February 21, 2024
Engineering Plastics Market

Engineering Plastics Market Is Estimated To Witness High Growth Owing To Technological Advancements

The Engineering Plastics Market is estimated to be valued at US$ 115.0 Billion in 2021 and is expected to exhibit a CAGR of 6.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Engineering plastics are a type of high-performance polymer materials that possess superior mechanical, thermal, and chemical properties. These plastics are widely used in various industries, including automotive, electrical and electronics, consumer goods, and packaging. They offer benefits such as lightweight, high strength, chemical resistance, and design flexibility, making them suitable for a wide range of applications. Some common use cases of products associated with the engineering plastics market include automotive parts, electrical connectors, electronic components, medical devices, and packaging materials.

Market Dynamics:
The Engineering Plastics Market is driven by the increasing demand for lightweight and fuel-efficient materials in the automotive industry. With stringent government regulations regarding carbon emissions, automotive manufacturers are turning to engineering plastics to reduce the weight of vehicles and improve fuel efficiency. Additionally, the growing demand for engineering plastics in electrical and electronics applications, such as connectors and electronic housings, is expected to contribute to market growth.

Moreover, technological advancements, such as the development of bio-based engineering plastics, are expected to create new opportunities for market players. These bio-based plastics offer sustainability benefits and are preferred over traditional petroleum-based plastics. The growing focus on sustainable and eco-friendly materials is anticipated to drive the demand for bio-based engineering plastics in the coming years.

Segment Analysis:

The engineering plastics market can be segmented based on type, end-use industry, and region. By type, the market can be divided into polyamides, polycarbonates, polyacetals, polybutylene terephthalate (PBT), polymethyl methacrylate (PMMA), and others. Among these, polyamides dominate the market due to their excellent mechanical properties, thermal stability, and chemical resistance.

In terms of end-use industry, the market is segmented into automotive, electrical and electronics, consumer goods, industrial machinery, packaging, and others. The automotive industry is the dominant segment as engineering plastics are widely used in the manufacturing of various automotive components such as bumpers, interior trims, and engine covers. The growing demand for lightweight and fuel-efficient vehicles is driving the demand for engineering plastics in the automotive sector.

PEST Analysis:

Political: The political stability of a country can significantly impact the engineering plastics market. Regulations related to environmental sustainability and recycling can affect the production and usage of engineering plastics.

Economic: The economic factors such as GDP growth, disposable income, and investment in infrastructure projects influence the demand for engineering plastics. The growth of industries such as automotive, electronics, and packaging also play a vital role in the market’s economic prospects.

Social: The increasing awareness about environmental sustainability and the preference for lightweight materials among consumers are driving the demand for engineering plastics. Moreover, the growing urban population and changing lifestyle patterns are also contributing to market growth.

Technological: Technological advancements in polymer science and engineering have led to the development of innovative engineering plastic materials with improved properties. These advancements have expanded the application scope of engineering plastics in various industries.

Key Takeaways:

The global Engineering Plastics Market Analysis is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period. The increasing demand for lightweight and fuel-efficient vehicles in the automotive industry is one of the key drivers for market growth. Additionally, the growth of the electrical and electronics industry, particularly in developing regions, is boosting the demand for engineering plastics for electrical components and consumer electronics.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the engineering plastics market. The region’s rapid industrialization, rising disposable income, and strong presence of automotive and electronics manufacturing contribute to its market dominance. Moreover, the growing construction and infrastructure activities in countries like China and India further propel market growth in the region.

Key players operating in the engineering plastics market include Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. These players focus on research and development activities to introduce advanced products and expand their global presence through acquisitions and collaborations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it