PUBLISHER: KBV Research | PRODUCT CODE: 1461686
PUBLISHER: KBV Research | PRODUCT CODE: 1461686
The Global Engineering Plastics Market size is expected to reach $163.4 billion by 2030, rising at a market growth of 5.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 35,419.9 kilo tonnes, experiencing a growth of 2.9% (2019-2022).
The use of engineering plastics in consumer appliances can lead to products that are more durable, versatile, and cost-effective, ultimately benefiting both manufacturers and consumers. Thus, the Consumer Appliances segment acquired $23,191.3 million in 2022. As disposable incomes rise, consumers are more willing to invest in appliances that offer convenience, efficiency, and improved quality of life.
Ongoing technological advancements in the processing technologies of engineering plastics are expanding their application scope. Significant progress has been made in injection molding, a widely utilized manufacturing process to manufacture plastic parts. Therefore, these technological advancements are propelling the growth of the market.
Additionally, it offers excellent electrical insulation properties, making them highly suitable for various applications in this sector. Components such as connectors, switches, and housings require materials that effectively insulate against electrical current and prevent short circuits. As a result, engineering plastics manufacturers will likely see increased demand for their products in the E&E.
However, the cost disparity arises from several factors inherent to engineering plastics. Firstly, the raw materials used in engineering plastics, such as high-quality polymers and specialized additives, are often more expensive than those used in traditional plastics. This, in turn, slows down the market's growth.
By Type Analysis
Based on type, the market is characterized by polyamide, acrylonitrile butadiene styrene, thermoplastic polyester, polycarbonate, polyacetal, fluoropolymer, and others. The thermoplastic polyester segment procured 11% revenue share in the market in 2022. In terms of volume, the thermoplastic polyester segment would utilize 18,856.8 kilo tonnes of engineering plastics materials by 2030.
By End-User Analysis
On the basis of End-User, the market is classified into packaging, electrical & electronics, automotive & transportation, consumer appliances, industrial & machinery, and others. The electrical & electronics segment witnessed a promising 19% revenue in the market in 2022. In terms of volume, the electrical & electronics segment would utilize 10,755.2 kilo tonnes of engineering plastics materials by 2030. The unique combination of properties offered by engineering plastics makes them a preferred choice for various applications in the electrical and electronics sector, including connectors, insulators, housings, and components for consumer electronics, industrial equipment, and automotive electronics.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered a 40% revenue share in the market in 2022. In terms of volume, the Asia Pacific region would utilize 27,868.6 kilo tonnes of engineering plastics materials by 2030. Some of the largest automotive markets in the world are located in the Asia-Pacific region, such as those in Japan, China, and South Korea.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Engineering Plastics Market Report Segmentation
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)