New York, NY, April 10, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Engineering Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyamide, Acrylonitrile Butadiene Styrene, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others); By End-Use Industries; By Region; Segment Forecast, 2022 - 2030” in its research database.
“According to the latest research analysis, the global engineering plastics market size/share is anticipated to be valued at approximately USD 121.69 Billion in 2021 and is projected to hit a revenue of around USD 193.24 Billion By 2030, at a CAGR of around 5.5% between 2022 and 2030.”
What is Engineering Plastics? How Big is Engineering Plastics Market Size & Share?
- Overview
Engineering plastics refer to a class of plastic materials that exhibit superior mechanical and thermal properties compared to commonly used commodity plastics. The engineering plastics market trends as it produces plastic materials with better mechanical and thermal properties than commodity plastics. These plastics manufacture mechanical components, containers, and packaging materials. Some of the commonly used engineering plastics include polyamides (PA), polycarbonates (PC), nylon 6, and polysulphone (PSU).
The market is driven by the increased demand for engineering plastics in the production of medical devices, owing to their exceptional physical and chemical qualities, such as light weight, flexibility, production ease, non-ferrous characteristics, and great biomedical applications. The engineering plastics market size is also likely to grow due to policy changes affecting the electrical and electronics industries and government initiatives to assist the revival of the nation's electronics industry.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Manufacturers Are:
- Arkema Corporation
- BASF SE
- Celanese Corp.
- Covestro
- Daicel Corporation
- DuPont De Numerous
- Eastman Chemical Company
- Evonik Industries
- INEOS Corp.
- LG Chem Company
- Mitsubishi Engineering-Plastics
- DSM Corporation
- SABIC Inc.
- Solvay Incorporation
- TEIJIN LIMITED
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Market Dynamics: Prominent drivers of the market
- Automotive and construction industries are adapting it over metals and wood due to exceptional features
The engineering plastics market growth is primarily driven by their wide-ranging adoption in different sectors and key players' introduction of new products. Engineering plastics are preferred in manufacturing industries that require exceptional chemical stability, impact resistance, longevity, and thermal and structural stability. Due to their high structural rigidity, these materials increasingly replace metals and wood in the automotive and construction sectors, leading to lighter-weight vehicles and better fuel efficiency.
For example, SABIC's new glass fiber-reinforced polypropylene compositions, SABIC PP compound G3430X and SABIC PP compound G3440X grades, launched in August 2022, are designed to improve performance and manufacturing for automotive under-hood, appearance, and interior applications. Moreover, engineering plastics are also widely used in the electronics industry because of their superior resistance to various environmental conditions such as chemicals, high temperatures, and abrasion. These properties make engineering plastics ideal for producing consumer electronics, driving engineering plastics market sales.
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Recent Market Trends
New grades and new solutions are being adapted to meet evolving customer demands
- SABIC launched two new glass fiber-reinforced polypropylene compositions, SABIC PP compound G3430X and SABIC PP compound G3440X grades, in August 2022. The new grades are designed to provide improved performance and manufacturing capabilities to meet the challenging demands of automotive under-hood, appearance, and interior applications.
- BASF will market polyamides and poly-phthalimide grades in Europe after acquiring Solvay's PA66 business in February 2022. The range includes PA66 grades and Ultramid One J, enabling customers to create new plastic solutions for various industries. This demonstrates BASF's commitment to meeting evolving customer demands.
Segmentation Assessment Outlook
- The fastest growth in the market is expected to be witnessed by the thermoplastic polyester segment
Thermoplastic polyester is a highly versatile material with superior mechanical, thermal, chemical, and electrical properties. Its exceptional resistance to extreme temperatures, chemicals, and erosion makes it a popular choice for various applications, particularly in the electrical industry. Moreover, the market growth for thermoplastic polyester is driven by the increased manufacturing capacity of major players in the industry. For example, Solvay's installation of a new thermoplastic composites production plant in South Carolina significantly boosts the market.
In 2021, the automotive and transportation industry segment held the largest market share
Based on end-use industries, and engineering plastics market segmentation, Automotive engineering plastics are widely utilized in various vehicle components, such as powertrains, suspensions, interiors, and exteriors. The market is expected to grow due to the increasing demand for lightweight materials, driven by environmental and financial concerns, and the rising popularity of electric vehicles. These factors are expected to impact the market during the forecast period significantly.
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Engineering Plastics Market: Report Coverage & Scope
| Report Attribute | Details |
| Revenue Forecast in 2030 | USD 193.24 Billion |
| Market size value in 2022 | USD 125.95 Billion |
| Expected CAGR Growth | 5.5% from 2022 - 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 - 2030 |
| Top Market Players | 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, and TEIJIN LIMITED. |
| Segments Covered | By Type, By End-Use Industries, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Substantial growth is anticipated for the demand in the Asia-Pacific region
Engineering plastics market demand in the Asia-Pacific region is expected to have the highest growth rate due to the widespread use of engineering plastics in industries like automotive, packaging, building, and construction in fast-developing nations. China is the primary producer and consumer of engineering plastics, driven by increasing vehicle sales and demand for electronic goods such as computers, communication devices, and storage batteries. The Chinese electronics sector is estimated to have generated over US$ 2.2 trillion in operating income in 2021, owing to higher consumer disposable income and increased vehicle production facilities.
Browse the Detail Report “Engineering Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyamide, Acrylonitrile Butadiene Styrene, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others); By End-Use Industries; By Region; Segment Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/engineering-plastics-market
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Recent Development
- Celanese Corporation, a renowned global chemical and specialty materials company, completed the restructuring of Korea Engineering Plastics Co. in March 2022. With access to POM polymerization facilities worldwide, Celanese is poised to promote the growth of its polyoxymethylene (POM) products on a global scale.
Frequently Asked Questions
- How much is the market worth?
- Who are the key players that manufacture & distribute in the market?
- Which region is expected to have the highest growth over the coming years?
- What are the various trends in the market?
- What are the prominent growth drivers of the market?
- What recent developments are contributing to the market’s growth?
Polaris Market Research has segmented the engineering plastics market report based on type, end-use industries, and region:
By Type Outlook
- Polyamide
- Acrylonitrile Butadiene Styrene
- Polycarbonate
- Thermoplastic Polyester
- Polyacetal
- Fluoropolymer
- Others
By End-Use Industries Outlook
- Automotive and Transportation
- Construction
- Consumer Appliance
- Electrical & Electronics
- Industrial & Machinery
- Packaging
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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