09 April 2021
Visiongain has published a new report on Engineering Plastic Compounds Market Report 2021-2031: Forecasts by Type (Polycarbonate (PC) Compound, Polyamide (PA) Compound, Polymethyl Methacrylate (PMMA) Compound, Polyacetal/Polyoxymethylene (POM) Compound, PBT Compound, Acrylonitrile Butadiene Styrene (ABS) Compound, Styrene–Acrylonitrile (SAN) Compound, Thermoplastic Elastomer Compound, Others), by Application (Automotive, Aerospace, Electrical and Electronics, Building and Construction, Consumer Goods and Appliances, Medical, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Engineering Plastic Compounds Companies AND COVID-19 Recovery Scenarios.
Visiongain has estimated that the total market for Engineering Plastics Compounds would be around $x million in 2021 and is projected to grow at a CAGR of x% during the forecast period 2021-2031. Engineering plastics are a subdivision of plastics used in industries where high performance is often required in areas such as heat resistance, chemical resistance, impact, flame retardancy or mechanical strength
COVID-19 Impact on Engineering Plastic Compounds Market
Medical devices and instruments are in a constant state of evolution, and with the current ongoing covid situation it has become essential to respond to trends within and outside the hospital premises to attain better care at lesser system costs. The trends toward miniaturization and compactness are driving new requirements in the medical industry. Hygiene and public health safety continue to receive strong consideration globally, demanding devices to withstand a range of chemicals and sterilization procedures. There was a time when the reusability of a product was considered as a leap ahead advantage, but not any more in the medical industry, especially in orthopaedics. The use of single-use products is the answer and is the latest trend in orthopaedics application. This has forced the industry to go for plastic materials by which the cost can be reduced to an extent. Increasing client demands in sophisticated medical applications with high-performance materials and long-term preparation constancy has impelled manufacturers to extend their portfolio of engineering plastics compounds for medical technology.
Increasing Demand for Engineering Plastic Compounds in Electric Vehicles
In order to reduce weight and achieve greater fuel efficiency, plastics are becoming immensely popular in automotive applications. Dozens of different plastics are used to make 2,000 or more parts of varying shapes and sizes, from lights and bumpers, to engine components, dashboards, headrests, switches, clips, panoramic roofs, seats, airbags and seat belts Several engineering plastics compounds such as polyamide, polycarbonate, and ABS together account for a substantial share in the automotive manufacturing. Apart from this, plastic usage has also imparted other benefits to the car manufacturers such as saving their overall investments. For instance, a nylon bracket that holds together components under the hood might have mounts and other features moulded right into it.
Engineering Plastic Compounds Replacing Traditional Metal in Various Industries
Engineering thermoplastics are apparently lighter and stronger than several metals such as aluminium, magnesium alloys, aluminium alloys and others, which are offering great potential to replace traditional metal parts. One of the most important drivers aiding the growth of engineering plastics compounds are unexplored opportunities of replacing metals not only in automobiles, but also in the application areas of household appliances, construction, and infrastructure, to list down a few. For example, nylon replacing metals in under-the-hood motor vehicle applications and polycarbonate in the construction, medical and consumer markets.
Development of Environmentally Friendly Modified Materials
In order to achieve the goals of sustainable manufacturing, various manufacturers are privately investing in research organizations to develop a novel, eco-friendly, and closed-loop route for recycling engineering plastics. For instance, Exeter Advanced Technologies (X-AT) along with some industrial companies has developed a recycling process through the solvolysis process. This process separates composites/plastic compounds into different components, such as fillers, fibres and resins, under specific temperatures and pressures for reuse in new applications. Further, companies such as Entec polymers are also offering post-consumer nylon products that are certified to UL’s most rigorous adherence standard for PCR based products. Mitsubishi Chemicals has developed a bio-based polycarbonate resin derived mainly from plant-based isosorbide, which has excellent durability, making possible its deployment in a wide variety of applications such as for optical, electronic equipment, automotive housings, interior and exterior decor.
Avoided Emissions – Production Approach
'Avoided emissions' refers to the emissions related environmental benefits that occur downstream in the use phase of our products. While avoided emissions do not count toward any specific Science-Based Targets, they result in reduced emissions for customers and end-users. For example, DSM Engineering Plastics provides products for packaging films in the food industry, which require effective oxygen barrier properties and high puncture resistance. These films play an important role in reducing food waste by protecting food during transport, retail and consumer use, and extending shelf life. Reducing food waste diminishes the burden on the food production system, leading to significant avoided emissions. By adopting this production approach, companies have the opportunity to gain goodwill in the market and gain traction from customers as well end users.
Some of the companies profiled in the report include BASF SE, Idemitsu Kosan Company Ltd., SABIC, Asahi Kasei Advance Corporation, Lanxess AG, and Covestro AG, among others. According to Visiongain Analysis, the top 15 companies hold about X% share in the engineering plastics compounds market. These companies are continuously developing their product portfolio to meet the increasing demand from the automotive, building & construction, and electronics industries. Some of the major developments took place in the engineering plastic compounds industry in recent years such as BASF’s announcement of capacity expansion for PA and PBT compounds. On the other hand, Saudi Aramco acquired 70% of the controlling stake of SABIC in June 2020.
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A higher demand for medical electronics such as pacemakers, defibrillators, drug-releasing pumps, hearing aids, diagnostic equipment etc. is providing the coating industry with some significant market opportunities. The manufacture of lower priced devices which are produced in higher volumes (for example personal health monitors) is continuing to be moved offshore to take advantage of the lower cost of production.
12 April 2021
One of the most important drivers aiding the growth of engineering plastics compounds are unexplored opportunities of replacing metals not only in automobiles, but also in the application areas of household appliances, construction, and infrastructure, to list down a few.
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