forecast period.
Engineering plastics are high performance polymers that possess excellent physical properties for efficient and prolonged use. These polymers are capable of working under wide temperature ranges, various mechanical stresses and in various chemical environments. Engineering plastics have better mechanical and thermal properties than the more widely used commodity plastics. Expansions and new product developments are the key strategies adopted by the major players to achieve growth in the global engineering plastics market between 2014 and 2016. These strategies accounted for a major share of all the strategies adopted.
The leading players in the global engineering plastics industry include BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan), among others. Besides expansions and new product developments, companies also adopted contracts & agreements as a key strategy, to expand their distribution networks.
BASF SE (Germany) inaugurated a new compounding plant in Yesan, South Korea in 2015, for the production of Ultramid Polyamide (PA) and Ultradur Polybutylene Terephthalate (PBT) Compounds. The new plant has a capacity of 36,000 metric tons per year. By establishing this plant, BASF SE has supported the customer demand for high-quality engineering plastics in South Korea, which is one of the top three electrical and electronic goods manufacturing countries in the world. The new facility will also cater to the regional demand.
In October 2016, Covestro (Germany) started two new production lines for polycarbonate resins at its site in Shanghai, China. The company increased the production capacity from 200,000 to 400,000 metric tons per year and thus aims to become the world's largest producer of polycarbonate resins.
The company is capitalizing on its strong research & development capabilities to broaden its engineering plastics business. Covestro focuses on growth opportunities not only in the existing key markets, such as North America and Europe, but also in the emerging economies of the Asia-Pacific region and South America.
Engineering Plastics Market by Type (PC, ABS, PET & PBT, POM, Fluoropolymers), Application (Automotive & Transport, Industrial & Machinery, Packaging, Consumer Appliances) - Global Forecast to 2026
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