PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575045
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575045
Engineering Plastics Market size was valued at USD 132,903.43 Million in 2023, expanding at a CAGR of 7.81% from 2024 to 2032.
Engineering plastics are a kind of polymers that have superior mechanical and thermal properties compared to commodity plastics, making them suitable for more demanding applications. These materials are designed to withstand higher levels of mechanical stress, elevated temperatures, and chemical exposure. As a result, they are often used in industries such as automotive, aerospace, electronics, medical devices, and industrial machinery.
Engineering Plastics Market- Market Dynamics
Growing demand from automotive components and increasing use in consumer goods like power tools, durable goods is expected to propel market demand
Engineering plastics are extensively used in automotive components due to their lightweight nature, which helps improve fuel efficiency and reduce emissions. They replace traditional materials like metals for parts such as fuel systems, interior and exterior components, and under-the-hood applications. The electrical and electronics industry relies heavily on engineering plastics for components such as connectors, enclosures, switches, and circuit boards due to their excellent insulation properties, durability, and resistance to heat and chemicals. Thus, growing demand for engineered plastics from electrical & electronics sector is boosting market growth.
There is a growing emphasis on using recycled plastics. This has led to an increased demand for machinery capable of processing recycled materials, such as recycling extruders and pelletizing systems. Government regulations encouraging or mandating the use of recycled plastics have further spurred demand. Manufacturers are investing in automated engineering plastics to reduce labor costs, increase production speed, and ensure consistent quality. Emerging markets like China, India, and Southeast Asia are witnessing rapid industrialization and urbanization, leading to increased demand for plastic products.
Engineering Plastics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.81% over the forecast period (2024-2032)
Based on Resin Type segmentation, the styrene copolymers segment was predicted to show maximum market share in the year 2023, owing to their high applications in electronics & automotive fields.
Based on Application segmentation, industrial segment was the leading Application segment in 2023, due to the rising demand for engineered plastic in industrial sector for packaging, safety measures, etc.
Based on End User segmentation, automotive segment was the leading End User segment in 2023, due to the growing demand from automotive components, such as interior trims, bumpers, and dashboards.
On the basis of region, North America was the leading revenue generator in 2023, due to the increasing shale gas exploration activities.
Global Engineering Plastics Market is segmented on the basis of Resin Type, Application, End User, and Region.
The market is divided into six categories based on Resin Type: styrene copolymers, fluoropolymer, polyamide, polycarbonate, liquid crystal polymer, and others. The styrene copolymers segment dominates the market. High production of lightweight passenger vehicles is expected to fuel segment growth.
The market is divided into two categories based on Application: industrial and commercial. The industrial segment dominates the market. Growing demand from manufacturing & production industries for different applications is estimated to foster market growth.
The market is divided into six categories based on End User: automotive, electrical & electronics, construction, aerospace & defense, healthcare, and others. The automotive segment dominates the market and is expected to maintain its high dominance during the forecast period. Increasing demand for plastics in passenger & commercial vehicles for lightweight is mainly boosting segment demand.
Engineering Plastics Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds the largest share of the global Engineering Plastics market while Asia Pacific is the fastest-growing region. North America is a mature market for engineering plastics, with steady growth. Emphasis on sustainability and recycling initiatives, leading to the development of bio-based engineering plastics. On the other side, Europe holds a significant share in the global engineering plastics market, with strong growth in specialized applications.
The engineering plastics market is characterized by intense competition among global and regional players. Companies in this market are engaged in continuous R&D, strategic expansions, mergers, acquisitions, and partnerships to maintain their competitive edge. Major companies are increasingly focusing on developing sustainable and recyclable engineering plastics to address growing environmental concerns and comply with stringent regulations in developed regions like North America and Europe.
In November 2023, Celanese Corporation announced the commercial launch of two new polyamide compounds, called Frianyl PA W-Series and Celanyl PA B3 GF30 E.
In May 2023, Borealis introduced Stelora a sustainable engineered polymer in European market.