Engineering Plastics Market

Engineering Plastics Market Size 2023-2028

Engineering Plastics Market was expected to value at 100 billion USD in 2022 and is expected to grow at a CAGR of 9.2% during the outlook period of 2023-2028. By 2028, the market valuation of the industry will be 138 billion USD

Drivers and Restraints of the Engineering Plastics Market:

The electronics industry is one of the biggest industries in the world. Many big players in electronic gadgets are based in North America, Europe, and Asia. They use engineered plastics as the primary material for their products. Engineering plastic is quickly replacing traditional materials in many manufacturing and industrial sectors and thus this adoption of the former is driving the engineering plastics market throughout the world. Engineering plastics provide a robust solution to this problem at a relatively cheap cost for the automotive industry and thus many of them are switching to this low-cost alternative. Engineered plastic is also used for the manufacturing of various equipment in the food and beverage industry. The increasing usage of plastics and lightweight materials in the aerospace industry is also a driving factor for the global engineered plastics market.

In Europe, the high demand for engineered plastic material is because of the growing aerospace and wind industry. The aerospace industry requires lightweight materials for the manufacturing of major parts. Engineered plastic provides that solution at a very low cost. The automotive and transportation industries have also increased their demand for the material.

ENGINEERING PLASTICS MARKET REPORT COVERAGE:

Engineering Plastic Market has been segmented into the following categories.

Engineering Plastic Market - By Type:

• Polycarbonate

• Fluoropolymers

• Poly Vinyl Chloride (PVC)

• Polyethylene Terephthalate (PET)

• Polyamide

• ABS

Engineering Plastic Market - By Application:

• Automotive and Transportation

• Electrical and Electronics

• Industrial Machinery

• Packaging

• Consumer Appliances

Regional Analysis:

• North America 

• Europe 

• Asia Pacific 

• Latin America

• The Middle East and Africa 

Asia Pacific is the fastest-growing region in CAGR for the engineered plastics market. The economies of China and India are growing rapidly, and it provides plenty of investment opportunities for various market players. The influence of globalization and Westernization is also creating a positive impact on the market. The growing affluence of the people is creating a demand for better quality goods that are more durable.

The automotive sector of North America is also another segment where engineered plastics are heavily used. Various automotive and transportation industries are using engineered plastics for manufacturing the various components of vehicles.

The electronics sector has increasingly used engineered plastic for its products. Many smartphones and similar gadgets have their body made out of engineered plastic. A lot of emphasis has been laid on the recycling of plastic and thus the same has been utilized in the manufacturing of various components of devices such as laptops, cell phones, cameras, etc. The automotive industry also uses engineered plastic at a significant rate; many vehicular components are made out of plastic as it provides durability at a low cost. Major market players are using engineered plastics in vehicles that are designed for a larger customer base. The use of polyolefins has increased. These materials are known for their excellent durability and are therefore used in various mechanical and electrical industries. They provide superior strength and recyclability at a relatively low cost.

Polyacetal is a type of engineering plastic made by the polymerization of formaldehyde. It provides superior mechanical, thermal, electrical, and chemical properties and offers resistance to high temperatures, chemicals, and abrasion. In addition to this, it also has considerable resistance to a wide range of solvents and possesses good electrical properties, making it suitable for electrical applications. The superior properties of polyoxymethylene (POM) make it suitable for use in other applications such as industrial machinery, automotive & transportation, electrical & electronics, and consumer goods, thus, driving the global engineering plastics market

Key Market Players:

1. BASF SE

2. SABIC

3. Plastico SPS

4. Zamil Plastic

5. Solvay

6. DuPont

7. Constantia Flexibles GmbH

Recent Developments in the Engineering Plastics Market:

• In 2020, the Italian household company De’Loghi started using BASF SE’s polyethersulfone (PESU) for their coffee machine as the offers enhanced features and high thermal resistance.

• In October 2019, SABIC launched the TRUCIRCLE initiative and solutions, showcased at K 2019, along with their top-of-the-line flagship certified circular polymers from the chemical recycling of mixed plastic waste, certified renewable polymers, and others.

Impact of COVID-19 on the Global Engineering Plastic Market:

Coronavirus has had a morose impact on various production markets across Europe, North America, and Asia. It has negatively affected the demand for composites across several end-use sectors like aerospace & defense, wind energy, construction & infrastructure, automotive & transportation, and pipes & tanks. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers have compelled aircraft and automobile manufacturers to operate at reduced capacities. This has led to a reduction in demand for the engineered plastics market, and it is expected to recover from 2021 onwards.