Global Engineered Plastics Market Overview
Engineered Plastics Market Size was valued at USD 111.13 Billion in 2023. The Engineered Plastics industry is projected to grow from USD 121.91 Billion in 2024 to USD 233.06 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.44% during the forecast period (2024 - 2032). Increased health concerns and challenges have led to more expensive operations and more bariatric procedures are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Engineered Plastics Market Trends
- Growing Advancements in Bio-based are driving the market growth
Market CAGR for engineered plastics is being driven by the rising number of sustainable and environmentally friendly materials. Bio-based engineered plastics have emerged as a promising solution to reduce the industry's dependence on fossil fuels and mitigate environmental impacts. These plastics are derived from renewable sources such as plant-based feedstocks, agricultural waste, and other biomass materials. The development of bio-based engineered plastics has been driven by stringent environmental regulations, growing consumer awareness about ecological issues, and the pursuit of circular economy principles. Manufacturers and researchers are actively investing in biodegradable and compostable engineered plastics that offer comparable performance to their petrochemical-based counterparts. These materials find applications in various industries, including packaging, automotive, electronics, and medical devices.
Additionally, demand for engineered plastics, particularly in the pursuit of lightweight to improve fuel efficiency and reduce emissions. As the automotive sector transitions toward electric vehicles (EVs), lightweight materials like engineered plastics become even more crucial in extending driving ranges and enhancing overall performance. Advanced engineered plastics, such as carbon fiber-reinforced composites and high-temperature thermoplastics, have found extensive use in automotive components like body panels, interior trim, and structural parts. These materials offer a favorable strength-to-weight ratio, corrosion resistance, and design flexibility, enabling manufacturers to produce innovative, aerodynamic, and energy-efficient vehicles.
The integration of smart polymers into engineered plastics offers various advantages, including self-healing capabilities, shape memory effects, and tunable properties. These materials find applications in diverse industries, including healthcare, aerospace, electronics, and consumer goods. In the healthcare sector, smart polymers are being utilized in drug delivery systems, tissue engineering, and diagnostic devices to improve patient outcomes and treatment efficacy. In aerospace, they are employed in adaptive structures that can change shape or properties in response to environmental conditions, optimizing aerodynamics and fuel efficiency. These technologies facilitate real-time monitoring of production processes and predictive maintenance, reducing downtime and overall operational costs.
For instance, the focus on sustainability has driven the development of bio-based engineered plastics, offering environmentally friendly alternatives to conventional materials. The automotive industry's pursuit of light weighting and enhanced performance has resulted in increased adoption of high-performance polymers. Additionally, the integration of smart polymers and Industry 4.0 technologies has opened up new opportunities for innovation and application in various industries. As these trends continue to evolve, the engineered plastics market is poised for further growth, shaping a more sustainable, efficient, and technologically advanced future. It, driving the Engineered Plastics market revenue.
In March 2023, a new PEEK-OPTIMA polymer for implant purposes was presented by Victrex PLC that had been specifically designed to be used in medical device additive manufacturing processes such as fused deposition modeling (FDM) and fused filament fabrication (FFF).
In February 2023, the new investment plans of Victrex PLC were unveiled as they want to expand their medical unit known as Invibio Biomaterial Solutions by creating a fresh product development center located in Leeds, United Kingdom.
Engineered Plastics Market Segment Insights
Engineered Plastics Type Insights
The Engineered Plastics market segmentation, based on type includes Acrylonitrile Butadiene Styrene (ABS), Polyamides, Polycarbonates, Thermoplastic Polyester, Polyacetales, Fluoropolymers, Polyphenylene Sulfide (PPS), Polymethyl Methacrylate (PMMA), Polyphenylene Oxide (PPO), Polyetheretherketone (PEEK), and Polyethylene Terephthalate (PET). The polyethylene terephthalate segment dominated the market, accounting for 35% of market revenue (78.48 Billion). PET is a widely used engineered plastic known for its exceptional moisture barrier properties, strength, and clarity. Its primary end-use lies in the packaging industry, where it is used for making bottles for beverages, personal care products, and food containers.
