Global Engineering Plastics Market is projected to grow at an impressive rate through 2028 due to increasing demand in the automobile sector. At the end of fiscal year 2022, around 3.7 million passenger vehicles were produced across India.
Engineering plastics are frequently used to produce mechanical parts, containers, and packaging materials. Due to their high mechanical strength, engineering plastics quickly replace metals and wood in the construction and automotive industries. These components lighten the car as a whole and improve fuel economy. They manufacture vehicle exterior and interior parts and elements for the drivetrain. Due to its excellent resilience to various environmental conditions like chemicals, high temperatures, and abrasion, engineering plastic is also utilized throughout the electronic sector. It is, therefore, the perfect material for producing consumer electronics.The COVID-19 epidemic has hindered the market because lockdowns, societal barriers, and trade bans have caused significant disruptions to global supply chain networks. Due to the stoppage of operations, the automobile and construction industries have seen a dip; nonetheless, the sector had growth in 2021. According to the International Organization of Motor Vehicle Manufacturers (formally known as OCIA), the automotive industry saw a favorable growth rate of 8.4% in the first nine months of 2021 compared to the same period in 2020. On the other hand, the packaging and medical industries are experiencing increased demand for engineering plastics due to the need for protective shields, masks, and PPE kits, as well as improved health awareness.
Growing Demand from Automotive and Transportation
Due to incredible structural stiffness, engineering plastics quickly replace metals and wood in the building and automotive industries. These parts make the car lighter overall, increasing fuel efficiency. They provide components for the drivetrain and exterior and interior features for automobiles. For instance, SABIC PP compound G3430X and SABIC PP compound G3440X grades, two new glass fiber-reinforced polypropylene compositions, were announced in August 2022. For a car’s demanding interior, exterior, and under-hood requirements, they provide increased performance.
Substitute of Metals
Due to their lightweight properties, engineering plastics are frequently utilized as preferred substitutes for metal and ceramic. They provide improved load capacity, mechanical characteristics, thermal stability, and lifespan and offer design flexibility. Nylon 6, polysulfide, and polyamides (PA), polycarbonates (PC), and polysulfide and polyamides (PSU) are among the engineering plastic types that are frequently used. They are widely employed in various sectors to create optical discs, ski boots, dashboard trim, and car bumpers.
Growing Technological Advancement
Due to the technological advancements that will lead to engineering plastics being used, the construction, medical, and consumer segments will all have substantial growth for polycarbonate. Still, overall sales of CDs and DVDs will continue to drop, causing them to follow the industry average. The quickest growth will be seen in engineering plastics with smaller volumes, including polyphenylene sulfide, sulfone polymers, fluoropolymers, and polyether ether ketone. The overall demand will be driven by specialized applications in developed markets and use in innovative goods such as enhanced batteries, solar modules, and medical implants. These resins will be utilized more frequently in the electrical, electronic, and automotive industries because they are frequently required to meet high-temperature requirements and because the cost premium can be rationalized from an economic standpoint.Growing purchasing power in developing nations is a significant factor, hence the demand for engineering plastics. The main forces behind this are, to name a few, hitherto untapped prospects to replace metals not only in cars but also in household goods, buildings, and infrastructure.
Recent Developments
- In February 2021, Ather Energy, an EV manufacturer in India. Invested USD86.5 million to establish a two-wheeler factory in Hosur (Tamil Nadu) which reportedly can be produced annually 0.11 million at the Ather Energy facility. It is predicted that the growth of the Electric Vehicle (EV) industry will increase demand for engineering plastics in India. In February 2022, BASF acquired Solvay’s PA66 business and will begin its business in several polyamides & poly-phthalimide (PPA) grades in Europe. Download FREE Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=3363
Market Segmentation
The global Engineering Plastics market is segmented by type, and by end-use. Based on type, the market is segmented into acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), thermoplastic polyester (PET/PBT), polyacetal (POM), fluoropolymer and others. Based on end use, the market is segmented into automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances and others
Market players
Covestro AG, Solvay S.A., LG Chem, DowDuPont Inc., Evonik Industries, SABIC, Lanxess AG, Chevron Corporation, LyondellBasell Industries N.V., and BASF SE are some of the key market players.
