The latest report by IMARC Group, titled “Engineering Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the engineering plastic market size. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global engineering plastics market size reached US$ 113.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 180.2 Billion by 2028, exhibiting a growth rate (CAGR) of 7.31% during 2023-2028. Engineering plastics are a group of plastic materials that exhibit superior mechanical and thermal properties when compared to more widely used commodity plastics. They are designed to withstand harsh conditions, including high stress, high temperatures, and chemical exposure, making them an ideal choice for a broad range of industrial applications. These properties are particularly valued in sectors, such as automotive, electrical and electronics, industrial machinery, and construction. Some of the commonly used engineering plastics include polyamides (PA or nylon), polycarbonates (PC), polyacetals or polyoxymethylene (POM), polyethylene terephthalate (PET) and polybutylene terephthalate (PBT). As a result, they are gaining widespread traction on account of their high flame retardancy and can maintain their shape and size under a variety of conditions and show minimal expansion or contraction with changes in temperature and resist deformation under load.
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Global Engineering Plastics Market Trends:
The global market is majorly driven by the widespread product demand from the automotive industry. This can be attributed to the rising utilization of engineering plastics in the production of under-the-hood components, interiors, and exteriors of vehicles. Coupled with the increasing deployment of engineering plastics for reducing vehicle weight, improving fuel efficiency, and reducing greenhouse gas emissions, on account of the increasing environmental consciousness and tightening regulatory norms is creating a positive market outlook. Besides, the rising adoption of electric vehicles, which provides high-performance materials for various components, such as battery packs, is further driving the demand for engineering plastics in the automotive sector. Moreover, the adoption of engineering plastics in the electrical and electronics sector is growing at a considerable pace as they are used in the manufacturing of connectors, sockets, switches, and insulation components due to to their excellent electrical insulation properties, heat resistance, and dimensional stability.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- 3M Company
- AdvanSix
- Arkema S.A.
- Avient Corporation
- BASF SE
- Celanese Corporation
- Daicel Corporation
- DuPont de Nemours Inc.
- Eastman Chemical Company
- Ineos Limited
- LANXESS Aktiengesellschaft
- Solvay S.A.
Breakup by Type:
- Polyamide
- ABS
- Thermoplastic Polyesters
- Polycarbonates
- Polyacetals
- Fluoropolymers
- Others
Breakup by Performance Parameter:
- High Performance
- Low Performance
Breakup by Application:
- Packaging
- Building and Construction
- Electrical and Electronics
- Automotive
- Consumer Products
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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