Engineered Plastics End-Use Insights
The Engineered Plastics market segmentation, based on End-Use, includes Automotive & Transportation, Consumer Appliances, Electrical & Electronics, Industrial & Machinery, Packaging, and Medical. The consumer appliances category generated the most income (70.4%). Engineered plastics are found in various consumer goods, including kitchen appliances, sporting goods, and toys. Their ability to offer aesthetics, durability, and lightweight properties make them attractive for consumer-oriented products.
Figure1: Engineered Plastics Market, by End-Use, 2022&2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Engineered Plastics Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Engineered Plastics market area will dominate this market, automotive, electronics, and medical industries drive the demand for high-performance plastics. In the automotive sector, engineered plastics replace traditional materials, leading to lighter vehicles and improved fuel efficiency. Additionally, the growing focus on renewable energy and the development of electric vehicles also boost the demand for engineered plastics in battery components.
Further, the major countries studied in the market report are TheUS, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: ENGINEERED PLASTICS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Engineered Plastics market accounts for the second-largest market share due to their lightweight and durable nature, leading to reduced emissions and increased fuel efficiency. Further, the German Engineered Plastics market held the largest market share, and the UK Engineered Plastics market was the fastest-growing market in the European region
The Asia-Pacific Engineered Plastics Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid industrialization, urbanization, and a booming population that has fueled the demand for various consumer goods and infrastructure development, thereby driving the consumption of engineered plastics. Moreover, China’s Engineered Plastics market held the largest market share, and the Indian Engineered Plastics market was the fastest-growing market in the Asia-Pacific region.
Engineered Plastics Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Engineered Plastics market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Engineered Plastics industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Engineered Plastics industry to benefit clients and increase the market sector. In recent years, the Engineered Plastics industry has offered some of the most significant advantages to medicine. Major players in the Engineered Plastics market, including Covestro (Germany), BASF SE (Germany), Celanese Corporation (US), Dow Inc. (US), DSM Corporation (Netherlands), Solvay (Belgium),LG Chem (South Korea), LyondellBasell (Netherlands), ElringKlinger AG (Germany), Lanxess AG (Germany), Evonik Industries (Germany), SABIC (Saudi Arabia) and others, are attempting to increase market demand by investing in research and development operations.
Covestro AG is a German company producing polyurethane and polycarbonate raw materials. Products include isocyanides and ploys for cellular foams, thermoplastic polyurethane, and polycarbonate pellets, as well as polyurethane-based additives used in the formulation of coatings and adhesives. It is a Bayer spin-off formed in the fall of 2015 and was formerly called Bayer Material Science. Covestro shares were first offered on the Frankfurt Stock Exchange in October 2015. Bayer sold its entire remaining stake in May 2018; Bayer's pension fund had a 6.8% stake managed separately. The main industries served are automotive manufacturing and supply, electrical engineering and electronics, construction and home products, and sports and leisure. Their products include coatings and adhesives, polyurethanes that are used in thermal insulation, electrical housings, and as a component of footwear and mattresses, and polycarbonates such as Covestro's Makrolon, which are highly impact-resistant plastics
BASF SE, an initialism And Portmanteau for its original name Badeshi Anilines- und Soda-Fabrics (German for 'Baden Aniline and Soda Factory'), is a European multinational company and the largest chemical producer in the world. Its headquarters are located in Ludwigshafen, Germany.
The BASF comprises subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Asia, Australia, the Americas, and Africa. BASF has customers in over 190 countries and supplies products to a wide variety of industries. Despite its size and presence, BASF has received relatively little public attention since it abandoned the manufacture and sale of BASF-branded consumer electronics products in the 1990s.
Key Companies in the Engineered Plastics market include
- Covestro (Germany)
- BASF SE (Germany)
- Celanese Corporation (US)
- Dow Inc. (US)
- DSM Corporation (Netherlands)
- Solvay (Belgium)
- LG Chem (South Korea)
- LyondellBasell (Netherlands)
- ElringKlinger AG (Germany)
- Lanxess AG (Germany)
- Evonik Industries (Germany)
- SABIC (Saudi Arabia)
Engineered Plastics Industry Developments
In May 2024, Polyplastics, a multinational engineering plastics leader, unveiled a new PPS grade that is highly resistant to thermal shock and can be recycled during post-consumer recycling without sorting.
