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

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

The market for North America Engineering Plastics is expected to grow at a CAGR of around 4% during the forecast period.

Key Highlights

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

United States Country to Dominate the Market

• Application of engineering plastics is majorly found in the electronics, construction, automotive, medical, and various other industries. The United States is the second largest economy for electronics in the world and is also among one of the top markets for medical, automotive, and construction, globally.
• The country’s expenditure in healthcare stood at approximately USD 3,70 trillion in 2018, which is further expected to increase in 2020. The increasing geriatric population and the growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the healthcare sector, as well as the consumption of engineering plastics in the country during the forecast period.
• In terms of size, the electronics market in the United States is the largest market. Owing to the usage of advance technologies, such as IoT, increasing number of R&D centers, and rising demand from consumers, the demand for PEEK, and polycarbonate are expected to grow over the forecast period.
• Such growth trends in the country are expected to boost the demand for engineering plastics at a moderate rate in the future.

Competitive Landscape

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