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

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

The market for Europe Engineering Plastics is expected to grow at a CAGR of less than 4% during the forecast period.

Key Highlights

• Engineering plastics replacing traditional materials is one of the major 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.

Germany Country to Dominate the Market

• Germany is a leading consumer of engineering plastics in automotive due to the continuous emphasis on efficient vehicles in the country. The regulations regarding emissions have had an impact on the production of motor vehicles in the country and lead to a decline in the production of motor vehicles. This dip has had an impact on the growth of the engineering plastics in the country’s automotive sector.
• The German aerospace industry has enjoyed immense growth since the past two decades with revenues more than quadrupling since mid-90s.
• Germany, being one of the leading manufacturing bases for the aircraft industry, is home to manufacturers from different segments, such as equipment manufacturers, material and component suppliers, engine producers, and whole system integrators.
• The German electronic industry is the Europe’s biggest, and the fifth largest worldwide. The electrical & electronics industry accounted for 11% of the total German industrial production and about 3% of the country’s gross domestic product (GDP).
• Such factors are expected to boost the consumption of newer engineering and high-performance plastics for construction purposes.

Competitive Landscape

The Europe engineering plastics market is partially fragmented in nature with the presence of many players in the market. Some of the major companies in Europe 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

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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