Engineered plastics play a crucial role in modern industries, offering a diverse range of applications due to their enhanced mechanical, thermal, and chemical properties. Key companies in the engineered plastics sector are driving innovation and meeting the evolving needs of various industries.
The engineered plastics market, is a dynamic arena where industry giants and niche players vie for dominance. With its robust growth, the market presents attractive opportunities, but also fierce competition. Let's delve into the strategies companies are employing, the factors dictating market share, and the latest developments shaping this fascinating landscape.
Strategies adopted by major players:
Factors influencing market share:
Key Players
Recent developments
Engineered Plastics Market Size was valued at USD 101.3 billion in 2022. The Engineered Plastics market industry is projected to grow from USD 111.13 Billion in 2023 to USD 233.06 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.70% during the forecast period (2023 - 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
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.
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.
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
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.
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.
March 2022: companies such as BASF SE, a Germany-based international chemical company, acquired the overall polyamides business portfolio from Solvay SA. The acquisition triggered the broadening of the engineered plastics division and capabilities. These circumstances project a steady growth potential of engineered plastics ly over the foreseeable future.
January 2022: DSM Corporation validated an agreement with SRF Limited, an Indian multi-business chemical company, to acquire their engineered plastics business portfolio. SRF Limited had a portfolio diversion of over 200 grades of engineered plastics including Polycarbonate, Polyamide, PET, Polycarbonate, ABS, and more.
February 2021: The first-ever lawsuit concerning Dicamba-related products began in Cape Girardeau, Missouri. The lawsuit involves a peach farmer who alleged that Dicamba-based herbicides caused significant damage to his crops and trees.
Engineered Plastics Market Highlights:
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