Dublin, Aug. 29, 2024 (GLOBE NEWSWIRE) — The “Europe Plastics for Tribological Applications Market Size and Forecast, Regional Share, Trends and Growth Opportunity Analysis Report Coverage: By Material, Application, End Use and Country” report has been added to ResearchAndMarkets.com.
The European market for plastics specifically designed for tribological applications, including materials resistant to wear and friction, is on a robust growth trajectory: over the forecast period 2023-2031, the sector is expected to register a compound annual growth rate (CAGR) of 6.3%, significantly increasing its value from USD 7.99 billion in 2023 to USD 13.04 billion by 2031.
This market growth is largely due to the continuing demand for high performance, durable materials that can withstand the harshest operating environments while reducing energy usage and maintenance costs. The field of polymer science and engineering has been at the forefront, introducing specialized plastic compounds and blends that exhibit superior frictional properties.
Automotive sector: key market drivers
The European automotive sector is a major driver of this fast-growing market. Automotive advancements and increasing demand have led to a surge in tribology-specific plastics. These materials are essential to increase the lifespan and efficiency of various automotive components. The emergence of customized plastics such as PTFE and PEEK, which stand out for their low friction and minimal wear, has made the automotive industry a vibrant market for the tribology sector.
Increased environmental awareness and regulatory compliance
There is a noticeable shift in the industry towards plastics, which are not only lighter and more fuel efficient but also comply with strict European environmental regulations. The shift to materials that can reduce vehicle weight without sacrificing efficiency is particularly important here, as it leads to reduced carbon emissions.
Market Expansion and Strategies of Major Players
The market is expanding dynamically due to the expansion of sectors such as marine and aerospace that require high-performance and wear-resistant materials, as well as the rapid growth of smart technology applications. Leading companies in the industry are focusing on developing innovative and high-quality products to meet the diverse needs of customers.
This market expansion reflects in-depth analysis cultivated through a thorough research methodology and verified by industry experts. The growing European market for plastics for tribological applications indicates the widespread adoption of these advanced materials in critical industrial applications, ensuring reduced maintenance costs, more reliable performance, and a positive impact on the environment.
Key attributes:
Report AttributesDetailsNumber of Pages140Forecast Period2023 – 2031Estimated Market Value in 2023 (USD)$7.99 billionForecasted Market Value through 2031 (USD)$13.04 billionCAGR6.3%Target RegionEurope
Featured Companies
BASF SED DuPont de Nemours Covestro AG SABIC Lanxess AG Toray Industries, Inc. Mitsubishi Chemical Group Solvay SA Arkema SA Evonik Industries AG
For more information on this report, please visit: https://www.researchandmarkets.com/r/mh3m6v
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European Plastics for Tribological Applications Market
