Engineering Plastic Market Information Report by Product (Polyamide, Acrylonitrile-Butadiene-Styrene, Thermoplastics Polyesters, Polycarbonate and Others), Application (Construction, Electrical & Electronics, Automotive, Consumer Goods, and Others) and by Region - Global Forecast to 2030

Engineering Plastic Market Overview

The engineering plastic market is likely to be valued at a market sum worth USD 115.10 billion during the ongoing forecast period of 2021-2030. During the historic forecast period that had ended in 2019, the market was valued at a global sum of USD 80.70 billion. For the ongoing forecast period that will be ending in 2030, the market is expected to grow at a global CAGR of 7.2%.

Engineering plastics can be understood as a group of plastic material which has a better degree of mechanical and thermal properties to offer. The group of plastic that includes polystyrene, PVC, polypropylene, and polyethylene are being used as engineering plastic. These materials are known for their special properties such as higher impact strength, high abrasion, alongside the wear and fatigue resistance. Engineering plastics are being manufactured for special applications due to which they are available at expensive market rates.

COVID 19 Analysis

The engineering plastic market has been subject to the adverse effects that have been caused by the sudden outbreak of the global coronavirus pandemic in the year 2019-2020. The ongoing pandemic has created a lot of difficulties and havoc in the global market premises because of the sudden decisions that have been taken to stop the spread of the pandemic followed by the rising degree of fatality that is harming the healthcare and immunity of people around. The pandemic has been creating issues and because of the same, the global governments have been taking measures like strict lockdown and functional restrictions that are further, worsening the situation for the engineering plastic market size during the forecast period that will be ending in 2030.

Global companies are witnessing the changing preferences and trends and hence, are on the lookout for opportunities in the form of expansion that is possible with the help of rising funds and investments. The companies are opening their doors for expansions like mergers and acquisitions that will have a positive impact on the engineering plastic market share during the ongoing forecast period that will be ending in 2028.

Competitive Landscape

The engineering plastic market trends are enhancing which is a result of the developments that have been on the way for the market by the professional companies and industries. The developments are for the forecast period that will be ending in 2030. They are as follows:

• I. du Pont de Nemours and Company (U.S.)


• Evonik Industries AG (Germany)


• Mitsubishi Engineering-Plastics Corporation (Japan)


• LG Chem Ltd. (South Korea)


• Lanxess AG (Germany)


• Celanese Corporation (US)


• Saudi Basic Industries Corporation (Saudi Arabia)

Market Dynamics

Drivers

Engineering plastic market products are available in the form of versatile plastic materials with superior physical and electrical properties, that are inclusive of stability, superior chemical resistance, heat resistance, abrasion resistance, alongside weather-ability. These product characteristics made them one of the fastest-growing segments of the plastics industry on the global scale during the ongoing forecast period that will be ending in 2028. Metals and glass are continuously seeking replacement by lighter materials because of continuous developments in the global plastic industry.

Restraints

Engineering plastic market size is facing stiff competition from other polymers, especially, in the lower-end engineering resins. For instance, ABS is facing a huge degree of competition from commodity polymers, such as polypropylene. Polypropylene is known to be flexible and tough and further, shows superior characteristics when copolymerized with ethylene. The reasonably low cost of polypropylene amongst the target audience and its superior chemical properties allow it to be employed in the form of an alternative to engineering plastics, for instance, ABS.

Technology Analysis

The global investment of an excellent degree of technology which is an increasing trend in lightweight vehicles is likely to help the market grow at an excellent rate during the forecast period that will be ending in 2028. Also, the rising trends for connected vehicles will present the market with great opportunities during the period. The market is witnessing a growing degree of awareness about the reduction of vehicle emissions that are likely to drive the market, especially in the automotive and transportation as the end-use industry which has good and lucrative opportunities from 2021 to 2028. The countries belonging to the APAC region like Taiwan, Indonesia, and India are witnessing a huge degree of demand for the fast-growing chemical industry.

Study Objectives

• The global engineering plastic market aims to conduct a detailed analysis along with the forecast figures for the upcoming forecast period of 2021-2030 of various market segments and sub-segments of the functions that are in the global market premises.


• The market report helps in having a deep market analysis and insights of the factors that have both a positive and negative impact on the global market operations and expansion.


• The report aims to analyze the market equilibrium based on factors like the supply chain analysis and the force analysis that will drop comparison between the historic market growth, forecast, and revenue along with the present period.


• The report helps to provide strategic profiling of the key market players functional in the global market premises by analyzing the core competencies and drawing a competitive graph amongst the functional players in the forecast period that will be ending in 2030.

