The size of the engineering plastics market was estimated at USD 101 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2033, reaching $216.4 billion
The global engineering plastics market size is expected to surpass USD 150 billion by 2028. Due to its utility in different applications, the unique classification of such materials demands greater performance than commodities and engineering to produce personalized goods. The growth of vehicle mass and fuel consumption reduction combined with metal replacement in the building and electronics industries, are major driving factors for market growth.
The demand for the plastics engineering industry is balanced by growth in the end-user industries, as injection moulding in the necessary final product mainly uses engineering plastics. A big factor behind technological advancement is the use of modern synthetic materials. Plastics have a whole range of advantages and can replace metals and ceramics in many situations effectively. High-performance plastics, such as engineering plastics, have stronger mechanical and physical properties than regular plastic. These plastics are widely used in a variety of manufacturing industries where chemical stability, impact resistance, toughness, and thermal and dimensional stability are important.
Engineering Plastics Market Scope
|Revenue forecast in 2033
|CAGR of 7.2 % during 2023-2033
|Type, End-Use, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|BASF, Covestro, Celanese Corporation, DowDuPont, Evonik Industries, Lanxess, Mitsubishi Engineering – Plastic Corporation, LG Chem, Solvay SA, and SABIC.
Key Segments of the Global Engineering Plastics Market
Type Overview, (USD Billion)
- Acrylonitrile Butadiene Styrene
- Thermoplastic Polyesters
- Polyphenylene Sulfide
- Polymethyl Methacrylate
End-Use Overview, (USD Billion)
- Automotive & Transportation
- Consumer Appliances
- Electrical & Electronics
- Industrial & Machinery
Regional Overview, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global engineering plastics market.
- Engineering plastics is widely used for various end-uses in automotive & transportation, consumer appliances, and electronics, owing to their excellent properties and the market is expected to gain traction over the coming years.
- With the growing consumer electronics industry, the market is further expected to have a positive opportunity in near future.
What does the report include?
- The study on the global engineering plastics market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, and end-use. Moreover, the study on engineering plastics market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global engineering plastics market is suitable for all the players across the value chain including raw material providers, manufacturers, distributors, and other intermediaries
- Venture capitalists and investors looking for more information on the future outlook of the global engineering plastics market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global engineering plastics market
Frequently Asked Questions (FAQ) :
Polymers for thermosetting or thermoset plastics are plastics that, after three-dimensional chemical cross-linking, do not require further deformation or shaping. Elastomers are cross-related components, but can also be deformed and revert to their original shape after load exposure. Thermoplastic chains are less closely connected. Many compounds are specifically formulated and manufactured in-house for different business sectors and customers. Injection moulding is a highly efficient method of shaping the mass production of finished products capable of immediate business use.
Engineering plastics are flexible plastic materials with excellent physical and electrical properties such as durability, chemical resistance, heat resistance, abrasion resistance, and weatherability. Because of ongoing advances in the plastics industry, metals and glass are gradually being replaced by lighter materials. Metal replacement is significant in the automotive industry because it allows for lighter vehicles, more design freedom, easier component integration, and lower overall system costs. Automobile manufacturers are focused on improving fuel economy as a result of government legislation and concerns about fuel efficiency requirements, as well as customer demands for vehicles with high gas mileage. Due to their advantageous properties, such as high heat resistance, engineering plastics are often used in electrical components of hybrid electric vehicles.
In terms of type the market is segmented into acrylonitrile butadiene styrene, polyamides, polycarbonates, thermoplastic polyesters, polyacetals, fluoropolymers, polyphenylene sulfide, polymethyl methacrylate, and others. Similarly, in terms of end use the market is divided into automotive & transportation, consumer appliances, electrical & electronics, industrial & machinery, packaging, medical, others. Because of the increased awareness of reducing vehicle weight and improving fuel quality, it is expected that automotive & transportation to be the largest end-use industry over the forecast period.
Asia Pacific region is expected to be a promising market for the engineering plastics industry. The market in the area is growing at a fast pace, owing to rising demand from countries like Southeast Asia, South Korea, China, Japan, and India. China is expected to be the largest market for the Asia Pacific engineering plastics industry over the forecast period. The demand for engineering plastics has risen dramatically as the automotive and electrical and electronics industries have grown, as has semiconductor manufacturing and television, and other consumer appliance exports.
The major players operating in the global engineering plastics market are BASF, Covestro, Celanese Corporation, DowDuPont, Evonik Industries, Lanxess, Mitsubishi Engineering – Plastic Corporation, LG Chem, Solvay SA, and SABIC.