The Engineering Plastics Market size was valued at USD 114.24 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 7.2% from 2024 to 2030, reaching nearly USD 185.86 Bn.
Engineering Plastics Market Overview:
Engineering plastics are high-performance materials characterized by superior thermal, mechanical, and chemical properties compared to commodity plastics. These advanced materials are increasingly used across various sectors, including automotive, electrical and electronics, packaging, and consumer goods, due to their durability, lightweight nature, and adaptability. The market’s growth is driven by technological innovations, rising demand for lightweight solutions in automotive manufacturing, and their application in sustainable product development.
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What are Engineering Plastics Market Dynamics?
The increasing demand for engineering plastics in automotive, electronics, and industrial applications is a primary growth driver. These materials are progressively replacing metals and glass due to their lightweight properties, which enhance fuel efficiency and design flexibility. Government regulations encouraging reduced vehicle emissions and the growing adoption of electric and hybrid vehicles further propel demand for engineering plastics in components such as gears, insulation, and under-hood parts.
Engineering Plastics Market Trends:
A prominent trend in the engineering plastics market is the shift towards sustainable and recyclable materials. Manufacturers are investing in the development of bio-based engineering plastics to align with environmental regulations and consumer demand for eco-friendly products. Additionally, the growing adoption of engineering plastics in electric vehicles and renewable energy applications, such as solar panels, highlights the industry’s move toward innovation and sustainability.
Engineering Plastics Market Opportunities:
Emerging economies, particularly in the Asia-Pacific region, present significant growth opportunities for the engineering plastics market due to rapid industrialization and urbanization. The expansion of the electric vehicle industry and advancements in electronics manufacturing further fuel demand. Innovations in polymer processing and the development of cost-effective yet high-performance materials also provide opportunities for market expansion in diverse applications.
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What is Engineering Plastics Market Regional Insight?
Market regional insight refers to the analysis of market performance, trends, and growth drivers across different geographic regions. For the engineering plastics market, the Asia-Pacific region dominates due to the robust growth of automotive, electronics, and construction industries in countries like China, India, and Japan. Investments in infrastructure and manufacturing, coupled with favorable economic conditions and cost-effective labor, make this region a critical hub for the market’s growth.
What is Engineering Plastics Market Segmentation?
by Type
Acrylonitrile Butadiene Styrene (ABS)
Polyamide (PA)
Polycarbonate (PC)
Thermoplastic polyesters (PET/PBT)
Polyacetals (POM)
Fluoropolymers
PEEK
Polyphenylene Sulfide
Polyphenylene Oxide
PMMA
Others
by End-Use Industry
Automotive & transportation
Electrical & electronics
Industrial & machinery
Packaging
Consumer appliances
Medical
Others
Some of the current players in the Engineering Plastics Market are:
1. Asahi Kasei Corporation
2. BASF SE
3. Celanese Corporation
4. Covestro
5. DSM N.V.
6. Dupont
7. Lanxess
8. LG Chem.
9. Mitsubishi Engineering-Plastics Corporation
10.Saudi Basic Industries Corporation (Sabic)
11.Solvay SA
12.Teijin
13.Toray
14.Victrex Plc.
15.Ashland
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Key Offerings:
- Past Market Size and Competitive Landscape
- Engineering Plastics Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Engineering Plastics Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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