The Engineering Plastics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Engineering Plastics Global Market Report 2024, The engineering plastics market size has grown strongly in recent years. It will grow from $103.88 billion in 2023 to $113.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to substitution for traditional materials, electrical and electronics boom, increased focus on sustainability, expansion in construction, medical device growth.
The engineering plastics market size is expected to see strong growth in the next few years. It will grow to $161.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to 3d printing and additive manufacturing, infrastructure modernization, aerospace applications, evolving consumer electronics sector, circular economy initiatives. Major trends in the forecast period include high-performance thermoplastics, miniaturization in electronics, smart and functional materials, customization and tailored solutions, health and safety compliance.
The growth in the electronics and electrical industries is expected to propel the growth of the engineering plastics market going forward. The electronics industry produces consumer electronics, electrical equipment, and electrical components for a variety of products. Engineering plastics are used in the manufacturing of various electronic goods such as computers, communication equipment, switchgear, storage batteries, and switchboards. For instance, according to the Ministry of Electronics and Information Technology, an India-based government agency, the electronics manufacturing industry is expected to grow from USD 75 billion in 2022 to USD 300 billion by 2026. Therefore, the growth in the electronics and electrical industries is driving the demand for the engineering plastics market.
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The engineering plastics market covered in this report is segmented –
1) By Type: Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, Other Types
2) By Performance Parameter: High Performance, Low Performance
3) By End-Use Industry: Automotive And Transportation, Consumer Appliances, Electrical And Electronics, Industrial And Machinery, Packaging, Other End-Use Industries
Top Major Players:
Covestro AG
DuPont de Nemours Inc
LG Chem Ltd
Evonik Industries AG
Mitsubishi Chemical Engineering Corporation
Asia-Pacific was the largest region in the engineering plastics market in 2023.
Bio-based or recycled-based materials have emerged as a key trend gaining popularity in the engineering plastics market. Major companies operating in the engineering plastics market are focused on developing bio-based or recycled-based materials as alternatives for plastics solutions to strengthen their position in the market. For instance, in August 2022, Toray Industries, Inc., a Japan-based producer of engineering plastics such as PPS, nylon, and PBT, developed the first ever fully bio-based adipic acid, a component of nylon 66 (polyamide 66), made from sugars extracted from non-edible feedstock. The company’s microbial fermentation technology and chemical purification technology, which makes use of separation membranes, were combined in a unique synthesis method to accomplish this success.
The engineering plastics market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
…
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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