Engineering Plastics Market Growth Accelerated By Growing Demand From Automotive Industry

Pooja Khodke

Engineering Plastics Market Growth Accelerated By Growing Demand From Automotive Industry

Engineering plastics are synthetic materials that have better mechanical and thermal properties than commodity plastics and metals. They are known for heat resistance, strength, toughness, and durability. Engineering plastics are widely used in electronics, automotive, packaging, and consumer goods industries where these superior properties are highly desirable. The increased use of engineering plastics in automotive vehicles to reduce weight and improve fuel efficiency has been a major driver of growth.

The global Engineering Plastics Market is estimated to be valued at Us$ 130.68 Bn in 2023 and is expected to exhibit a CAGR Of 7.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing demand from the automotive industry has been a major trend driving the engineering plastics market. Engineering plastics allow automakers to develop lighter and more durable vehicles that improve fuel efficiency. The use of engineering plastics like polyamide and polycarbonate has increased in under-the-hood applications and exterior automotive parts like bumpers to reduce weight. As environmental regulations become more stringent, automakers are focusing even more on developing lightweight vehicles. This is expected to further drive demand for engineering plastics from the automotive industry over the forecast period.

Segment Analysis

The global engineering plastics market is dominated by the polyamide segment which holds around 25% share of the overall market. Polyamide resins such as Nylon 6 and Nylon 66 are highly in demand due to their superior mechanical, chemical, and electrical properties. These plastics exhibit high impact resistance, rigidity, and dimensional stability making them suitable for use across varied end-use industries like automotive, electronics & electrical, and industrial machinery. The thermoplastic polyesters segment such as PET and PBT also holds significant share owing to growing preference for lightweight yet durable materials in industries like automotive and packaging.

Key Takeaways

The Global Engineering Plastics Market Demand is expected to witness high growth on account of rapid industrialization and increasing adoption of high-performance plastics.

Regional analysis: The Asia Pacific region currently dominates the market and is expected to maintain its leading position throughout the forecast period. This can be attributed to extensive growth of end-use industries like automotive, electronics & electrical in China and India. Expanding manufacturing sector in these countries is generating high demand for durable yet lightweight plastics.

Key players operating in the engineering plastics market are Eli Lilly and Company, Sanofi S.A., Cadila Healthcare Limited, Cipla Limited, Castle Biosciences, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Vidac Pharma, LEO Pharma A/S, Regeneron Pharmaceuticals, Inc., Merck Sharp & Dohme, and Amgen Inc.

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The expansion of the automotive industry is a significant driver for the engineering plastics market. According to a report by Coherent Market Insights, the global Engineering Plastics Market is estimated to be valued at US$ 130. The upward trajectory in the adoption of engineering plastics in the automotive sector is anticipated to persist in the forecast period. Key Takeaways:The global Engineering Plastics Market Size is poised for significant growth. Key Players: Major players in the engineering plastics market include Eli Lilly and Company, Sanofi S.

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They are mostly employed in situ with thermoplastic materials rather than thermosetting ones since they may be remoulded into the desired shape and size whether or not they have cooled and settled down. Because of their outstanding mechanical, chemical, strength, stiffness, self-lubrication, and fire safety features, engineering plastics have become the fabric of choice for a variety of applications. Polycarbonates and polyamides are two types of engineering plastics that are valuable in industries because of their great impact and abrasion resistance. Read More:https://medium. cmi/engineering-plastics-are-designed-to-sustain-extreme-thermal-and-mechanical-conditions-owing-to-f5462c364b2aClick here for Engineering Plastics Market Press release:https://www.

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