Engineering Plastics Market

Global Engineering Plastics Market Size (2024 to 2029)

As per our analysis report, the global Engineering Plastics Market is expected to reach USD 185.17 billion by 2029 from USD 119.25 billion in 2024, growing at a compound annual growth rate (CAGR) of 4.01 % during the forecast timeline.

MARKET DRIVERS AND RESTRAINTS

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.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL ENGINEERING PLASTIC MARKET INCLUDED IN THIS REPORT

This research report on the global engineering plastic market has been segmented and sub-segmented based on type, application, and region.

Global Engineering Plastic Market By Type

• Polycarbonate
• Fluoropolymers
• Poly Vinyl Chloride (PVC)
• Polyethylene Terephthalate (PET)
• Polyamide
• ABS

Global 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 during the forecast period 2024 to 2029.

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 PLAYERS IN THE GLOBAL ENGINEERING PLASTIC MARKET

BASF SE, SABIC, Plastico SPS, Zamil Plastic, Solvay, DuPont, Constantia Flexibles GmbH are some of the notable companies in the global Engineering Plastic market.

RECENT HAPPENINGS IN THE 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.