October 2023: In an announcement made by 3M Company, it said that the firm will increase its environmental endeavors, such as being carbon neutral by 2050, and spend $1 billion over the next two decades for this purpose.
Celanese Corp announced in November 2023 the global commercial launch of two new grades of polyamides, namely Frianyl PA W-Series and Celanyl PA B3 GF30 E, for manufacturers of electric vehicle (EV) powertrain components and batteries.
In May 2023, Stelora was launched by Borealis, which is one of the leading players in advanced & circular plastic solutions, base chemicals & fertilizers in Europe, plus mechanical recycling of plastics based on sound sustainability principles.
In July 2022, Vaski entered the US industrial machine service and sales market, as well as Mexico. It offers punching, bending, and shearing technologies along with high-level automation developments. This development will boost the production of various engineered plastic resins.
In March 2022, Celanese Corporation, the global chemical and specialty materials company, completed the restructuring of Korea Engineering Plastics Co. This support will provide access to world-scale POM polymerization capabilities and thus enhance Celenese products worldwide in polyoxymethylene (POM) via globally renowned Korean acetals manufacture.
In March 2021, the US-based specialty polymers manufacturer Victrex Plc invested $1 million into its Asian Innovation and Technology Centre (AITC) located in Shanghai. This move is aimed at speeding up innovation and shortening design-to-mass production workflow cycle times for advanced engineering designs within Asia.
In February 2020, Royal DSM, the company out of Evansville in the state of Indiana, in the USA, announced that it was upgrading and expanding its high-performance materials compounding facility. This calls for the expansion of DSM’s facility to produce advanced new-generation materials such as bio-based thermoplastic formulations
Engineered Plastics Market Segmentation
Engineered Plastics Type Outlook
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamides
- Polycarbonates
- Thermoplastic Polyester
- Polyacetals
- Fluoropolymers
- Polyphenylene Sulfide (PPS)
- Polymethyl Methacrylate (PMMA)
- Polyphenylene Oxide (PPO)
- Polyetheretherketone (PEEK)
- Polyethylene Terephthalate (PET)
Engineered Plastics End-Use Outlook
- Automotive & Transportation
- Consumer Appliances
- Electrical & Electronics
- Industrial & Machinery
- Packaging
- Medical Engineered Plastics Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 111.13 Billion |
| Market Size 2024 |
USD 121.91 Billion |
| Market Size 2032 |
USD 233.06 Billion |
| Compound Annual Growth Rate (CAGR) |
8.44% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, End-Use, and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Covestro (Germany), BASF SE (Germany), Celanese Corporation (US), Dow Inc. (US), DSM Corporation (Netherlands), Solvay (Belgium),LG Chem (South Korea), LyondellBasell (Netherlands), ElringKlinger AG (Germany), Lanxess AG (Germany), Evonik industries (Germany), SABIC (Saudi Arabia) |
| Key Market Opportunities |
increasing demand for weight reduction in aircraft |
| Key Market Dynamics |
The growing industrial revolution across the globe is energizing the production capabilities of engineered plastics in the competitive environment to sustain in the market space |
Engineered Plastics Market Highlights:
Frequently Asked Questions (FAQ) :
The Engineered Plastics market size was valued at USD 111.13 billion in 2023.
The Engineered Plastics Market is projected to grow at a CAGR of 8.44% during the forecast period, 2024-2032.
North America had the largest share of the Engineered Plastics Market
The key players in the market are Covestro (Germany), BASF SE (Germany), Celanese Corporation (US), Dow Inc. (US), DSM Corporation (Netherlands), Solvay (Belgium),LG Chem (South Korea), LyondellBasell (Netherlands), Elring Klinger AG (Germany), Lanxess AG (Germany), Evonik industries (Germany), SABIC (Saudi Arabia)
The Polyethylene Terephthalate (PET) category dominated the market in 2023.
The Consumer Appliances based had the largest share in the Engineered Plastics Market
