Engineering Plastics Market

Engineering Plastics Market Insights

“The global engineering plastics market was estimated at US$ 102.23 billion in 2022 and is expected to grow at a CAGR of 5.6% during 2023-2028 to reach US$ 142.16 billion by 2028.”

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Introduction

Engineering plastics are specifically designed to possess superior mechanical and thermal performances as compared to conventional plastics. These materials are used where components need better strength, wear, and heat resistance, chemical and corrosion resistance. Some of the kinds of engineering plastic are listed as follows namely, polycarbonate, nylon, acrylonitrile butadiene styrene (ABS), and polyoxymethylene (POM).

Automotive, aerospace, and electronics industries are widely used for manufacturing parts such as gears, bearings, housing connectors, and so on. Engineering plastics on the other hand can perform better under conditions of higher stress and temperatures, unlike conventional plastics. Due to their flexibility and resistant characteristics, they play various crucial roles in the contemporary production and construction industries.

Market Dynamics

Market Drivers

The prime factors driving the engineering plastics market are

• The rapidly increasing demand from the automotive, aerospace, and electronic sectors to manufacture lightweight vehicles.

• Increasing penetration of engineering plastics in the construction sector is also a major factor driving market growth.

• Engineering plastics are gaining popularity in the construction sector due to their versatility, strength-to-weight ratio, durability, and corrosion-resistance properties.

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Segments Analysis

Product Insights

“The thermoplastic polyesters segment dominates the market.”

The engineering plastics market is segmented as acrylonitrile butadiene styrene, polyamide, polycarbonate, thermoplastic polyesters, polyacetals, fluoropolymers, peek, polyphenylene sulfide, polyphenylene oxide, PMMA, and others. The thermoplastic polyesters segment held the largest share of the market.

On the other hand, the polyacetal segment is expected to register the fastest growth during the forecast period. Thermoplastic polyesters are the most widely used engineering plastics across the world and their popularity is mainly due to their high strength-to-weight ratio, lightweight, excellent chemical resistance, and easy recyclability properties.

End-Use Industry Insights

“The automotive & transportation segment dominates the market.”

The market is segmented into automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, medical, and others. The automotive & transportation segment dominates the market, owing to the increasing usage of lightweight materials to address the industry challenges of increasing carbon emissions and increasing fuel efficiency. Automotive interior, exterior, hood, and powertrain are some of the major applications of the automotive & transportation segment.

Regional Insights

“Asia-Pacific is the largest market during the forecast period.”

China, Japan, and India are the major countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by increasing urbanization, and the substitution of many metals for suitable engineering plastics in various industries, such as packaging and automotive. Increasing automotive production in the region is one of the major factors driving the growth of the region’s market. The abundant availability of raw materials in the region is a core factor that is propelling the growth of the market.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the engineering plastics market (arranged alphabetically).

• BASF SE
• Celanese Corporation
• Covestro AG
• DuPont de Nemours, Inc.
• Evonik Industries AG
• Lanxess AG
• LG Chem Ltd.
• Mitsubishi Engineering Plastics Corporation.
• SABIC
• Solvay SA

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players and those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s engineering plastics market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players based on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com