The global engineering plastics market is driven by their high-performance characteristics such as durability, heat resistance, and lightweight nature, making them ideal substitutes for traditional materials like metals and glass. Their applications span across industries, including automotive, aerospace, electronics, and healthcare. The automotive sector remains a key growth driver due to the demand for lightweight vehicles to enhance fuel efficiency. Advancements in recycling technologies and the push for sustainable materials are also propelling the market forward. The Asia-Pacific region, particularly China and India, is a hotspot for demand, owing to rapid industrialization and growing manufacturing activities.
According to the research report, the global engineering plastics market was valued at USD 121.69 billion in 2021 and is expected to reach USD 193.24 billion by 2030, to grow at a CAGR of 5.5% during the forecast period.
Market Trends: Engineering Plastics
- Lightweighting Demand: Increasing use in automotive and aerospace sectors to reduce vehicle weight and improve fuel efficiency.
- Sustainability Focus: Rising emphasis on recyclable and bio-based engineering plastics due to environmental concerns.
- Rapid Industrialization: Growth in construction and electronics sectors in developing regions is boosting demand.
- Technological Innovations: Development of high-performance polymers for specialized applications.
- Regional Growth: Asia-Pacific emerging as the largest market due to manufacturing expansion and urbanization.
Key Companies in Engineering Plastics Market:
- Arkema Corporation
- BASF SE
- Celanese Corporation
- Covestro AG
- Daicel Corporation
- DuPont De Numerous Inc.
- Eastman Chemical Company Inc.
- Evonik Industries AG
- INEOS Corp.
- LG Chem Company Limited
- Mitsubishi Engineering-Plastics Corporation
- DSM Corporation
- SABIC Inc.
- Solvay Incorporation
- TEIJIN LIMITED
Growth Factors:
• Market dynamics:All the key factors and major developments anticipated to boost the growth of the market are covered in the study.
• Technological evolution:The report offers a thorough understanding of the emerging technologies that can influence the Engineering Plastics market demand.
• Innovation pathways: The study covers where innovations can take the market in the mid to long term.
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The Geographical Analysis Covers Following Key Regions:
• North America (United States, Canada, and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and the rest of South America)
• The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa, and the Rest of the Middle East and Africa)
Market Segmentation: Engineering Plastics
The engineering plastics market can be segmented based on application, type, and end-use industry. In terms of applications, engineering plastics are used in automotive, aerospace, electrical and electronics, healthcare, and consumer goods industries. The types of engineering plastics include polyamide (PA), polycarbonate (PC), polyoxymethylene (POM), and polyetheretherketone (PEEK), among others. End-use industries are segmented into automotive (for lightweight components and fuel efficiency), aerospace (for structural and non-structural applications), electrical and electronics (for insulation and circuit boards), and healthcare (for medical devices and equipment). The demand in the automotive sector is growing due to the push for lighter and more fuel-efficient vehicles. The Asia-Pacific region leads in manufacturing and consumption, with increasing demand driven by industrialization in countries like China and India.
Engineering Plastics Market, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Polyamide
- Acrylonitrile Butadiene Styrene
- Polycarbonate
- Thermoplastic Polyester
- Polyacetal
- Fluoropolymer
- Others
Engineering Plastics Market, End-Use Industries Outlook (Revenue – USD Billion, 2018 – 2030)
- Automotive and Transportation
- Construction
- Consumer Appliance
- Electrical & Electronics
- Industrial & Machinery
- Packaging
- Others
Engineering Plastics Industry Developments:
In March 2022, Celanese Corporation, a leading global chemical and specialty materials company, completed the reorganization of Korea Engineering Plastics Co. This strategic move provides Celanese with access to global polyoxymethylene (POM) polymerization facilities, enabling the company to expand its POM products on a global scale.
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