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Global Engineering Plastics Market was valued at USD 80.72 billion in 2020 and is anticipated to grow at 115.13 billion till 2027 recording a CAGR of 7.5% during the forecast period 2021-2027. Engineering plastics are thought to be of higher grade than conventional plastics. During the projected period, the global engineering plastics market is expected to see an increase in demand. Engineering plastics are utilised in a variety of industries, including consumer electronics. Engineer plastics are manufactured in small quantities, but the worldwide engineering industry is expected to grow over time. Engineering plastics are lighter and more durable than regular plastics. In terms of abrasion and corrosion resistance, they outperform metals. The need for engineering plastic is boosted by a number of end users, including electrical and electronics, automotive and transportation, equipment and industrial, and consumer goods. The car industry, on the other hand, is likely to be a key contributor. This is due to the growing trend toward lighter vehicles and the demand for lower vehicle emissions. Engineering plastic’s global demand is also driven by its ease of processing. Another significant player in the engineering plastics sector is polyacetal. In comparison to traditional plastics, polyacetal is resistant to abrasion and high temperatures, and so has higher stiffness, high mechanical strength, chemical resistance, and self-lubricating qualities. As a result, being resourceful to the global engineering plastic market’s progress throughout the forecast period would be advantageous. The automotive industry has the opportunity to shape this fundamental restructuring. Plastics are majorly processed into automotive components and parts owing to their ease of manufacturing, possible sourcing from renewable raw materials and relative ease of improved design. Further, automotive plastics play a key role in performance and safety innovations in commercial vehicles, HMVs, modern cars and SUVs. They are usually strong, durable, scratch resistance, recyclable, resistive against abrasion, improve noise and vibration control and permit integration, moulding, and design of automobile components. Global engineering plastics market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in 2017, BASF expanded its business by opening a new Ultramid polymerization plant in Shanghai, China.
