China Engineering Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China Engineering Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for China Engineering Plastics is expected to grow at a CAGR of more than 6% during the forecast period.

Key Highlights

• Engineering plastics replacing traditional materials is of the driving factor of the market growth.
• Introduction of green vehicles as a key to future growth is expected to increase the opportunity for the market.

Key Market TrendsPolyethylene 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.

Automotive and Transportation Segment to Drive the Market Growth

• Some of the applications of engineering plastics are as follows:
• Automotive airbags (owing to their excellent balance of flexible design and ease of processing)
• Under-the-hood applications (owing to their excellent thermal resistance, fatigue endurance, and wear resistance)
• Automotive Electrical and Electronics (allows miniaturization, better heat management, and design flexibility)
• Within the transportation segment, they are being increasingly used in the aerospace segment, such as for galley components, lavatory components, air ducts, and lighting houses.
• Growing demand for lightweight materials in the automotive industry, in order to provide increased efficiency and design flexibility, is primarily responsible for the growth of the engineering plastics market. High-performance engineering plastics offer manufacturers the advantages of design and comparable strength of steel, which helps in reducing the overall weight and controlling greenhouse gas emissions.
• Growing demand for electric vehicles is another factor driving the growth of the market. The need for lightweight material in these vehicles, to enhance energy efficiency, acts as a major impetus for the adoption of engineering plastics.
• Such factors are expected to increase the demand for engineering plastics during the forecast period.

Competitive Landscape

The China engineering plastics market is partially fragmented in nature with the presence of many players in the market. Some of the major companies in China engineering plastics market includes BASF SE, SABIC, Solvay, Covestro AG, and DuPont, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

3M
Arkema SA
Ashland Inc.
BASF SE
Celanese Corporation
Chemtura Corporation
Chevron Phillips Chemical
Covestro AG
DuPont
Eastman Chemical Company
Evonik Industries AG
LANXESS
LG Chem
Lyondellbasell
Nova Chemicals Corporation
Polynt
PolyOne Corporation
Rochling Group
SABIC
Solvay

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