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The Market Value Of Engineering Plastics Will Exceed 100 Billion US Dollars
- Nov 22, 2018 -

Frost & Sullivan, a British consultancy, recently predicted that the global market value of engineering plastics would reach 104.32 billion US dollars (about 726.5 billion RMB) in 2024, driven by the dramatic growth in demand from the automotive, electronics and construction industries, with an average annual growth rate estimated at 5.4% in 2018-2024. The main reason for the growing demand is the acceleration of urbanization and the increase of purchasing power in Asia, especially in China, India and South Asia.

Sayan Mukherjee, senior research analyst for the company's chemicals and materials business, points out that the upgrading of applications requires new R&D projects, product development and functional solutions, and that the market offers great opportunities for professional material manufacturers. During the forecast period, the development and provision of differentiated products and formulas for the original equipment manufacturers and end users will benefit the technological progress of enterprises, and thus generate a lucrative income. Mukherjee suggests that small businesses should follow the lead of market leaders such as Desman, SABIC and Basf to maximize their capacity in the Asia-Pacific market, which will provide a lot of growth opportunities for the industry in the foreseeable future.

According to the report by Frost Sullivan, lightweight cars and construction, transportation and medical applications are the main growth opportunities in the market. Engineering plastics business should focus on targeted, professional application and product differentiation strategy. Mukherjee added that in order to meet future challenges, market participants should develop contingency strategies to reduce damage and incorporate bio-based engineering plastics with excellent environmental characteristics into their product portfolios, especially in Europe and North America.