Segment Overview

The engineering plastic market growth can be attributed to the profitability of the global market segments that are functioning in various regions across the global market premises during the ongoing forecast period that will be ending in 2028. The market segments are understated:

Based on the Market Type

The engineering plastic market has been segmented based on the type and includes Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Thermoplastic polyesters (PET/PBT), Polyacetals (POM), Fluoropolymers, and others like PEEK, Polyphenylene Sulfide, Polyphenylene Oxide, and PMMA.

Based on the Market End-Use Industry

The engineering plastic market has end-use industries like Automotive and transportation, Electrical and electronics, Industrial and machinery, alongside Packaging, Consumer appliances, and Medical.

Based on the Geographical Region

The regions include North America, Europe, the Asia Pacific (APAC) region, the Middle East and Africa (MEA), and South America.

Regional Analysis

The Asia-Pacific is expected to dominate the global engineering plastic market because of the growing demand in the domestic region. Rapid industrialization, alongside the growing demand by industries such as chemicals, power generation, automobile, and packaging, has led to the growing demand for the engineering plastic market during the ongoing forecast period ending in 2028.

Recent Developments

Dec 2021 TotalEnergies and Plastic Omnium have formed a strategic alliance to create and develop innovative plastic materials made from recycled polypropylene that exceed the high aesthetic and safety criteria that apply to the automotive sector. TotalEnergies and Plastic Omnium will combine their innovation and technical expertise to create new types of recycled materials that perform better and are better for the environment while also delivering deliverable solutions to the difficulties highlighted by end-of-life plastics. These novel materials contain 20% to 100% recycled components generated from industrial and domestic waste streams, have a CO2of of up to six times that virgin materials.

Sep 2021 Lummus Technology has announced that it has been awarded a technology contract for a grassroots diphenyl carbonate (DPC) facility in Fujian Province, China, by Zhangzhou CHIMEI Chemical Co., a subsidiary of Taiwan's CHIMEI Corp. Zhangzhou CHIMEI will construct a new polycarbonate (PC) production plant using Lummus' licensed Versalis DPC technology. The factory will have a capacity of 156 000 MTA of DPC and is slated to go into manufacture in the fourth quartile of 24. The new PC facility in Zhangzhou, China, will include eco-friendly features, sophisticated technology to improve energy efficiency, and intermediate products recycled and reused in the circular economy.

In April 2018, one of the prominent market players - BASF, started a new production line of Ultroson in Korea. This new production unit has enhanced and added an annual capacity of 6,000 metric tons of polyarylsulfone. This is a futuristic expansion that has helped the company to serve the growing global demand of the target audience for high-performance thermoplastic in the automotive and electronics industry.

In April 2018, another market player - Celanese had initiated the expansion program of POM production. Phase 1 of the debottlenecking project is likely to be completed by the end of the pandemic year of 2020. This debottlenecking will be helpful for the company in meeting the increasing demand for specialty polymers and it is further, expected to support the growing customer base, globally.

In October 2017, Covestro (Germany) began two of its new production lines for polycarbonate resins at its global site in Shanghai, China. The company has increased the production capacity from 200,000 to 400,000 metric tons per year and hence, it aims to emerge as the world's largest producer of polycarbonate resins.

In October 2017, Solvay (Belgium) has expanded its production capacity of sulfone polymers in India, as a part of the APAC region, and the US to address the increasing demand from the medical and water treatment industries. This expansion has been projected to bolster the company’s position in sulfone polymer manufacturing. The company will benefit from the mushrooming demand from the fast-growing water purification alongside the healthcare industries.

Intended Audience

• Engineering Plastic traders, dealers, and manufacturers


• Distributors and supplier companies


• Import and export firms


• Research companies


• End Users and industries


• Consultants, consultancy firms, and investment bankers


• Government, public sector enterprises, as well as Independent Regulatory Authorities

Report Overview

The engineering plastic market report has been prepared by the researchers to help the market buyers and investors understand the basis of functioning followed by the impact of the pandemic outbreak on the market operations for the forecast period that will be ending in 2028. The market report helps in understanding the basis of the market segmentation followed by the discussion of the market potential that will lead to market expansion.

Report Scope:

Report Attribute/Metric	Details
Market Size	2030: Significant value
CAGR	2019–2030: Substantial CAGR
Base Year	2019
Forecast Period	2020-2030
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By Application and By Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan)
Key Market Opportunities	High impact Mechanical potency High temperature resistance.
Key Market Drivers	Growing demand for engineering plastic for personal transportation coupled with increasing purchasing power

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