Europe Engineering Plastics Market

Europe Engineering Plastics Market Size and Growth (2023-2028)

Europe Engineering Plastics Market is likely to register a CAGR of over 6% during the outlook period of 2023-2028

Drivers and Restraints of the Europe Engineering Plastics Market

Engineering plastics are quickly replacing traditional materials in many manufacturing and industrial sectors and thus this adoption of the former is driving the market demand throughout Europe. One such industry is the automotive industry, of late, the major goal for many market players has become to reduce vehicle weight and improve the efficiency of the vehicle. Engineering plastics provide a robust solution to this problem at a relatively cheaper cost. Another area where engineered plastics are used is the electronics sector. Engineered plastics are 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 engineered plastics market in the European region.

The environmental effects of plastics are very well known, and as a result of this, various governments have instructed industries to decrease their consumption of plastic and come up with alternate solutions that are environmentally friendly. To achieve the goal of lighter products, industries are turning towards composites in place of engineered plastic, and hence the growth gets thwarted in this respect.

Market Segmentation

Europe Engineering Plastics Market On the basis of Type:

• Polycarbonate

• Fluoropolymers

• Poly Vinyl Chloride (PVC)

• Polyethylene Terephthalate (PET)

• Polyamide

• ABS

Europe Engineering Plastics Market On the basis of the Application:

• Automotive and Transportation

• Electrical and Electronics

• Industrial Machinery

• Packaging

• Consumer Appliances

Europe Engineering Plastics Market Regional Analysis:

In the European region, the automotive sector has increasingly used engineered plastic for their vehicles. Environment-friendly vehicles have increased the demand for bio-based plastics and composites. 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 a vehicle.  The demand for a lightweight material that provides longevity is on the rise in the European region. This material is used exhaustively in the energy sector and with the shift of attention toward the renewable power sector, the growth opportunities for the engineering plastics industry are immense.

The use of thermoplastics such as PET has increased. These materials are known for their excellent melt flow characteristics and are therefore used in various mechanical and electrical industries. They are also known to offer superior strength and recyclability.

The German aerospace industry has shown tremendous growth in the past decade and it has triggered the demand for engineered plastics. Several components in the industry make use of these plastics. In addition to this, Germany is also the leading consumer of plastic materials in Europe. This provides ample of growth opportunities to the industry.

Major Key Players:

• BASF SE

• SABIC

• Plastico SPS

• Zamil Plastic

• Solvay

• DuPont

• Constantia Flexibles GmbH