India engineering plastics industry has showcased an overwhelming performance by inclining at a double digit CAGR during the period FY’2009-FY’2014. The noteworthy performance in the industry was largely contributed by the major segments such as PET, SAN, ABS and other engineering plastics products market, which has marked substantial growth in revenues during this period. Engineering plastics in India has witnessed tremendous growth over the past few years. The market size is not as large as compared to other Asian countries. However, in the coming years, this trend is likely to change as more OEMs, particularly in the automotive industry, are planning to setup their plants in India. With India becoming an automotive hub, and the electrical and electronics market is witnessing a boom, the demand for engineering plastics in India is set to grow at a rapid pace.
India Engineering Plastics Market is likely to reach USD 5.2 Billion by FY2019: Ken Research
The engineering plastic market revenues in the future are expected to augment at the CAGR of over 20.0% during FY’2014-FY’2019, reaching revenue worth USD ~ million in FY’2019. Polyethylene Terephthalate (PET) segment is likely to sustain its dominance in India’s engineering plastic market space during the period FY’2014-FY’2019.
Polyethylene Terephthalate (PET) contributed the largest share in the overall engineering plastic market over the last five years. This segment is likely to flourish and sustain its dominance in the future as well. Acrylonitrile Butadiene Styrene (ABS) segment is expected to emerge as the primary driver of engineering plastic industry in India. This is likely to be bestowed with its emerging characteristics and wide array of applications across number of industries. Polyacetal and Polycarbonate markets are expected to grow at a considerable rate in the coming years, since there are various untapped opportunities lying for the market players. In tandem to these developments, polycarbonate market is envisaged to grow at a CAGR of 18.1% reaching USD ~ million, while Polyacetal market is likely to experience a CAGR of ~% during FY’2015-FY’2019.
According to the research report “India Engineering Plastics Industry Outlook to FY’2019” by Ken Research, the India engineering plastics industry is anticipated to reach USD ~ million by FY’2019 due to the significant surge in production capacity by major players supplemented with enhancement in the capacity utilization rate. This growth is estimated to be fueled with substantial surge in demand from end user industries primarily from automotives and consumer appliances sectors.
The report titled “India Engineering Plastics Market Outlook to 2019- Rising ABS and San Segment to Drive the Future Growth” provides detailed overview on the Engineering Plastics Market of India and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in the coming years. The report will help industry consultants, automotive manufacturers and electrical and electronics manufacturers, plastics manufacturers, chemical manufacturers, and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.