World Engineering Plastics Market Size Estimated to Hit USD 193.24 Billion By 2030, at 5.5% CAGR, Says Polaris Market Research: Consumer Appliances Segment is Anticipated to Grow Rapidly
[115+ Pages Research Study] According to Polaris Market Research report, the global engineering plastics market size & share expected to generate revenue of USD 193.24 Billion By 2030 and estimated to be valued at USD 121.69 billion in 2021, at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030. The top market company profiles included in report with their sales, revenues and strategies are Arkema Corporation, BASF SE, Celanese Corp., Covestro, Daicel Corporation, DuPont De Numerous, Eastman Chemical Company, Evonik Industries and Others.
New York, NY, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Engineering Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyamide, Acrylonitrile Butadiene Styrene, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others); By End-Use Industries; By Region; Segment Forecast, 2022 - 2030” in its research database.
“According to the latest research study, the global engineering plastics market size & share are expected to generate revenue of USD 193.24 Billion By 2030 and are estimated to be valued at USD 121.69 billion in 2021, at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030”.
What is Engineering Plastics? What is the Market Size of Engineering Plastics?
Engineering plastics are plastic materials that have enhanced mechanical and thermal properties compared to extensively used commodity plastics. Engineering plastics, in many cases, can take over metals or ceramics, and thus they are usually used in industries. These high-performance plastics are more expensive than standard plastics. Instead of using for bulk and high-volume ends such as containers and packaging, these plastics are likely to be the best material used for smaller objects or low-volume applications like mechanical parts.
Engineering plastics are chosen for various applications because of their good mechanical properties, enhanced machinability and dimensional stability, and good chemical resistance. Polyamides (PA), nylon 6, polycarbonates (PC), and polysulphone (PSU) are some of the most frequently utilized types of engineering plastics. The rise in demand for engineering plastic for the production of medical devices is expected to drive the engineering plastics market size.
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2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
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Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Highlights of the Report
Market size (value & volume) by company, key regions/countries, products and applications, history data, and forecast.
The value and volume of submarkets, with respect to key regions.
Data on significant drivers, restraints, and opportunities.
Market segment analysis by types, applications, and regions.
Value chain analysis with price analysis and forecast.
Current market trends, application solutions, and market landscapes may be useful to organizations in the industry.
Some of the Top Market Players Are:
DuPont De Numerous
Eastman Chemical Company
LG Chem Company
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Key Growth Driving Factors
Growing use of engineering plastics in a different sector to push the market growth
The increasing use of engineering plastics across various industries, including automotive and transportation, electrical & electronics, industrial & machinery, packaging, and others, is fueling the engineering plastics industry expansion. Growing demand for lightweight vehicles and a rise in requirement for reducing vehicle weight and improvement in fuel efficiency are anticipated to propel the engineering plastics market sales. Also, enhancing the consumer goods sector, rising disposable income, and the presence of strong competitors in global automotive production in Asian nations, including India, is estimated to boost the industry's evolution. In addition, changing policy related to the electrical and electronics industries and rising initiatives by the government for the development of the electronics industry are likely to flourish the market growth over the forecasted period.
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Recent Trends Influencing the Market
Continuous product launches by key companies and collaborations among participants are favoring the market growth
Engineering plastic is majorly used to make medical equipment due to its excellent physical and chemical qualities like flexibility, production ease, and non-ferrous, lightweight characteristics. For instance, in April 2021, Royal DSM introduced a new portfolio of engineering materials to aid international medical device makers in increasing best practices provided to patients worldwide.
Due to its good resilience to various environmental conditions like high temperatures, chemicals, and abrasion, engineering plastics are used in the electronics sector. For instance, in February 2022, BASF announced the acquisition of Solvay's PA66 business. Under this plan, BASF will start marketing several polyamides & poly-phthalimide (PPA) grades in Europe.
The thermoplastic polyester category is likely to grow at the fastest rate
Based on the type of engineering plastics market segmentation, a thermoplastic polyester segment is anticipated to register the fastest growth because this type of engineering plastic has excellent mechanical, thermally, chemical, and electrical properties, and it is resistant to extreme temperatures, chemicals, and erosion. It is also chosen for electrical applications as it is resistant to various solvents and good at electrical properties. Further, the increasing production capacity of key industry participants is projected to foster market growth throughout the predicted period. For instance, in September 2021, Solvay announced the launch of its latest thermoplastic composites (TPC) production plant at its location in Greenville, South Carolina.
The automotive and transportation segment dominated the market in 2021
By end-use industries, the automotive and transportation category accounted for the major engineering plastics market share in 2021. Engineering plastics are frequently used in the automotive sector for various items, including suspensions, electrical components, powertrains, exterior and interior décor, and under-the-hood elements. With environmental and financial concerns, the demand for lightweight engineering plastic is growing, which is likely to enhance the market growth. Modern plastic materials are utilized by automakers to lighten and increase the fuel efficiency of their automobiles.
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Engineering Plastics Market: Report Scope & Trends Analysis
Revenue forecast in 2030
USD 193.24 Billion
Market size value in 2022
USD 125.95 Billion
Expected CAGR Growth
5.5% from 2022 - 2030
2022 - 2030
Top Market Players
Arkema Corporation, BASF SE, Celanese Corporation, Covestro AG, Daicel Corporation, DuPont De Numerous Inc., Eastman Chemical Company Inc., Evonik Industries AG, INEOS Corp., LG Chem Company Limited, Mitsubishi Engineering-Plastics Corporation, DSM Corporation, SABIC Inc., Solvay Incorporation, and TEIJIN LIMITED.
By Type, By End-Use Industries, By Region
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The demand in Asia-Pacific is anticipated to show significant growth
On the basis of geography, the engineering plastics market in Asia-Pacific captured the major significant share of the market owing to the surge in the use of engineering plastics in various industries, like automotive, packaging, building, and construction, in fast-developing nations. China has a large manufacturing base for engineering plastics. Increasing vehicle sales coupled with growing demand for electronic goods like computers, storage batteries, communication devices, and others are the key trends positively influencing the engineering plastics market growth in the region. Moreover, growing consumer disposable income and a rise in vehicle manufacturing facilities by companies are projected to propel market growth in the region.
Browse the Detail Report “Engineering Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyamide, Acrylonitrile Butadiene Styrene, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others); By End-Use Industries; By Region; Segment Forecast, 2022 - 2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/engineering-plastics-market
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In March 2022, Celanese Corporation, a leading worldwide chemical and specialty materials company, completed the reorganization of Korea Engineering Plastics Co. This reconstruction will allow Celanese greater access to original equipment manufacturers in Asia.
Some of The Important Questions Answered in the Market
Which region offers the most rewarding open doors for the market?
What are the business threats and variable scenarios concerning the market?
Who are the significant players confronting and developing in the market?
What is the projected size of the market?
What are the opportunities and threats to which players are exposed in the market?
Polaris Market Research has segmented the engineering plastics market report based on type, end-use industries, and region:
By Type Outlook
Acrylonitrile Butadiene Styrene
By End-Use Industries Outlook
Automotive and Transportation
Electrical & Electronics
Industrial & Machinery
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research
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