Engineering plastics develop rapidly, high-performance plastics grow fastest

Engineering plastics have excellent comprehensive performance, high rigidity, small creep, high mechanical strength, good heat resistance, good electrical insulation, long-term use in harsh chemical and physical environments, and can be used as an alternative structural material for metal. Widely used in home appliances, machinery, automobiles and other fields. In recent years, engineering plastics have developed rapidly, especially high-performance plastics, with the fastest growth rate.

Applications for engineering plastics include: automotive and transportation, electrical and electronics, construction, medical, industrial and mechanical, packaging, furniture, sporting goods, leisure goods, and more. High-performance plastics are expected to be the fastest growing segment of engineering plastics due to growing demand in the automotive and transportation, electrical and electronics, and medical industries worldwide.

According to the latest report, among all products in the plastics industry, engineering plastics will be the fastest growing segment between 2016 and 2026. In terms of market value, the global engineering plastics market value is estimated at US$66.2 billion by the end of 2016. It is expected to reach US$132.8 billion by the end of 2026, with a CAGR of 7.2% during the forecast period. During the forecast period, the global average annual growth rate of engineering plastics consumption was 5.7%.

In terms of application categories, by the end of 2016, the electrical and electronics industries accounted for the largest share of the global engineering plastics market, followed by the automotive and transportation sectors and construction. In addition, urbanization, infrastructure and rising income levels will all be factors in driving the growth of the global engineering plastics market.