The Global Engineering Plastics Market size is expected to reach $163.4 billion by 2030, rising at a market growth of 5.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 35,419.9 kilo tonnes, experiencing a growth of 2.9% (2019-2022).
The use of engineering plastics in consumer appliances can lead to products that are more durable, versatile, and cost-effective, ultimately benefiting both manufacturers and consumers. Thus, the Consumer Appliances segment acquired $23,191.3 million in 2022. As disposable incomes rise, consumers are more willing to invest in appliances that offer convenience, efficiency, and improved quality of life.
Ongoing technological advancements in the processing technologies of engineering plastics are expanding their application scope. Significant progress has been made in injection molding, a widely utilized manufacturing process to manufacture plastic parts. Therefore, these technological advancements are propelling the growth of the market.
Additionally, it offers excellent electrical insulation properties, making them highly suitable for various applications in this sector. Components such as connectors, switches, and housings require materials that effectively insulate against electrical current and prevent short circuits. As a result, engineering plastics manufacturers will likely see increased demand for their products in the E&E.
However, the cost disparity arises from several factors inherent to engineering plastics. Firstly, the raw materials used in engineering plastics, such as high-quality polymers and specialized additives, are often more expensive than those used in traditional plastics. This, in turn, slows down the market's growth.
The use of engineering plastics in consumer appliances can lead to products that are more durable, versatile, and cost-effective, ultimately benefiting both manufacturers and consumers. Thus, the Consumer Appliances segment acquired $23,191.3 million in 2022. As disposable incomes rise, consumers are more willing to invest in appliances that offer convenience, efficiency, and improved quality of life.
Ongoing technological advancements in the processing technologies of engineering plastics are expanding their application scope. Significant progress has been made in injection molding, a widely utilized manufacturing process to manufacture plastic parts. Therefore, these technological advancements are propelling the growth of the market.
Additionally, it offers excellent electrical insulation properties, making them highly suitable for various applications in this sector. Components such as connectors, switches, and housings require materials that effectively insulate against electrical current and prevent short circuits. As a result, engineering plastics manufacturers will likely see increased demand for their products in the E&E.
However, the cost disparity arises from several factors inherent to engineering plastics. Firstly, the raw materials used in engineering plastics, such as high-quality polymers and specialized additives, are often more expensive than those used in traditional plastics. This, in turn, slows down the market's growth.
By End-User Analysis
On the basis of End-User, the market is classified into packaging, electrical & electronics, automotive & transportation, consumer appliances, industrial & machinery, and others. The electrical & electronics segment witnessed a promising 19% revenue in the market in 2022. In terms of volume, the electrical & electronics segment would utilize 10,755.2 kilo tonnes of engineering plastics materials by 2030. The unique combination of properties offered by engineering plastics makes them a preferred choice for various applications in the electrical and electronics sector, including connectors, insulators, housings, and components for consumer electronics, industrial equipment, and automotive electronics.
By Type Analysis
Based on type, the market is characterized by polyamide, acrylonitrile butadiene styrene, thermoplastic polyester, polycarbonate, polyacetal, fluoropolymer, and others. The thermoplastic polyester segment procured 11% revenue share in the market in 2022. In terms of volume, the thermoplastic polyester segment would utilize 18,856.8 kilo tonnes of engineering plastics materials by 2030.By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered a 40% revenue share in the market in 2022. In terms of volume, the Asia Pacific region would utilize 27,868.6 kilo tonnes of engineering plastics materials by 2030. Some of the largest automotive markets in the world are located in the Asia-Pacific region, such as those in Japan, China, and South Korea.Recent Strategies Deployed in the Market
- Jan-2024: BASF SE expanded its business of Engineering Plastics in the USA, Canada, and Mexico. Under this expansion, BASF would provide its high-performance engineering plastic to the customers through the distributors of Bamberger Amco Polymers, M. Holland Company, Nexeo Plastics, and Polimeros Nacionales. In addition to this an advanced range of engineering plastic solutions, of BASF would adjust to fulfill the need of industry demands and environmental considerations.
- Jan-2024: Celanese Corporation came into collaboration with Biesterfeld, a global distributor of plastics and chemicals. Under this collaboration, both companies would reinforce their product portfolio in the markets. Additionally, the collaboration would enhance the company's presence in Sweden, Denmark, the UK, Ireland, and the Baltic states.
- Jan-2023: LG Chem Ltd. unveiled LUCON TX5007, a compound material that combines modified polyphenylene ether (mPPE) and polyamide (PA66) alloy with carbon nanotubes (CNTs). Additionally, this product would resist heat, making it suitable for the automotive painting process at 200 °C or above.
- Feb-2022: Celanese Corporation took over DuPont, an American multinational chemical company. Through this acquisition, Celanese Corporation would strengthen the EM product portfolio by including new polymers, key product technology, industry-renowned brands, and backward integration in critical polymers.
- Dec-2021: SABIC came into collaboration with Bamberger Polymers, a global distributor of Plastics. Under this collaboration, SABIC would expand its presence in the marketplace through the marketing and distribution network of Bamberger in America.
List of Key Companies Profiled
- SABIC (Saudi Arabian Oil Co.)
- Lanxess AG
- Solvay SA
- Evonik Industries AG (RAG-Stiftung)
- Arkema S.A.
- LG Chem Ltd. (LG Corporation)
- Bayer AG
- BASF SE
- Celanese Corporation
- DuPont de Nemours, Inc.
Market Report Segmentation
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)- Acrylonitrile Butadiene Styrene
- Polyamide
- Polycarbonate
- Thermoplastic Polyester
- Polyacetal
- Fluoropolymer
- Others
- Automotive & Transportation
- Electrical & Electronics
- Consumer Appliances
- Industrial & Machinery
- Packaging
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Engineering Plastics Market by Type
Chapter 6. Global Engineering Plastics Market by End-User
Chapter 7. Global Engineering Plastics Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- SABIC (Saudi Arabian Oil Co.)
- Lanxess AG
- Solvay SA
- Evonik Industries AG (RAG-Stiftung)
- Arkema S.A.
- LG Chem Ltd. (LG Corporation)
- Bayer AG
- BASF SE
- Celanese Corporation
- DuPont de Nemours, Inc.
Methodology
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