The latest report by IMARC Group, titled “Engineering Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the engineering plastics market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global engineering plastics market size reached US$ 121.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 218.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.6% during 2024-2032.
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Engineering Plastics Market Trends:
The increasing demand from the automotive industry, which seeks lightweight and high-performance materials, is driving the global market. Moreover, the rising adoption of engineering plastics in the electrical and electronics industry, driven by their excellent insulating properties and durability, further fuels the market growth. The burgeoning construction sector also plays a crucial role, as engineering plastics offer superior strength and versatility compared to traditional materials.
Furthermore, the medical sector's escalating need for high-quality, biocompatible plastics for various applications significantly propels the market. Additionally, the growing focus on sustainability and the development of bio-based engineering plastics contribute to the market's upward trajectory. The rapid advancements in manufacturing technologies and innovative product developments also support market growth. Besides, the increasing application of engineering plastics in consumer goods due to their aesthetic appeal and functional benefits drives further demand.
Engineering Plastics Market Scope and Growth Analysis:
The market scope is expanding due to increasing research and development activities aimed at enhancing the properties of engineering plastics. The market analysis indicates a growing trend toward customization of engineering plastics to meet specific industry requirements, which further broadens the market scope. Additionally, the rising environmental regulations and the need for sustainable alternatives are prompting manufacturers to innovate and develop eco-friendly engineering plastics. This shift meets regulatory standards and attracts environmentally conscious consumers.
The global engineering plastics market is also witnessing significant growth due to the increasing demand from emerging economies, where industrialization and urbanization are rapidly advancing. Furthermore, strategic collaborations and partnerships among key players are fostering technological advancements and expanding the market reach. The increasing use of engineering plastics in innovative applications, such as 3D printing and renewable energy solutions, highlights the market's versatility and potential for growth.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 3M Company
- AdvanSix
- Arkema S.A.
- Avient Corporation
- BASF SE
- Celanese Corporation
- Daicel Corporation
- DuPont de Nemours Inc.
- Eastman Chemical Company
- Ineos Limited
- LANXESS Aktiengesellschaft
- Solvay S.A.
Engineering Plastics Market Segmentation:
Our report has categorized the market based on type, performance parameter and application.
Breakup by Type:
- Polyamide
- ABS
- Thermoplastic Polyesters
- Polycarbonates
- Polyacetals
- Fluoropolymers
- Others
Breakup by Performance Parameter:
- High Performance
- Low Performance
Breakup by Application:
- Packaging
- Building and Construction
- Electrical and Electronics
- Automotive
- Consumer Products
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, South Korea, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About US:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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