AttributeDetailsBase Year2022Historic Data2018 – 2021Estimated Year2023Forecast Period2024 – 2028Quantitative UnitsRevenue in USD Million, Volume in metric tons, and CAGR for 2018-2022 and 2023-2028Report CoverageRevenue forecast, Volume Forecast, company share, competitive landscape, growth factors, and trendsSegments Covered· Type· End UseRegional scopeNorth America; Europe; Asia Pacific; South America; Middle East & AfricaCountry scopeUnited States, Canada, Mexico; China, India, Japan, South Korea, Australia; Germany, France, United Kingdom, Italy, Spain; Brazil, South Africa, UAE, Saudi Arabia, Turkey, and Egypt.Key companies profiledCovestro AG, Solvay S.A., LG Chem, DowDuPont Inc., Evonik Industries, SABIC, Lanxess AG, Chevron Corporation, LyondellBasell Industries N.V., and BASF SECustomization scope10% free report customization with purchase. Addition or alteration to country, regional & segment scope.Pricing and purchase optionsAvail customized purchase options to meet your exact research needs. Explore purchase optionsDelivery FormatPDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
In this report, Global Engineering Plastics Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
- Acrylonitrile Butadiene Styrene (ABS)Polyamide (PA)Polycarbonate (PC)Thermoplastic polyester (PET/PBT)Polyacetal (POM)FluoropolymerOthers
- Automotive & TransportationElectrical & ElectronicsIndustrial & MachineryPackagingConsumer AppliancesOthers
- North America
- United StatesCanadaMexico
- FranceGermanyUnited KingdomItalySpain
- ChinaIndiaJapanSouth KoreaAustralia
- Brazil
- Research Methodology
2.1. Objective of the Study2.2. Baseline Methodology2.3. Key Industry Partners2.4. Major Association and Secondary Sources2.5. Forecasting Methodology2.6. Data Triangulation & Validation2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market3.2. Overview of Key Market Segmentations3.3. Overview of Key Market Players3.4. Overview of Key Regions/Countries3.5. Overview of Market Drivers, Challenges, and Trends
- Voice of CustomerGlobal Engineering Plastics Market Outlook
5.1. Market Size & Forecast5.1.1. By Value & Volume5.2. Market Share & Forecast5.2.1. By Type (Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Thermoplastic polyester (PET/PBT), Polyacetal (POM), Fluoropolymer and Others)5.2.2. By End Use Industry (Automotive & Transportation, Electrical & Electronics, Industrial & Machinery, Packaging, Consumer Appliances and Others))5.2.3. By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)5.2.4. By Company (2022)5.3. Market Map5.3.1. By Type5.3.2. By End Use5.3.3. By Region5.4. Pricing Analysis
- North America Engineering Plastics Market Outlook
6.1. Market Size & Forecast 6.1.1. By Value & Volume6.2. Market Share & Forecast6.2.1. By Type6.2.2. By End Use6.2.3. By Country6.3. Pricing Analysis6.4. North America: Country Analysis6.4.1. United States Engineering Plastics Market Outlook6.4.1.1. Market Size & Forecast6.4.1.1.1. By Value & Volume6.4.1.2. Market Share & Forecast6.4.1.2.1. By Type6.4.1.2.2. By End Use6.4.2. Mexico Engineering Plastics Market Outlook6.4.2.1. Market Size & Forecast6.4.2.1.1. By Value & Volume6.4.2.2. Market Share & Forecast6.4.2.2.1. By Type6.4.2.2.2. By End Use6.4.3. Canada Engineering Plastics Market Outlook6.4.3.1. Market Size & Forecast6.4.3.1.1. By Value & Volume6.4.3.2. Market Share & Forecast6.4.3.2.1. By Type6.4.3.2.2. By End Use
- Europe Engineering Plastics Market Outlook
7.1. Market Size & Forecast 7.1.1. By Value & Volume7.2. Market Share & Forecast7.2.1. By Type7.2.2. By End Use7.2.3. By Country7.3. Pricing Analysis7.4. Europe: Country Analysis7.4.1. France Engineering Plastics Market Outlook7.4.1.1. Market Size & Forecast7.4.1.1.1. By Value & Volume7.4.1.2. Market Share & Forecast7.4.1.2.1. By Type7.4.1.2.2. By End Use7.4.2. Germany Engineering Plastics Market Outlook7.4.2.1. Market Size & Forecast7.4.2.1.1. By Value & Volume7.4.2.2. Market Share & Forecast7.4.2.2.1. By Type7.4.2.2.2. By End Use7.4.3. United Kingdom Engineering Plastics Market Outlook7.4.3.1. Market Size & Forecast7.4.3.1.1. By Value & Volume7.4.3.2. Market Share & Forecast7.4.3.2.1. By Type7.4.3.2.2. By End Use7.4.4. Italy Engineering Plastics Market Outlook7.4.4.1. Market Size & Forecast7.4.4.1.1. By Value & Volume7.4.4.2. Market Share & Forecast7.4.4.2.1. By Type7.4.4.2.2. By End Use7.4.5. Spain Engineering Plastics Market Outlook7.4.5.1. Market Size & Forecast7.4.5.1.1. By Value & Volume7.4.5.2. Market Share & Forecast7.4.5.2.1. By Type7.4.5.2.2. By End Use
- Asia-Pacific Engineering Plastics Market Outlook
8.1. Market Size & Forecast 8.1.1. By Value & Volume8.2. Market Share & Forecast8.2.1. By Type8.2.2. By End Use8.2.3. By Country8.3. Pricing Analysis8.4. Asia-Pacific: Country Analysis8.4.1. China Engineering Plastics Market Outlook8.4.1.1. Market Size & Forecast8.4.1.1.1. By Value & Volume8.4.1.2. Market Share & Forecast8.4.1.2.1. By Type8.4.1.2.2. By End Use8.4.2. India Engineering Plastics Market Outlook8.4.2.1. Market Size & Forecast8.4.2.1.1. By Value & Volume8.4.2.2. Market Share & Forecast8.4.2.2.1. By Type8.4.2.2.2. By End Use8.4.3. Japan Engineering Plastics Market Outlook8.4.3.1. Market Size & Forecast8.4.3.1.1. By Value & Volume8.4.3.2. Market Share & Forecast8.4.3.2.1. By Type8.4.3.2.2. By End Use8.4.4. South Korea Engineering Plastics Market Outlook8.4.4.1. Market Size & Forecast8.4.4.1.1. By Value & Volume8.4.4.2. Market Share & Forecast8.4.4.2.1. By Type8.4.4.2.2. By End Use8.4.5. Australia Engineering Plastics Market Outlook8.4.5.1. Market Size & Forecast8.4.5.1.1. By Value & Volume8.4.5.2. Market Share & Forecast8.4.5.2.1. By Type8.4.5.2.2. By End Use