PUBLISHER: Grand View Research | PRODUCT CODE: 1474941
PUBLISHER: Grand View Research | PRODUCT CODE: 1474941
The global engineering plastics market size is anticipated to reach USD 230.64 billion by 2030, registering a CAGR of 7.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The use of engineering plastics in automotive parts helps reduce fuel consumption due to their low weight compared to traditional materials, such as rubber or metals. Increasing awareness about consumer safety and health risks across various industries, such as electronics, consumer goods, construction, healthcare, and automobile, is expected to boost the global product demand.
Factors, such as reduction in overall vehicular weight to lessen fuel consumption and carbon emissions, have been instrumental in driving the product demand in the automotive industry. The product is widely used in automotive applications, such as instrument panels, engine encapsulation, seating, exterior panels, and dashboards, as an alternative to metals. Increasing efforts to reduce post-consumer waste of plastics globally has resulted in the development of new bio-based engineering plastics and advanced recycling technologies by market players. For instance, in August 2023, Polyplastics Group launched its DURACIRCLE (TM) initiative, which aims to achieve a 100% recycling rate of engineering plastics.