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

The engineering plastic market is expected to gain a market value of USD 115,100 million by 2030 at a CAGR of 7.2% over the forecast period of 2022-2030.

Compared to the popular commodity plastics such as polystyrene, polypropylene, PVC, and polyethylene, engineering plastics have superior mechanical and thermal qualities. These materials are renowned for their unique qualities, which include high abrasion, greater impact resistance, and wear and fatigue resistance. Engineering plastics are produced for specialized uses, which accounts for their high market prices.

COVID-19 Analysis

The COVID-19 pandemic was hindering the engineering plastic market due to lockdowns, societal barriers, and trade bans, which have caused significant disruptions to the global supply chain. Due to the temporary halt of operations, the automobile and construction industries have seen a dip. Nonetheless, the sector had positive growth in 2021. As compared to the same period in 2020, the automotive industry experienced a mild growth rate of 8.4% in the first nine months of 2021, according to OCIA. On the other hand, there is a growing need for engineering plastics in the packaging and medical sectors due to increased health awareness and the demand for safety gear, including face masks, shields, and PPE kits.

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 2030.

Recent Developments

• In September 2021, Solvay announced the construction of its new thermoplastic composites (TPC) production plant in Greenville, South Carolina.


• In February 2020, Royal DSM announced high-performance materials compounding factory in Evansville, Indiana, USA. DSM will improve the facility to produce the newest generation of cutting-edge materials, including bio-based thermoplastics.


• In April 2018, at Yeosu, Korea, BASF announced the set-up of a new production line for its high-temperature resistant thermoplastic Ultrason (polyarylsulfone).

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 2030. 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.