However, escalating oil prices impede the growth of this price-sensitive market, since crude oil is the key source for raw materials. As these costs are passed on to the end-user segments, automobile and electronic producers tend to opt for cheaper plastics.
"Producers need to find alternate resources to reduce oil dependence in the coming years," concluded Mahajan. "This will also address environmental concerns, paving the way for bio-based engineering plastics."
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