Engineering Plastics Market Overview:
The global engineering plastics market is expected to grow at a CAGR of 6.8% during the forecast period (2023-2030). The global engineering plastics market growth is driven by the end-use industries such as automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, and others. As a result, the fast expansion of these sectors is likely to contribute to the growth of the global engineering plastics market.
The engineering plastics market is growing because it produces plastics with superior mechanical and thermal properties than commodity plastics. These plastics fabricate-mechanical parts, containers, and packaging materials. Polyamides (PA), polycarbonates (PC), nylon 6, and polysulphone (PSU) are some of the most frequently used engineering polymers.
The market is driven by the increased demand for engineering plastics in medical device production due to their exceptional physical and chemical properties, such as light weight, flexibility, simplicity of production, non-ferrous characteristics, and numerous biomedical applications. Changes in policy affecting the electrical and electronics industries and government initiatives aimed at reviving the nation’s electronics industry are likely to contribute to the expansion of the engineering plastics market.
Engineering Plastics Market Drivers:
The growth of the engineering plastics market is primarily driven by their widespread adoption in various industries and the introduction of new products by key players. In manufacturing industries that require exceptional chemical stability, impact resistance, durability, and thermal and structural stability, engineering plastics are favored. Due to their high structural integrity, these materials are increasingly replacing metals and wood in the automotive and construction industries, resulting in lighter, more fuel-efficient vehicles.
Market Restraints:
Engineering plastics are typically more expensive than traditional materials, such as metals or standard plastics. This can be a barrier for some industries or applications that require large volumes of materials or have a lower profit margin.
Market Opportunities:
Engineering plastics are lighter than traditional materials such as metals, making them an attractive option for industries looking to reduce weight and improve fuel efficiency. This creates opportunities for the automotive, aerospace, and transportation industries and manufacturers of consumer goods such as electronics.
COVID-19 Impact Analysis:
Coronavirus has had a Negative effect on several manufacturing markets in Europe, North America, and Asia. It has harmed demand for composites in various end-use industries, including aerospace and military, wind energy, building and infrastructure, automotive and transportation, and pipes and tanks. The interruption in the supply chain has forced aviation and vehicle manufacturers to operate at decreased capacity due to delays or non-arrival of raw supplies, delayed cash flows, and deteriorating morale among production line employees. This has reduced demand for the engineered plastics market and is expected to recover from 2021 onwards.
Russia-Ukraine Conflict Analysis:
As soon as Russia began its illegitimate and unjustified full-scale invasion of Ukraine, the U.S., the UN, and other countries-imposed sanctions on the country. Numerous businesses are starting to cease operations in Russia as a result of the current turmoil. As companies begin to exit the Russian market, these sanctions will undoubtedly have a big impact on the global industry.
Recent Developments in the Industry:
- In March 2022, Celanese Corporation, a well-known worldwide chemical and specialty materials firm, completed the reorganization of Korea Engineering Plastics Co. With access to polyoxymethylene (POM) polymerization facilities all around the globe, Celanese is well-positioned to support the global expansion of its POM products.
- On January 10, 2023, LG Chem, a South Korea-based chemical company, announced that it supplied engineering plastics to Mitsubishi Motors for its powder coating parts used in various applications such as the front fenders of RVR, Delica D:5, and Outlander models.
- On May 31, 2022, LANXESS, a Germany-based specialty chemicals company, and Advent International agreed to purchase Royal DSM’s Engineering Materials division for an enterprise value of US$ 4.25 billion (€3.85 billion).
Engineering Plastics Market Segmentation:
As per the research analysis, the global engineering plastics market is segmented by type into polyethylene, polycarbonate, polyester, polypropylene, polyurethane, polyvinylchloride (PVC), polyamides, acrylonitrile butadiene styrene (ABS), nylon, polyethylene terephthalate (PET), others; and by end-user into automotive, consumer electronics, electrical and electronics, packaging industry, medical applications, construction industry, machine engineering, others.
- Based on the end-user, the automotive and transportation segment is anticipated to hold the largest market share of 33% by the year 2031. In the automotive industry, engineering plastics are used for various applications, including interior and exterior furnishings, motor trains, chassis, electrical components, and objects under the hood. It is used to construct components like dashboards, bumpers, seats, body panels, fuel systems, interior trim, under-bonnet components, lights, external trim, liquid reservoirs, and upholstery.
- It is anticipated that current environmental and economic concerns will lead to an increase in demand for lightweight engineering plastic, which, in turn, would drive growth of the automotive and transportation segment.
Geographical Classification:
The global engineering plastics market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
Asia-Pacific Engineering Plastics Market:
Asia Pacific is the fastest-growing region for the engineered plastics market. The economies of China and India are growing rapidly, providing plenty of investment opportunities for various market players. The influence of globalization and westernization is also positively impacting the market. The growing affluence of the people is creating a demand for better quality, more durable goods.
North America Engineering Plastics Market:
The electronics sector in the North American region increasingly use engineered plastics for its products. Many smartphones and similar gadgets have their body made out of engineered plastics. A lot of emphasis has been laid on the recycling of plastic, and thus the same has been utilized in manufacturing various components of devices such as laptops, cell phones, cameras, etc.
The automotive industry in North America also uses engineered plastics significantly, and many vehicular components are made out of plastic as it provides durability at a low cost.
Competitive Analysis:
The global engineering plastics market is highly competitive, with many global and regional players operating in the industry. The industry is characterized by constant innovation, research and development, and product differentiation to gain a competitive edge.
Major Companies:
The major global players include BASF SE, Covestro, Celanese Corporation, Du Pont, Solvay SA, LG Chem, Sabic, Evonik Industries AG, Lanxess AG, and Mitsubishi Engineering-Plastics Corporation.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global engineering plastics market segmentation by type, end user and region, highlighting the key commercial assets and players.
- By Type: Polyethylene, Polycarbonate, Polyester, Polypropylene, Polyurethane, Polyvinylchloride (PVC), Polyamides, Acrylonitrile Butadiene Styrene (ABS), Nylon, Polyethylene terephthalate (PET), Others
- By End user: Automotive, Consumer Electronics, Electrical and Electronics, Packaging Industry, Medical Applications, Construction Industry, Machine Engineering, Others.
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global engineering plastics market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
- Excel data sheet with thousands of data points of global engineering plastics market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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