The engineering plastic compounds Market is expected to register a robust 8.0% CAGR during 2018-2026, thanks to the anticipated major adoption of 3D printing. The demand for engineering plastic compounds demand is likely to remain robust as material advancements, and specialised application for engineered plastics is growing each day. Originally, these materials showed a promising application in replacing conventional materials like wood due to their cost-effective and easy to produce nature for widespread commercial adoption.
Currently, the new material advancements in engineered plastics show potential for replacing conventional plastics in everyday items like bike helmets, ski boots, bumpers, and materials like polycarbonates. Their specialised nature will likely get better with rising adoption of 3D printing technology in manufacturing globally.
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Lightweight Electric Vehicles Promise Robust Opportunities
Electric vehicles are the new kid on the block. Electric vehicles are a high-priority on every global auto manufacturers list. This is not surprising as increasing stringent regulations regarding fossil fuels are likely to bring down the axe on auto manufacturers in the near future. In order to improve engine efficiency, and gain more mileage for new electric technology, auto manufacturers are testing new forms of plastics which are lightweight, provide durability, and cost-efficiency. Specially designed engineered plastics promise a robust application in the area. According to a new report, Kingfa Science, a supplier of engineered plastics to autos will increase its 500 tonne per month supply to Maruti, a large auto manufacturer by 1,000 tonnes per month for six to eight months in 2019. According to the reports, electric vehicles will play a major role in the growth.
Automobile Lubrication Application Remains Key to Driving Growth
New applications such as self-lubrication promises major growth for the engineering plastics market. According to industry reports, the conventional lubrication industry faces a fuzzy future similar to Kodak. These reports speak clearly as automobile manufacturers from Nissan to Volkswagen are switching to battery-power models for electric vehicles. This is a major challenge as electric vehicles use 40 different coils. Additionally, they require grease to help maintain the cooling and lubricate the motor. Additionally, the new lubricants will also be required to interact with increasing non-metal materials like plastics on-board as well as protect the electronics. Engineered plastic material versions of Acrylonitrile Butadiene Styrene (ABS) and Polycarbonate (PC) provide excellent processability, display high rigidity, and stability in applications for electric vehicles. This has resulted in various forecasts predicting flat demand for conventional lubricants over the foreseeable future. Hence, the new lubrication application for plastic-products promises significant opportunities for players in the engineering plastics market.