The South America engineering plastics market size is projected to expand at a CAGR of 5% during the forecast period. The growth of the market is attributed to rising demand for engineering plastics in the automotive industry due to demand for production of light vehicles.
Plastics, also called as polymers, are used to make a wide variety of products, from paper clips to spacecraft due to their versatility, ease of manufacturing, ductility, lightness, water resistance, and low cost. The cause of polymer degradation prompts manufacturers to use renewable resources plastics made from renewable biomass sources such as corn, starch, and food waste are called bio plastics.
Growing demand for plastic packaging solutions to protect products is an important driving force for the market. Engineering plastics are a group of plastics with the best mechanical and thermal properties. The motor uses a group of plastics such as polystyrene and polyethylene. These materials have special properties such as high strength, high wear resistance, and fatigue resistance. Engineering plastics are manufactured for special applications, so they are expensive.
The COVID-19 pandemic affected the demand and supply of South America engineering plastics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
The report on the South America engineering plastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
South America Engineering Plastics Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2019–2020 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluor polymers), End-Users (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging, Consumer Appliances) |
Geographical Scope |
Brazil, Argentina, Colombia, Chile, and Rest of South America |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
BASF SE, SABIC, Solvay, Covestro AG, and DuPont |
Based on types, the South America engineering plastics market is segregated into polycarbonate, polyamide, ABS, PET & PBT, POM, Fluor polymers. The polyethylene terephthalate segment is expected to represent a key share of the market during the forecast period. PET resin is known for its excellent melt flow properties, strict mold tolerances, and high cavity productivity.
PET and polyolefin are most widely used materials in the plastic packaging industry. These products mainly include takeaway containers, frozen foods, lemonade and juice, tomato paste, mineral water, canned food, and baking containers. They are also used in the food industry to make mussels, gourmet packaging, and microwave food trays.
On the other hand, the polyamides segment is anticipated to expand at a rapid pace during the forecast period. Polyamide is mainly used in the textile industry because of its strong and flexible properties. These advantages make it suitable for clothing, carpets, and other products.
On the basis of end-users, the South America engineering plastics market is segregated into automotive & transport, electrical & electronics, industrial & machinery, packaging, consumer appliances. The automotive & transportation segment is expected to hold a key share of the market during the forecast period owing to increasing use of lightweight materials to meet the industry's goals of increasing carbon dioxide emissions and improving fuel efficiency.
In terms of regions, the South America engineering plastics market is classified as Brazil, Argentina, Colombia, Chile, and Rest of South America. Brazil is anticipated to dominate the market. The construction of new hotels, as well as the expansion of existing hotels, is expected to boost commercial construction in Brazil. The infrastructure sector in the country is currently in flux. Brazil's packaging material production is steadily increasing, with a value of approximately USD 71.5 billion, representing a 5.1 % increase.
Segments Covered in the Report
The South America engineering plastics market is segmented on the basis of
Types
End-users
Geography
Key Players
Key players in the South America engineering plastics market include BASF SE, SABIC, Solvay, Covestro AG, and DuPont.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
Segments Covered in the Report
The South America engineering plastics market is segmented on the basis of
Types
End-users
Geography
Key Players
Key players in the South America engineering plastics market include BASF SE, SABIC, Solvay, Covestro AG, and DuPont.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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