[Jiuzhi Plastics News] According to market statistics, during the five years from 2015 to 2020, the global engineering plastics market is expected to reach US$97 billion, and the market compound annual growth rate will be as high as 7.6%. The Asia Pacific region will be the growth engine for the global market, bringing more and more applications, technological advancements and rapid growth.
China has the largest market share and is the second largest regional market in Asia Pacific. China accounts for the largest share of the Asia-Pacific market, reaching 65%; India is the fastest growing market for demand in the Asia Pacific region. There are two main factors driving the development of the engineering plastics industry: one is the growth of demand in the terminal field; the other is the replacement of traditional materials such as PP, PVC and PE.
Application growth, technological advances, and rapid growth in demand in the Asia Pacific region are driving the demand for the global engineering plastics market. Engineering plastics are used in many industries. These types of plastics are commonly used in applications where mechanical strength and heat and chemical resistance are required, because engineering plastics are superior to general-purpose plastics in terms of mechanical and thermal properties. In many applications, such plastics have been replaced. Traditional engineering materials such as wood and metal.
In addition to strength and other properties equivalent to or beyond general-purpose plastics, engineering plastics also have a feature: easy to produce. Today, engineering plastics are increasingly replacing traditional plastics, which will lead the market to further product innovation and material development.
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