Engineering Plastic Market Research Report - Global Forecast to 2030

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

ID: MRFR/CnM/1609-HCR | January 2023 | Region: Global | 111 Pages         

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Engineering Plastic Market

Engineering Plastic Market is projected to be worth USD 115.10 Billion by 2030, registering a CAGR of 7.2% during the forecast period (2021 - 2030).

Segmentation
By Product Polyamide Acrylonitrile-Butadiene-Styrene Thermoplastics Polyesters Polycarbonate Others
By Application Construction Electrical & Electronics Automotive Consumer Goods Others
Key Players
Companies Profiled   I. du Pont de Nemours and Company (U.S.)   Evonik Industries AG (Germany)   Mitsubishi Engineering(Japan)   LG Chem Ltd. (South Korea)   Lanxess AG (Germany)   Celanese Corporation (US)   Saudi Basic Industries (Saudi Arabia)
Drivers
Market Driving Forces   Growing demand for engineering plastic for personal transportation
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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.


Wth the growing sales of appliances, such as televisions, refrigerators, and iron boxes, a considerable need emerges for engineering plastics in the electrical & electronics sector. The manufacturing of consumer appliances depends heavily on these plastics. Additionally, it is expected that the market would offer plenty of chances for manufacturers due to the expanding aerospace industry applications and the adoption of green vehicles. According to OCIA, total vehicle production capacity worldwide grew from 77,621,582 units in 2020 to 80,145,988 units in 2021. Therefore, the demand for engineering plastics is expected to grow as vehicle unit production rises. However, other polymers are fiercely competing for engineering plastic market share, particularly in the lower-end engineering resins, which might hamper the market growth.

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:



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.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 115,100 Million
  CAGR   7.2% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019
  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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    Frequently Asked Questions (FAQ) :

    The APAC region is likely to dominate the global market operations.

    The global market is likely to grow at a global CAGR of 7.2%.

    The market is likely to attain a global market sum of USD 115,100 million.

    ● E. 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)