The Asia Pacific Engineering Plastics Market would witness market growth of 5.9% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 13,895.8 kilo tonnes, showcasing a growth of 3.0% (2019-2022).
Acrylonitrile Butadiene Styrene (ABS) stands as a cornerstone within the Engineering Plastics Market, renowned for its versatility and broad application spectrum. ABS, a thermoplastic polymer, boasts a unique combination of properties including excellent impact resistance, rigidity, and thermal stability, making it indispensable across various industries. Therefore, the China market utilized 1,943.2 kilo tonnes of Acrylonitrile Butadiene Styrene (ABS) in 2022.
The China market dominated the Asia Pacific Engineering Plastics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $17,705.4 million by 2030. The Japan market is experiencing a CAGR of 5.2% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 6.5% during (2023 - 2030).
Engineering plastics, also known as technical plastics or high-performance plastics, are a group of plastic materials that exhibit superior mechanical, thermal, chemical, and electrical properties compared to commodity plastics. They are used in many applications where traditional plastics cannot meet the required performance specifications. It is widely used in automotive, aerospace, electronics, healthcare, and consumer goods industries, where performance and reliability are critical.
The manufacturing sector has been significantly transformed through the introduction of engineering plastics, which offer novel resolutions to intricate engineering dilemmas. These materials offer many advantages over traditional plastics, including enhanced mechanical properties, improved dimensional stability, and superior heat, chemicals, and wear resistance. Subsequently, it has been adopted extensively by sectors including consumer goods, healthcare, aerospace, electronics, and automotive.
Furthermore, it is anticipated that the expansion of the packaging industry in India will stimulate the need for engineering plastics in various other sectors. According to the National Investment Promotion & Facilitation Agency, the Indian packaging sector is expected to reach $ 204.81 Bn by 2025, registering a growth rate of 26.7% during 2020-2025. Packaging is currently the 5th largest sector of the Indian economy. Similarly, in terms of value, $3179.24 Mn of paper, paperboard & newsprint was exported in 2021-22, as against $1940.94 Mn in the previous year. This added nearly $1238.30 Mn (in percentage, 63% growth) to the nation's growth. Hence, the increasing demand for engineering plastics in the various industries in the Asia Pacific region is driving the market's growth.
Based on Type, the market is segmented into Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others. Based on End-User, the market is segmented into Automotive & Transportation, Electrical & Electronics, Consumer Appliances, Industrial & Machinery, Packaging, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Acrylonitrile Butadiene Styrene (ABS) stands as a cornerstone within the Engineering Plastics Market, renowned for its versatility and broad application spectrum. ABS, a thermoplastic polymer, boasts a unique combination of properties including excellent impact resistance, rigidity, and thermal stability, making it indispensable across various industries. Therefore, the China market utilized 1,943.2 kilo tonnes of Acrylonitrile Butadiene Styrene (ABS) in 2022.
The China market dominated the Asia Pacific Engineering Plastics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $17,705.4 million by 2030. The Japan market is experiencing a CAGR of 5.2% during (2023 - 2030). Additionally, The India market would exhibit a CAGR of 6.5% during (2023 - 2030).
Engineering plastics, also known as technical plastics or high-performance plastics, are a group of plastic materials that exhibit superior mechanical, thermal, chemical, and electrical properties compared to commodity plastics. They are used in many applications where traditional plastics cannot meet the required performance specifications. It is widely used in automotive, aerospace, electronics, healthcare, and consumer goods industries, where performance and reliability are critical.
The manufacturing sector has been significantly transformed through the introduction of engineering plastics, which offer novel resolutions to intricate engineering dilemmas. These materials offer many advantages over traditional plastics, including enhanced mechanical properties, improved dimensional stability, and superior heat, chemicals, and wear resistance. Subsequently, it has been adopted extensively by sectors including consumer goods, healthcare, aerospace, electronics, and automotive.
Furthermore, it is anticipated that the expansion of the packaging industry in India will stimulate the need for engineering plastics in various other sectors. According to the National Investment Promotion & Facilitation Agency, the Indian packaging sector is expected to reach $ 204.81 Bn by 2025, registering a growth rate of 26.7% during 2020-2025. Packaging is currently the 5th largest sector of the Indian economy. Similarly, in terms of value, $3179.24 Mn of paper, paperboard & newsprint was exported in 2021-22, as against $1940.94 Mn in the previous year. This added nearly $1238.30 Mn (in percentage, 63% growth) to the nation's growth. Hence, the increasing demand for engineering plastics in the various industries in the Asia Pacific region is driving the market's growth.
Based on Type, the market is segmented into Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others. Based on End-User, the market is segmented into Automotive & Transportation, Electrical & Electronics, Consumer Appliances, Industrial & Machinery, Packaging, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Asia Pacific Engineering Plastics Market by Type
Chapter 6. Asia Pacific Engineering Plastics Market by End-User
Chapter 7. Asia Pacific Engineering Plastics Market by Country
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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