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Super Engineering Plastics Market Opportunities, Trends, Share, Size, Key Segments, Industry Analysis and Growth Potential in Future 2023
May 30, 2019 (MarketersMedia via COMTEX) —
Global Super Engineering Plastics Market by Type, End Use Industry (Automotive & Transportation, Electrical & Electronics, Packaging, Textile, Sports and Others), and Region- Forecast till 2023
The Global Super Engineering Plastics Market size will trigger at a higher CAGR by the year 2023. This report has been gathered by Market Research Future Reports analysists who studied all the instincts of the market. The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities, and more.
The term 'Engineering Plastics' usually refers to thermoplastic materials rather than thermosetting ones. On this, the Global Super Engineer Plastics Market is proliferating owing to some essential factors such as policy changes in the electrical and electronics industry coupled with government initiatives to support the revival of the electronics industry are hereby boosting the demand for Engineering Plastics at the time of forecast period.
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Market Research Future Reports have accumulated name of some of the prominent players in the Global Super Engineering Plastics; they are Solvay SA (Belgium), Tosoh Corporation (Japan), DIC Corporation (Japan), TORAY INDUSTRIES, INC. (Japan), KUREHA CORPORATION (Japan), NHU Materials Co. (China), LION IDEMITSU COMPOSITES CO., LTD (Japan), BASF SE (Germany), Huntsman International LLC. (U.S.), LG Chem. (South Korea).
Global Super Engineering Plastics: Drivers & Trends
The Global Super Engineering Plastics is bolstering due to expanding consumer goods sector, increasing disposable income and everchanging international automotive production base to Asian countries, including India, is projected to thrive Engineering Plastics Market during the next five years. More factors or the critical drivers for the market are accounted to be growing end-use industries and replacement of traditional materials such as metals and introduction of commodity plastics with Engineering Plastics. Thus, the combination of high strength and lightweight properties make engineering plastics suitable for use in many industrial applications. These factors are highly expected to drive the Global Super Engineering Market in the years to come.
Super Engineering Plastics are known for the highest end of the spectrum with very high strength and thermal resistance. Also, some essential properties of Super Engineering Plastics such as impervious to impact, heat and abrasion, high mechanical strength, self-lubricant, fire safety, and chemical stability are also supporting the Super Engineering Plastics in substantial ways and igniting it to expand at an exponential rate in the forecast period.
Furthermore, other major driving factors for the Super Engineering Plastics Market is the rapid growth in the automotive industry globally. By its properties concerning metals such as high strength, weight reduction, and lightweight, these materials are rapidly replacing metal components in industrial machinery as well as the automotive industry. Also, the rising demand in electronics & electrical appliances market, the demand for engineering plastics has raised simultaneously.
However, on the flip side, the higher cost of Super Engineering Plastics material may hinder the engineering plastics market. However, with the use of these engineering plastics in the aerospace industry for building spaceship could be a new future trend for the market, which is expected to take the Global Super Engineering Market to expand rapidly in the forecast period.
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Super Engineering Plastics Segmentation:
According to Market Research Future Reports, the Global Super Engineering Plastics Market has been segmented based on Type, End-Use Industries, and Region.
By the mode of Type, the market has included Acrylonitrile butadiene styrene (ABS), Polyamide (PA), Polybutylene terephthalate (PBT), Polyethylene terephthalate (PET), Polyether ether ketone (PEEK), Polyphenylene sulfide (PPS), and others. Among them, ABS holds a significant share of overall demand for super engineering plastics.
By the mode of End-Use Industries, the Global Super Engineering Plastic Market has been segmented into Automotive & transportation, electrical & electronics, packaging, textile, sports, and others.
Geographically, the Global Super Engineering Plastics Market has covered important regions, namely Asia Pacific, North America, Europe, Middle East & Africa, and Latin America.
In the first, Asia Pacific has been observed to be the fastest growing market owing to the enormous consumption of this product in this region, and it accounts for 45% share of the Global Super Engineering Plastics Market. This share is attributed to the mounting automotive and transportation industry. Countries such as India, China, and Japan are the major markets in this region owing to the established automotive and electronics industries here.
North America is considered to be the second most significant region in the Global Super Engineering Plastic Market.
Moreover, then, the Middle East & Africa is also on the list of mounting at a noteworthy rate owing to the evolutionary potential of hitherto untapped market in automotive, sports, and construction sectors. Regions such as U.A.E, Qatar, and Saudi Arabia are likely to lead the regional market throughout the forecast period.
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