The market for Asia-Pacific Engineering Plastics is expected to grow at a CAGR of more than 5% during the forecast period.
– Growing purchasing power in the counties and engineering plastics replacing traditional materials are driving the market growth.
– Volatility in raw material prices is expected to hinder the market growth.
– Introduction of green vehicles as a key to future growth is expected to increase the opportunity for the market.
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Key Market Trends
Polyethylene Terephthalate (PET): The Most Used Engineering Plastic
– Polyethylene terephthalate (PET) is a thermoplastic polyester engineering resin. PET resins are known for their excellent melt flow characteristics, close molding tolerances, and high productivity from multi-cavity molds. Due to its broad mechanical and electrical properties, PET is often used to replace metals in motor housings, switches, sensors, and other electrical applications.
– PET and polyolefins are the most widely used materials in the plastic packaging industry. Some of the major properties of PET as a packaging material are recyclability, strength, and versatility, which drive the demand for these products.
– These products mainly include take-out containers, frozen foods, carbonated drinks and juices, ketchup, bottled water, jars, and baked good containers. They are also used in the food industry for clamshells, deli containers, as well as microwave food trays.
– PET also has great barrier properties that protect and preserve the contents of the product. PET maintains the fizz in carbonated soft drinks, the vitamins in juices, and the color in ketchup. In other words, it protects products and keeps them on the shelves and out of the rubbish bin, for a longer period.
– With an increasing demand for beverage packaging and a lack of better substitute for PET resin for this application, the demand for PET is projected to increase over the forecast period.
China Country to Dominate the Market
– China is the largest producer and consumer of engineering plastics in the Asia-Pacific region. The abundant availability of raw materials and low cost of production have been supporting the production growth of the engineering plastics market in the country since the past few years.
– The consumption of engineering plastics has increased drastically in the recent past due to the growing population, increasing urbanization, and substitution of many metals by suitable engineering plastics in various industries, such as packaging and automotive.
– Automotive is one of the fastest-growing sectors in the country, due to the rise in disposable income among the consumers and expanding automotive manufacturing facilities by manufacturers, such as Tesla and FAW-Volkswagen, among various other factors. However, the automotive production and sales has been declining from the recent past, but the emerging electric vehicles are expected to take over the market.
– Electronic products, such as smartphones, OLED TVs, tablets, and so on have the highest growth in the market in the consumer electronics segment. With the increase in the disposable income of middle-class population, the demand for electronic products is projected to grow in the near future, thereby driving the demand for engineering plastics, such as polycarbonate and ABS in the country.
The Asia-Pacific engineering plastics market is partially fragmented in nature with the presence of many players in the market. Some of the major companies in Asia-Pacific engineering plastics market includes BASF SE, SABIC, Solvay, Covestro AG, and DuPont, among others.
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