Promising application areas for engineering plastics

Global – The worldwide engineering plastics market was worth US$ 57.2 billion in 2014 and is expected to reach US$ 91.78 billion by 2020. This represents a compound annual growth rate of 8.2%.

Engineering plastics are used in an increasing number of markets, with popular markets including electronics, automotive, building & construction, as well as sports & leisure. ‘Transportation and construction are the two most promising application areas for engineering plastics,’ states the report by Research and Markets.

The major trend driving the engineering plastics market is the growing demand of these in developing countries like India, China and Brazil. ‘In 2012 production of engineering plastics amounted to 218.88 million tonnes,’ the publication points out.

Asia-Pacific currently dominates the market for engineering plastics, followed by North America and Europe. ‘The developing regions of South America and Asia Pacific are expected to increase its market share in the future owing to the growing purchasing power in the developing countries,’ it is contended.