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The market trends in the engineering plastics industry are influenced by a variety of factors, ranging from technological advancements to shifts in consumer preferences and global economic conditions. In recent years, the engineering plastic market has witnessed steady growth, driven primarily by the increasing demand from various end-use industries such as automotive, electrical and electronics, packaging, and construction. One of the key trends shaping the market is the growing emphasis on lightweight and durable materials, particularly in the automotive sector, as manufacturers strive to improve fuel efficiency and reduce emissions.
Global companies are witnessing the changing preferences and trends and hence, are on the lookout for opportunities in the form of expansion that is possible with the help of rising funds and investments. The companies are opening their doors for expansions like mergers and acquisitions that will have a positive impact on the engineering plastic market share during the ongoing forecast period that will be ending in 2028.
Additionally, there is a rising awareness regarding environmental sustainability, leading to a growing demand for engineering plastics that are recyclable and eco-friendly. This trend has spurred innovations in the development of bio-based and biodegradable engineering plastics, catering to the needs of environmentally conscious consumers and regulatory requirements aimed at reducing plastic waste. Moreover, the expanding applications of engineering plastics in sectors such as healthcare and consumer goods are further driving market growth.
Another significant trend in the engineering plastic market is the increasing adoption of advanced manufacturing technologies such as 3D printing and injection molding, which offer greater design flexibility and cost-effectiveness. These technologies enable the production of complex geometries and customized components, providing manufacturers with a competitive edge in delivering tailored solutions to their customers. Furthermore, advancements in material science and formulation techniques have led to the development of engineering plastics with enhanced properties such as high heat resistance, flame retardancy, and chemical resistance, expanding their usage in demanding applications.
On the supply side, the engineering plastic market is characterized by intense competition among key players striving to innovate and differentiate their products. Companies are investing in research and development activities to introduce new formulations and improve existing materials, aiming to meet the evolving requirements of various industries. Additionally, strategic partnerships and collaborations between manufacturers and end-users are becoming increasingly common, facilitating knowledge exchange and co-development of specialized solutions.
Geographically, the Asia-Pacific region dominates the engineering plastic market, driven by rapid industrialization, urbanization, and infrastructure development in countries like China, India, and Japan. The region's burgeoning automotive and electronics sectors, coupled with the growing middle-class population, are fueling the demand for engineering plastics. Moreover, favorable government policies promoting foreign investment and technological innovation are further catalyzing market growth in the region.
However, the engineering plastic market also faces certain challenges, including volatile raw material prices and concerns regarding the recyclability and disposal of plastics. Manufacturers are under pressure to adopt sustainable practices throughout the product lifecycle, from sourcing raw materials to end-of-life disposal, to address these environmental concerns and regulatory requirements. Additionally, geopolitical tensions and trade disputes can impact market dynamics, leading to supply chain disruptions and fluctuations in demand.
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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