Engineering Plastics Market Growth Analysis | 2023-2028

Market Highlights

The 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 in 2028.

Wish to get a free sample? Register Here

What is Engineering Plastics?

Engineering plastics, also known as high-performance or technical plastics, are a class of synthetic polymers specifically designed to exhibit exceptional mechanical, thermal, chemical, and electrical properties. These materials are engineered to meet the demanding requirements of various industrial applications. Unlike commodity plastics, which are used for everyday items, engineering plastics are chosen for their specialized characteristics.

Engineering plastics include a wide range of materials such as polyamide (nylon), polyethylene terephthalate (PET), polycarbonate (PC), polyoxymethylene (POM), and polyphenylene sulfide (PPS), among others. They are favored for their high strength, durability, resistance to temperature extremes, chemical resistance, and electrical insulation properties.

Market Drivers

The prime factor that is driving the engineering plastics market is mainly 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 the growth of the market. Engineering plastics are gaining popularity in the construction sector due to their versatility, strength-to-weight ratio, durability, and corrosion-resistance properties.

Segments Analysis

Want to get more details about the segmentations? Register Here

By Product Type

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.

By End-Use Industry Type

The market is segmented as 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 Analysis

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being 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.

Want to know which region offers the best growth opportunities? Register Here

Key Players

Some of the major players in the engineering plastics market are-

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

Research Methodology

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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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?

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 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players 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.