Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Engineering Plastics Market Size is Expected to Grow from USD 135.28 Billion in 2023 to USD 284.62 Billion by 2033, at a CAGR of 7.72% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Engineering Plastics Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Polyamides, Polycarbonates, Acrylonitrile Butadiene Styrene, Styrene-Acrylonitrile, Polyoxymethylene, Polybutylene Terephthalate, Fluoropolymers, and Others), By Applications (Automotive & Transportation, Electrical & Electronics, Construction, Medical, Industrial & Machinery, Packaging, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The market for engineering plastics is the sector that produces and distributes high-performance plastics for use in a range of applications in numerous industries. These polymers have excellent qualities such as strong mechanical strength, chemical resistance, thermal stability, and light weight. Numerous engineering plastics are available on the market, including styrene copolymers (ABS and SAN), polyamides (PA), polybutylene terephthalate (PBT), polycarbonates (PC), and polyether ether ketone (PEEK). The market is fueled by the growing need for strong, lightweight materials, technological developments, and the move toward environmentally friendly and sustainable materials. The market for engineering plastics is expected to grow due to their lightweight, durable, and heat and corrosion-resistant properties. Rapid urbanization, developed economies, and infrastructure development projects are also driving this growth. Engineering plastics are becoming popular in the automotive industry due to their high strength-to-weight ratio and ability to reduce weight and improve fuel efficiency. As regulations increase, designers can optimize part performance, with high-performance plastics expected to be increasingly used in hybrid and electric vehicles. However, high manufacturing costs in engineering plastics hinder market growth due to sophisticated production processes and environmentally controlled facilities, requiring precise polymerization of raw materials.
The acrylonitrile butadiene styrene segment accounted for the highest share of 26.3% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the product type, the engineering plastics market is classified into polyamides, polycarbonates, acrylonitrile butadiene styrene, styrene-acrylonitrile, polyoxymethylene, polybutylene terephthalate, fluoropolymers, and others. Among these, the acrylonitrile butadiene styrene segment accounted for the highest share of 26.3% in 2023 and is expected to grow at a significant CAGR during the forecast period. ABS is a versatile material with excellent durability, dimensional stability, and impact resistance, making it suitable for various applications. It is commonly used in the automotive industry for interior and exterior body panels, lightweight bumpers, and flame-retardant electronics due to its ability to withstand high temperatures and meet safety requirements.
The electrical & electronics segment accounted for 34.8% of the market share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the applications, the engineering plastics market is divided into automotive & transportation, electrical & electronics, construction, medical, industrial & machinery, packaging, and others. Among these, the electrical & electronics segment accounted for the highest share of 34.8% in 2023 and is expected to grow at a significant CAGR during the forecast period. Engineering plastics are crucial in the manufacturing of modern devices due to their ability to meet stringent requirements such as heat resistance, high strength-to-weight ratios, electrical insulation, flame retardance, and chemical resistance. They are widely used in components like screens and windows and high-frequency applications due to their low dielectric constants. These materials also facilitate faster data processing and are essential in the development of next-gen technologies like 5G networks and artificial intelligence.
North America is estimated to hold the largest share of the engineering plastics market over the forecast period.
North America is estimated to hold the largest share of the engineering plastics market over the forecast period. The U.S manufacturing base in industries like automotive, aerospace, electronics, and healthcare drive high demand for engineering plastics. North American plastic converters develop advanced formulations for high-heat applications. The region's established supply chain and distribution channels drive market growth. Engineers and product designers in North America use engineering plastics to develop innovative solutions, ensuring the region accounts for the largest global market share.
Asia Pacific is predicted to have the fastest CAGR growth in the engineering plastics market over the forecast period. China's manufacturing sector and growing middle class population drive Asia Pacific's growth in engineering plastics. The shift from developed markets to China and South Asia supports demand from appliances and consumer goods sectors. Asia Pacific's low-cost manufacturing environment and proximity to end-use markets drive market growth.
Competitive Analysis
Major key players 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, Victrex Plc., Bhansali Engineering Polymers Limited., Chiripal Poly Film., Gujarat Fluorochemicals Limited (GFL), Hindustan Fluorocarbons Limited., INEOS, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global engineering plastics market based on the below-mentioned segments:
Global Engineering Plastics Market, By Product Type
Global Engineering Plastics Market, By Applications
Global Engineering Plastics Market, By Regional Analysis
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