The eco-friendly car is driving engineering plastics market to $76 billion by 2017
Engineering plastics possess superior mechanical, chemical and thermal properties along with light weight and high strength characteristics that allow these plastics to replace metals and glass in many applications. The use of light weight engineering plastics in the automotive applications in lieu of heavier steel not only reduces vehicle weight but also increases fuel efficiency.
The report “Global Engineering Plastics Market Analysis by Product Types, Applications & Geography - Trends & Forecasts (2012 - 2017)” published by MarketsandMarkets, identifies the market for engineering plastics is being driven by the expansion of tne applications for engineering plastics fromm automotives and electrical and electronic components to medical, construction, industrial and consumer appliances.
The automotive and transportation industry is the largest end use application for engineering plastics. The high sales growth of the passenger cars in emerging markets such as China and India is also expected to boost the market. Electrical and electronics is the second largest application for engineering plastics where they are increasingly being used in LV switchgear, mini circuit breakers or residual circuit devices electrical installation, lighting such as lamp fitting, ESL lamp base, luminaries and connectors etc.
The global market for engineering plastics in terms of revenue was estimated to be worth $45,232.2 million in 2011 and is expected to reach $76,823.4 million by 2017, growing at a CAGR of 9.1% from 2012 to 2017. Asia-Pacific dominates the global engineering plastics market, accounting for 38.3% of the overall market in 2011. The growth in the Asia-Pacific market is expected to be fueled by countries such as China and India.