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The engineering plastic market is influenced by several key factors that shape its dynamics and growth trajectory. One of the primary market factors is the demand from various end-use industries such as automotive, electrical & electronics, consumer goods, and industrial manufacturing. These industries rely on engineering plastics for their exceptional mechanical properties, chemical resistance, and versatility in applications. As these sectors expand and innovate, the demand for engineering plastics continues to rise, driving market growth.
Engineering plastic market products are available in the form of versatile plastic materials with superior physical and electrical properties, that are inclusive of stability, superior chemical resistance, heat resistance, abrasion resistance, alongside weather-ability. These product characteristics made them one of the fastest-growing segments of the plastics industry on the global scale during the ongoing forecast period that will be ending in 2028. Metals and glass are continuously seeking replacement by lighter materials because of continuous developments in the global plastic industry.
Additionally, technological advancements play a significant role in shaping the engineering plastic market. Continuous research and development efforts lead to the introduction of new grades of engineering plastics with enhanced performance characteristics, including higher heat resistance, improved strength, and better dimensional stability. These innovations cater to the evolving needs of end-users and open up new opportunities in emerging applications, further fueling market growth.
Another crucial factor influencing the engineering plastic market is regulatory standards and environmental concerns. With increasing awareness about sustainability and environmental impact, there is a growing emphasis on the use of eco-friendly materials in various industries. As a result, manufacturers are developing bio-based and recyclable engineering plastics to meet stringent regulatory requirements and address sustainability goals. The adoption of such materials not only aligns with environmental mandates but also enhances market competitiveness.
Moreover, the global economic landscape plays a significant role in shaping the engineering plastic market. Fluctuations in GDP growth rates, currency exchange rates, and overall economic stability impact the investment decisions of businesses across industries. During periods of economic downturn, there may be reduced demand for engineering plastics as businesses cut back on production and capital expenditures. Conversely, during economic upturns, there is typically increased demand for engineering plastics as industries ramp up production to meet growing consumer needs.
Furthermore, the competitive landscape within the engineering plastic market is influenced by factors such as market consolidation, pricing strategies, and technological capabilities of key players. Mergers, acquisitions, and partnerships among leading manufacturers reshape the competitive dynamics, leading to market consolidation and increased competition. Pricing strategies adopted by companies also impact market trends, with fluctuations in raw material costs and supply chain dynamics influencing product pricing.
Additionally, regional factors play a crucial role in shaping the engineering plastic market. Demand patterns, regulatory frameworks, and industrialization levels vary across different geographic regions, leading to disparities in market dynamics. For instance, regions with a strong automotive manufacturing base may exhibit higher demand for engineering plastics used in automotive applications. Similarly, regions with a thriving electrical & electronics sector may drive demand for engineering plastics in electronic components and devices.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 6.27% (2024-2032) |
Engineering Plastic Market Highlights:
Global Engineering Plastic Market Overview
Engineering Plastic Market Size was valued at USD 64.53 billion in 2023. The Engineering Plastic industry is projected to grow from USD 69.18 Billion in 2024 to USD 112.55 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.27% during the forecast period (2024 - 2032). Increased demand for engineering plastic for personal transportation and the rising demand from end-use industries, especially automotive & transportation and electrical & electronics, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Engineering Plastic Market Trends
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Growth in end-use industries is driving the market growth
The demand for engineering plastics is rapidly increasing due to its usage in various end-use industries such as automotive and transportation, and electrical and electronics. These industries are expected to continue driving the market growth in the coming years. Hence, the market CAGR is predicted to increase over the forecast period.
Furthermore, the market for engineering plastics is financially lucrative, with a surge in demand and emerging applications. The market is highly competitive, with numerous players operating globally and locally in different countries. The high level of competition and market fragmentation underscore the attractiveness of the market. Moreover, engineering plastic market products are available in versatile plastic materials with superior physical and electrical properties, including stability, chemical resistance, heat resistance, and abrasion resistance, alongside weather ability. These product characteristics made them one of the fastest-growing segments of the plastics industry on the scale during the ongoing forecast period ending in 2028. Metals and glass continuously seek replacement with lighter materials because of continuous developments in the plastic industry. Thus, these factors drive the Engineering Plastic market revenue.
In 2024, Tata Elxsi, a global leader in product engineering and innovation-led design services, launched a unique package design for the Vatika Shampoo line in the UAE market. The result is an achievement that goes beyond sustainability in terms of the environment and shows how engineering and simulation can be creatively incorporated into design. Reducing plastic usage without compromising the bottle's functionality, usability, or structural integrity was the aim of this project.
