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.
Market Overview:
Engineering plastics have superior mechanical and thermal properties compared to commonly used plastics like polyethylene and polyvinyl chloride. They offer advantages like lightweight, durability and tolerance to high temperatures which makes them preferred choice for automotive and electrical applications.
Market key trends:
One of the key trends in the Engineering Plastics Market Size is the increasing adoption of bio-based and biodegradable plastics. Strict environmental regulations regarding emission of greenhouse gases are encouraging manufacturers to develop sustainable alternatives to conventional plastics. Some major players have started production of plastics from renewable resources like sugarcane, which offer comparable properties to traditional plastics and get decomposed after use. This is expected to drive the demand of engineering plastics in coming years.
Segment Analysis
The engineering plastics market is dominated by the polyamide segment. Polyamide, commercially known as nylon, accounted for over 30% of the global engineering plastics market share in 2022 owing to its wide range of applications in automotive, electrical & electronics and industrial machinery sectors. Nylon offers properties like fatigue endurance, stress cracking resistance, impact strength and toughness which make it ideal for manufacturing gears, plain and roller bearings, brushing parts and more.
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. Engineering plastics find extensive application in manufacturing various auto components like engine covers, airbags, dashboards, air intake manifolds, belt pulleys due to their high strength-to-weight ratio and resilience to high temperatures.
Regional analysis
Asia Pacific dominated the global market and accounted for more than 40% share of the total engineering plastics market in 2022. This is attributed to high production of automobiles, consumer electronics and industrial machinery in countries like China, India, Japan and South Korea. China alone accounts for over 30% of global engineering plastics consumption due to large automotive and electronics manufacturing bases in the country.
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. Players like Covestro, BASF, DSM and DuPont are investing in R&D to develop new grades of engineering plastics like polyamides, polycarbonates and polyacetals with advanced properties and recyclability.
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