Global Engineering Plastic Compounds Market Size By Compound Type, By Application, By Geographic Scope And Forecast
Engineering Plastic Compounds Market Size And Forecast
Engineering Plastic Compounds Market was valued at USD 86.51 Billion in 2019 and is projected to reach USD 149.70 Billion by 2027, growing at a CAGR of 7.1% from 2020 to 2027.
Global Engineering Plastic Compounds Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
In recent years the trend of lightweight vehicles among people is increasing. Engineering plastic compounds can replace metal which will result in vehicle weight reduction, design freedom, and easy integration of parts and decrease in total system costs. An increase in demand for engineering plastic compounds from the automotive and transportation industry led to significant growth in the market during the forecasted period. Also, engineering plastic compounds possess favorable characteristics to meet the needs of industries and have a wide range of applications, therefore it is expected to boost the market. However, competition from substitutes might hamper the market growth up to a certain extent.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The Global Engineering Plastic Compounds Market is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
Global Engineering Plastic Compounds Market Competitive Landscape
The Global Engineering Plastic Compounds Market study report will provide a valuable insight with an emphasis on global market including some of the major players such as Covestro, BASF SE, Celanese, Solvay SA, DowDuPont, SABIC, LG Chem, Lanxess, Mitsubishi Engineering Plastics, and Evonik Industries.
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