Engineering Plastic Market Segment Insights
Engineering Plastic Product Insights
Based on Product, the Engineering Plastic market segmentation includes polyamide, acrylonitrile-butadiene-styrene, thermoplastics polyesters, polycarbonate, and others. The acrylonitrile-butadiene-styrene segment dominated the market primarily due to increasing demand from the automotive & transportation industries.
Engineering Plastic Application Insights
Based on Application, the Engineering Plastic market segmentation includes construction, electrical & electronics, automotive, consumer goods, and others.The automotive segment dominated the market, Owing to the usage of engineered polymer composites and plastics in a wide range of applications. Engineering plastics are the second most common class of automotive materials after ferrous metals and alloys. With increased emphasis on decreasing the car's weight, improving fuel efficiency, and regulating emissions, engineering plastics are replacing several other materials.
Figure1: Engineering Plastic Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Engineering Plastic Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American engineering plastic market will dominated. The market in this region is expected to experience growth due to increasing demand from end-use industries, particularly the automotive and transportation as well as electrical and electronics industries. This trend is expected to drive market growth in the region. Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL ENGINEERING PLASTIC MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Engineering Plastic market accounts for the second-largest market share. The increasing demand for engineering plastics and their applications in various industries has made the market financially attractive. As a result, the market is expected to experience significant growth in the coming years.. Further, the German Engineering Plastic market had the largest market share, and the UK Engineering Plastic market was the fastest-growing market in the European Region.
The Asia-Pacific Engineering Plastic market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising vehicle sales and increased demand for electronic goods, including computers, communication devices, storage batteries, and other items, due to several causes, including increased consumer disposable income and expanded vehicle production facilities by companies. Moreover, China’s Engineering Plastic market held the largest market share, and the Indian Engineering Plastic market was the fastest-growing market in the Asia-Pacific region.
Engineering Plastic Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Engineering Plastic market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The engineering plastic industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Engineering Plastic industry to benefit clients and increase the market sector. The Engineering Plastic industry has offered some of the most significant advantages in recent years. Major players in the Engineering Plastic market, including BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan), and others, are attempting to increase market demand by investing in research and development operations.
Saudi Arabia's Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company. Saudi Aramco owns 70% of SABIC's shares. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. SABIC, a leading manufacturer of engineering plastics, recently added new products to their existing range. They introduced four new grades of chemically resistant LNP CRX polycarbonate (PC) copolymer resins to expand their portfolio of engineering plastics.
Solvay is a long-established chemical company that was founded in Belgium in 1863. The company is headquartered in Brussels, Belgium, and has announced the completion of a new thermoplastic composites (TPC) manufacturing plant in Greenville, South Carolina. The facility is expected to help the company expand its TPC production capabilities and bring new products to market.
Clariant is excited to present its latest innovations at Chinaplas 2024, currently happening in Shanghai, China. These technologies aim to assist the plastics sector improve safety and efficiency, encourage circularity, and reduce waste. The new AddWorks PPA polymer additive range not only provides smooth and steady processability but also eliminates sharkskin to guarantee the highest possible optical film properties.
Polyplastics, a Japanese provider of engineering thermoplastics, will launch a new high-performance thermoplastic in 2023 in addition to the ground-breaking sustainability initiative at Fakuma in Friedrichshafen, Germany. The company will present its latest product range and discuss how it meets industry standards for electronics, medical, and automotive as well as environmental sustainability.
Key Companies in the engineering plastic market include
- du Pont de Nemours and Company (U.S.)
- Evonik Industries AG (Germany)
- Mitsubishi Engineering-Plastics Corporation (Japan)
- LG Chem Ltd. (South Korea)
- Lanxess AG (Germany)
- Celanese Corporation (US)
- Saudi Basic Industries Corporation (Saudi Arabia)
Engineering Plastic Industry Developments
August 2022: SABIC, a leader in diversified chemicals, has added four new grades of LNP CRX polycarbonate (PC) copolymer resins to its product portfolio of engineering plastics. These new chemically resistant grades are designed to enhance the performance and durability of various applications in a wide range of industries, including automotive, electronics, and healthcare.
July 2022: BASF SE has established new production facilities for engineering plastics in the Zhanjiang Verbund site located in Guangdong province, southern China. These facilities have an annual production capacity of 60,000 metric tons and are intended to meet the increasing demand for engineering plastics in the region.
Engineering Plastic Market Segmentation
Engineering Plastic Product Outlook
- Polyamide
- Acrylonitrile-Butadiene-Styrene
- Thermoplastics Polyesters
- Polycarbonate
- Others
Engineering Plastic Application Outlook
- Construction
- Electrical & Electronics
- Automotive
- Consumer Goods
- Others
Engineering Plastic Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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