Pune India, Jan. 25, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the engineering plastics market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the engineering plastics market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global engineering plastics market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, Victrex Plc. among others. To achieve a substantial market share in the worldwide engineering plastics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
There is a group of plastic materials called engineering plastics that offer superior mechanical and thermal properties compared to commodity plastics, which are more commonly used. Because of current environmental and economic concerns, the market for lightweight engineering plastic is expected to grow faster. According to a recent study, every 10% reduction in vehicle weight reduces fuel consumption by 6-8%. As a result, automobile manufacturers are now using more advanced plastic materials to reduce weight and make their vehicles more fuel efficient. It is expected that the market growth of engineering plastics will be hampered by high costs associated with raw material fluctuations. As engineering plastics have enhanced properties and complex processing, they increase the final cost, thereby hampering the market growth. Therefore, the high cost of engineering plastics is expected to hamper the market growth. In the forecast period, the growth of the engineering plastics market is expected to be hampered by fluctuations in crude oil prices and regulatory challenges regarding emissions of greenhouse gases.
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Scope of Engineering Plastics Market Report: