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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Engineering plastics are heat-resistant materials that can replace traditional materials like wood, metal and glass in a host of applications. They demonstrate excellent strength, high heat resistance and superior insulating properties. These materials find widespread application in automobile components, electrical and electronics goods and consumer appliances owing to their lightweight and corrosion resistant properties.
Market Overview:
Engineering plastics include polyamides, acrylonitrile butadiene styrene, polycarbonates, thermoplastic polyesters, fluoropolymers and thermoplastic elastomers. They are used in a range of products like appliances, food packaging, automotive and aerospace components due to their superior mechanical and thermal properties.
Market key trends:
One of the prominent trends in the market is the growth of bio-based engineering plastics. These areustainable materials derived from renewable resources like plant-based raw materials like corn, sugarcane, cassava etc. Their production has lower carbon footprint than conventional plastics. Rising environmental concerns and stringent regulations have boosted demand for these eco-friendly alternatives. Government incentives and policies supporting bio-economy will further support their adoption.
Segment Analysis
The engineering plastics market is dominated by the polyamide segment. Polyamide or nylon accounts for nearly 30% of the global engineering plastics market share due to its superior mechanical properties, high rigidity, impact strength, and durability. It is widely used in automotive components, oil & gas equipment, and electrical & electronics parts where high strength and durability are mandatory.
Key Takeaways
The global Engineering Plastics Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from the automotive industry. Vehicles today consist of over 20% plastics content on average, compared to around 2% a few decades ago. Engineering plastics are increasingly replacing traditional materials like steel in automobile manufacturing due to their lightweight and durable properties which help improve fuel efficiency.
Regional analysis
Asia Pacific dominates the global engineering plastics market and is expected to remain the fastest growing regional market over the forecast period. China accounts for over 30% of the global demand for engineering plastics due to large automobile and electronics industries in the country. Besides, the presence of numerous small and large polymer resin producers along with extensive downstream polymer processing facilities have made China the dominant consumer of engineering plastics.
Key players
Key players operating in the engineering plastics market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. BASF and Celanese Corporation are the market leaders with a combined market share of over 20%.
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