Demand for Engineering Plastics in Asia Will Increase by 32% in 2015

Sinochem New World News Global chemical giant BASF recently forecast that in 2015, Asian engineering plastics demand will increase by 32% to 1.45 million tons. The senior vice president of BASF’s engineering plastics business in Asia Pacific said that the huge emerging markets in China and India will promote the rapid growth of polyamide and polybutylene terephthalate (PBT) plastics products. It is expected that the average annual demand in the region will increase from 2010 to 2015. Speed ​​will be 10% to 11%.

BASF predicts that in 2015, China's engineering plastics consumption will reach 803,000 tons, Japan's 306,000 tons, South Korea 138,000 tons, India 103,000 tons, and other parts of Asia is expected to reach 102,000 tons. In the next 10 years, demand for polyamide and PBT composite engineering plastics in Asia will continue to grow at an average annual rate of 8%. According to statistics, in 2011, the demand for polyamide and PBT composite engineering plastics in Asia has exceeded the 1 million tons mark, of which China is 562,000 tons, accounting for more than half of the total.

The automotive industry will continue to be the main driving force for the growth of demand for engineering plastics. Taking India as an example, the demand for engineering plastics accounts for half of the total consumption. The Asian automobile industry will continue to develop rapidly in the future. With the development of global green cars, the future growth potential of the engineering plastics market is very large. More engineering plastics will be used to replace metal parts in automobiles to reduce end-user costs.