Rapid urbanisation and rising purchasing power in Asia, particularly China, India and South Asia, have resulted in booming demand for engineering plastics in automotive, electronic, and construction development segments.
Trends shown in the Global Engineering Plastics Market, Forecast to 2024 report also views the rise in lightweighting and metal replacement trends as driving engineering plastics consumption, creating a market potentially worth $104.32 billion.
“The market presents enormous opportunities for specialised material manufacturers, as evolving applications demand new R&D, product development and functional solutions,” said Sayan Mukherjee, a senior research analyst at Frost & Sullivan.
“Product development in novel formulas and solutions to capture new application markets in consultation with OEMs and end users will provide lucrative revenues, product differentiation, and technological advancements.”
Mukherjee also warned that government regulation, price volatility of petroleum, international trade wars, and miniaturisation of electrical and electronics components are key factors disrupting supply chains.
The solution to this, he believes, is a positive one for the environment as well as suppliers: “To be future-ready, players should build contingency strategies to mitigate disruptions and include bio-based engineering plastics with a low environmental footprint into their product portfolio, particularly in Europe and North America.”