Engineering Resins Market Expected to Reach USD 179.40 Billion by 2032 | Growing at a CAGR of 5.36%

Market Research Future (MRFR) has published a cooked research report on the “Engineering Resins Market” that contains information from 2018 to 2032. The Engineering Resins Market is estimated to register a CAGR of 5.36% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Engineering Resins Market— ARKEMA GROUP, BASF S.E., E.I. Dupont de Numeours and Company, Honeywell International Inc, Innovative Plastics, LG Chemicals, Mitsubishi Chemical Corporation, SABIC, Solvay SA, Sumitomo Chemical Co. Ltd.

Engineering Resins Market Highlights

The global Engineering Resins Market is accounted to register a CAGR of 5.36% during the forecast period and is estimated to reach USD 179.40 Billion by 2032.

The market is witnessing a trend where traditional materials like metals are being replaced by engineering resins due to their lighter weight and the ability to be molded into complex shapes. This substitution trend is particularly prevalent in the automotive and aerospace sectors, where weight reduction is a critical factor in enhancing fuel efficiency and performance.

Segment Analysis

The global Engineering Resins Market has been segmented based on Type, Application, and End-Use Industry.

Based on Type, the market is segmented into Polycarbonate, Acetal Copolymer Polyoxymethylene, Acetal Homopolymer Polyoxymethylene, Acrylic, Nylon, Polyethylene, Polypropylene, Polyvinylchloride, Teflon. The Polyoxymethylene segment was attributed to holding the largest market share in 2022.  POM is known for its exceptional mechanical properties, including high tensile strength, stiffness, and impact resistance. These attributes make it suitable for applications where structural integrity and durability are crucial. POM has low friction and excellent wear resistance, which makes it a preferred material for applications involving moving parts, such as gears, bearings, and conveyor systems. It reduces the need for lubrication and maintenance.

Based on the Application, the Engineering Resins Market has been segmented into Bumpers, Chemical Tanks, Electrical Insulators, Inhalers, and Others. The Electrical Insulators segment was expected to hold the largest market share in 2022. Engineering resins within this segment, such as thermoplastics and thermosetting plastics, are prized for their excellent electrical insulation properties. They have high dielectric strength and resistivity, making them suitable for insulating and protecting electrical and electronic components.

Based on the End Use Industry, the Engineering Resins Market has been segmented into Automotive, Building and Construction, Electrical Engineering, Healthcare, Packaging, and Others. The Automotive segment was expected to hold the largest market share in 2022. The automotive industry is under continuous pressure to reduce vehicle weight to improve fuel efficiency and reduce emissions. Engineering resins, such as lightweight plastics and composites, are increasingly used to replace traditional metal components in vehicles. These materials offer high strength-to-weight ratios, contributing to weight reduction.

Regional Analysis

The global Engineering Resins Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Engineering Resins Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Engineering Resins Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Engineering Resins Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Engineering Resins Market was maintained by the North American regional sector. The North American automotive industry plays a pivotal role in driving the demand for engineering resins. Notably, the United States witnessed a substantial increase in the sales of new light-duty chargeable electric vehicles, totaling 608,000 units in 2021, compared to 308,000 in 2020. Of these, battery electric vehicles accounted for more than 73% of the overall chargeable electric vehicle sales. A prominent trend in this sector involves the replacement of traditional metals with engineering resins for various vehicle components, including bumpers, interior elements, and under-the-hood applications. This transition primarily serves to achieve significant reductions in vehicle weight, consequently enhancing fuel efficiency and contributing to reduced emissions.

Moreover, the Europe market has been persistently growing over the forecast period. The electrical and electronics industry is experiencing a surge in demand for high-performance materials. Notably, the consumer electronics sector has seen remarkable growth in e-commerce, with a 24% increase compared to 2019 figures. This growth is surpassed only by a few sectors like books, music, TV and films (25%), home and gardening (27%), and grocery (30%). Within the electrical and electronics sector, engineering resins are vital for producing connectors, insulators, and various electronic components. As electronic devices become more prevalent and smaller in size, these materials are pivotal in ensuring the reliability and performance of electronic products, making them indispensable in the industry.

The Asia-Pacific region boasts a strong and diverse manufacturing sector, encompassing critical industries such as automotive, electronics, and construction. In a notable development, India's government unveiled a comprehensive master plan in October 2021 to enhance multi-modal connectivity. This initiative aims to bolster infrastructure, reduce logistics costs, and stimulate economic growth. Substantial budget allocations were made, including $8.28 billion for road construction and $7.88 billion for the expansion of National Highways in the 2021 Union Budget. The government also set ambitious targets for road development, planning to construct 8,500 kilometers of roads and an additional 11,000 kilometers of National Highway corridors by March 2022. Additionally, the Union Ministry of Road Transport and Highways has outlined infrastructure projects valued at INR 700,000 Crore (approximately $91 billion) over the next two to three years. These dynamic industries in the region have a growing need for high-performance materials like engineering resins, further fueling the demand for these versatile materials. Countries such as China, India, Japan, and South Korea are at the forefront of this manufacturing expansion.

Furthermore, the rest of the world's Engineering Resins Market is divided into the Middle East, Africa, and Latin America. These regions are investing in renewable energy projects, including solar and wind energy. Engineering resins are used in the construction of components for these projects, such as solar panels and wind turbine parts.

Key Findings of the Study

• The global Engineering Resins Market is expected to reach USD 179.40 Billion by 2032, at a CAGR of 5.36% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because Asia-Pacific is a global hub for electronics manufacturing, with countries like Taiwan and South Korea playing significant roles. Engineering resins find extensive applications in electronics, especially in the production of connectors, insulators, and casings for various devices.


• Based on Type, the Polyoxymethylene segment was attributed to holding the largest market in 2022, with an approximate market share of 5.36%.


• ARKEMA GROUP, BASF S.E., E.I. Dupont de Numeours and Company, Honeywell International Inc, Innovative Plastics, LG Chemicals, Mitsubishi Chemical Corporation, SABIC, Solvay SA, Sumitomo Chemical Co. Ltd.