Engineering plastics are widely utilised in a variety of
manufacturing industries where chemical stability, impact resistance,
durability, and thermal and dimensional stability are important. Because of
their high mechanical strength, engineering plastics are quickly replacing
metals and wood in the construction and automobile industries. These materials
lighten the vehicle's total weight and improve fuel efficiency. They're
employed in the manufacture of automobile exterior and interior parts, as well
as the powertrain. Due to its strong resilience to numerous environmental
variables such as chemicals, high temperatures, and abrasion, engineering
plastic is also employed in the electronic industry. As a result, it's an
excellent material for making consumer electronics.
Drivers:
Engineering plastics are primarily driven by the rising
automotive sector, which is fueled by rapid urbanisation. In 2018, 98.1 million
automobiles were produced worldwide, according to the European Automobile
Manufacturers Association. The demand for engineering plastics, which are
widely used in automotive and transportation parts such as exteriors, engines,
mechanical components, interiors, fuel systems, and electric and electronic
components, is increasing due to increased automobile production.
The engineering
plastic market is growing due to rising demand for electronic goods
such as storage batteries, computers, communication equipment, switchgear, and
switchboard. Moreover, rising number of educational institutes with computer
laboratories is another major factor augmenting the market growth of
engineering plastic over the forecast period.
Market Restraints
The market expansion of engineering plastics is projected to
be hampered by high costs of engineering plastics due to raw material price fluctuations.
Engineering plastics have improved qualities and need more complex processing,
which affects the final cost. As a result, the high cost of engineering
plastics is projected to stifle market expansion.
The market's growth is projected to be hampered by
increasing investment in research activities to create plastics-alternative
materials. Various firms are investing in research projects to develop
alternatives for engineering plastics, such as carbon fibres, in order to lower
the overall cost of manufacturing, which is expected to stifle the growth of
the engineering plastic market.
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