Pune, India, August, 2023 /press release/- Market Research Future Published a Half-Cooked Research Report on Engineering Plastics Market Research Report.
Market Research Future (MRFR) has published a cooked research report on the “Engineering Plastic Market” that contains information from 2022 to 2032. The Global Engineering Plastic Market is estimated to register a CAGR of 7.20% during the forecast period of 2022 to 2032.
MRFR recognizes the following companies as the key players in the Global Engineering Plastic Market BASF SE, Covestro, Solvay S. A., Celanese Corporation, E. I. du Pont de Nemours and Company, LG Chem Ltd., Saudi Basic Industries Corporation, Evonik Industries AG, Lanxess AG, and Mitsubishi Engineering-Plastics Corporation.
The Global Engineering Plastic Market is accounted to register a CAGR of 7.20% during the forecast period and is estimated to reach USD 112.55 Billion by 2032.
The engineering plastics market refers to a segment of the plastics industry that focuses on producing high-performance and specialized plastics designed to meet specific mechanical, thermal, chemical, and electrical requirements. Engineering plastics are different from standard plastics (commodity plastics) due to their enhanced properties, such as high temperature resistance, mechanical strength, dimensional stability, chemical resistance, and flame retardancy. These materials find extensive applications in various industries, including automotive, aerospace, electronics, construction, medical, and consumer goods. Automotive sector has a growing demand for lightweight materials that can help improve fuel efficiency and reduce emissions. Engineering plastics, with their high strength-to-weight ratio, are increasingly being used as replacements for traditional metal components. The rapid growth of the electronics industry demands materials that offer good electrical properties, thermal management, and miniaturization capabilities. Engineering plastics are often chosen to meet these requirements in electronic components and devices.
The Global Engineering Plastic Market has been segmented based on Product, and Application.
Based on Product, the market is segmented into Polyamide, Acrylonitrile-Butadiene-Styrene, Thermoplastics Polyesters, Polycarbonate, Others. The acrylonitrile-butadiene-styrene segment held the largest market share, primarily driven by the growing demand from the automotive and transportation industries.
Based on Application, the Market has been segmented Construction, Electrical & Electronics, Automotive, Consumer Goods, Others. the automotive segment dominated the market, mainly due to the extensive use of engineered polymer composites and plastics across a wide range of automotive applications. Engineering plastics have become the second most commonly used class of materials in the automotive industry, following ferrous metals and alloys. The surge in efforts to reduce car weight, enhance fuel efficiency, and adhere to emissions regulations has led to the adoption of engineering plastics, replacing several other materials.
The Global Engineering Plastic Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Engineering Plastic Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Engineering Plastic Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Engineering Plastic Market comprises of Middle East, Africa, and Latin America.
The engineering plastic market in North America is poised to dominate, with anticipated growth driven by rising demands from key end-use industries, particularly automotive, transportation, electrical, and electronics sectors. This prevailing trend is expected to propel market expansion in the region. The comprehensive market report focuses on major countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe's Engineering Plastic market holds the second-largest market share, driven by a growing demand for engineering plastics across various industries, making it financially attractive. This favorable scenario is expected to lead to significant market growth in the upcoming years. Notably, the German Engineering Plastic market boasts the largest market share, while the UK Engineering Plastic market emerges as the fastest-growing market within the European region.
In the Asia-Pacific region, the Engineering Plastic market is projected to experience the fastest compound annual growth rate (CAGR) from 2023 to 2032. This can be attributed to the surging vehicle sales and increasing demand for electronic goods like computers, communication devices, storage batteries, and other products. Factors such as rising consumer disposable income and the expansion of vehicle production facilities by companies further contribute to this growth trend.
Key Findings of the Study
- The Global Engineering Plastic Market is expected to reach USD 112.55 Billion by 2032, at a CAGR of 7.20% during the forecast period.
- The U.S Engineering Plastic market has emerged as the fastest-growing market within North America region, indicating a rapid expansion of Engineering Plastic usage and demand in India.
- Based on Application, the Market has been segmented into High Rise Building holding the largest market in 2022.
- BASF SE, Covestro, Solvay S. A., Celanese Corporation, E. I. du Pont de Nemours and Company, LG Chem Ltd., Saudi Basic Industries Corporation, Evonik Industries AG, Lanxess AG, and Mitsubishi Engineering-Plastics Corporation.
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