USD 101.42 billion
Engineering Plastics Market Size, Share, Growth Analysis, By Type(Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester), By End Use(Automotive & Transportation (Interior, Exterior, Power Train, Under-The-Hood Applications)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2217 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
126
|Figures:
73
Engineering Plastics Market Insights
Engineering Plastics Market size was valued at USD 107.2 billion in 2022 and is poised to grow from USD 113.2 billion in 2023 to USD 175.05 billion by 2031, growing at a CAGR of 5.6% during the forecast period (2024-2031).
The engineering plastics market growth is attributable to various factors, such as the increasing engineering plastics usage in heavy vehicles, buses, and tractors as well as in packaging applications. Other crucial influences of the industry include production processes, raw material availability, and several socio-political events. As industrial growth multiplies by fold and the machinery industry is expanding throughout the region, machinery manufacturers have significant opportunities to develop machinery and automation solutions. A number of concepts, such as sustainability and environment consciousness, have been trending in the engineering plastics market. Manufacturers have developed a response to the generally increasing pollution and worries about the environment, which may boost the growth of the green and recycling industry and should contribute to the increased need for environmentally friendly and recyclable engineering plastics.
Industry growth is driven by the rise in demand for engineering plastics across the various end-use sectors such as packaging, automotive, and construction owing to its features such as light weight, high durability, and cost-effectiveness. In the recent past, there has been a significant amount of product demand to replace a suitable alternative to the alloy and metal across the various industries such as industrial machinery, automobile, and consumer goods. The prime significance of the industry is incentives technology as the constantly growing user end demand of more and more versatility and that too with proper product specification tends to overshadow ever-increasing consumption dynamics.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Boat Windscreen
Fastest Growth
Acrylonitrile Butadiene Styrene
Growth Rate
5.6% CAGR
Global Engineering Plastics Market ($ Bn)
Country Share for North America Region (%)
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Engineering Plastics Market Segmental Analysis
Global Engineering Plastics Market is segmented by type, end use, and region. Based on Type, the market is segmented into Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others. Based on End Use, the market is segmented into Automotive & Transportation (Interior, Exterior, Power Train, Under-The-Hood Applications), Consumer Appliances (Air Conditioners, Mobiles and Computers, Television and Music Players), Electrical & Electronics (Semiconductors, Sockets & Switches), Industrial & Machinery (Power Tools), Packaging (Food, Medical), and Others (Medical, Construction). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Resin Type
The acrylonitrile butadiene styrene (ABS) segment held the largest share in terms of market demand as of 2023. Acrylonitrile butadiene styrene finds major applications in the electrical & electronics industry. However, the application scope of these compounds in the automotive industry is expected to provide the segment with growth opportunities. As automotive production is on the rise, the demand for acrylonitrile butadiene styrene is also expected to increase during the forecast period. ABS is utilized in bumpers, interior components, and automotive trims, and its application scope is expected to witness growth owing to the high production of lightweight passenger cars, particularly in North America and Europe.
Polycarbonate (PC) segment is expected to witness the fastest demand potential during the forecast period. There has been an increase in the interest in polycarbonate over time, as there can be seen a significant increase in demand for polycarbonate especially in applications that involve electricity and vehicles; this calls for recent growth of polycarbonate. Due to the natural flexibility and the ability of the polymer to be pressure-formed, plastic is so far one of the best thermoplastic polymers that should be considered for such applications. This makes it unique as long as thermoforming is concerned as opposed to the other thermoplastics.
Analysis by End-User
The market was dominated by the automotive & transportation end-use segment and accounted for the highest share in 2023. The segment growth has been driven by the extensive use of the product for automotive components, such as bumpers, interior trims, and dashboards than in alloys and metals. The past few years have witnessed considerable growth in automotive production, which is mainly propelled by the expanding industry and manufacturing landscape. Production and sale of passenger vehicles is witnessing step increase in developing economies such as China, India, Southeast Asia and Brazil. This will positively boost the demand for the market.
The electrical & electronics segment is anticipated to grow at a significant CAGR during the forecast period. The rising demand for low power consumption, reduced component weight, and superior material properties in the electronics and electrical segment have spurred the creation of effective and reliable materials. Other applications such as housing electrical & electronics including wires, cables, sockets, and circuit breakers are also driving the segment. Many market players have introduced a wide range of polymer products and filler technologies, which are used to address new design challenges in the electronics segment. The demand for consumer electronics and electrical equipment is increasing substantially, which is expected to boost the market demand significantly.
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Engineering Plastics Market Regional Insights
North America is dominating the market with the largest demand share with respect to the engineering plastics market as of 2023. The growing production with the help of shale gas and increasing exploration activities have provided North American consumers and producers with an unparalleled level of cost-effectiveness. As a result, the consumption of engineering plastic compounding in North American countries is expected to increase significantly. High demand for engineered plastic compounds in the US is primarily triggered by the growing automotive industry and the driven construction activities. These factors are cumulatively bolstering the engineering plastics market growth in the North American region.
The Asia Pacific engineering plastics market is expected to experience the fastest revenue growth over the forecast period. This is attributed to the high availability of skilled labor at a low cost and easily available land. The region is a home for expanding industries such as construction, automotive, and electronics sectors where the engineering plastic manufacturers have immense opportunities. The continuous infrastructural investment in China is expected to support economic progression, and the automotive, aerospace, and construction areas will benefit from phrasing or strides, such as regulatory changes, policy changes, or structural changes. The automotive, aerospace, and construction sectors in India will register a promising growth over the future, indicating a growing region for market players.
Global Engineering Plastics Market By Geography
- Largest
- Fastest
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Engineering Plastics Market Dynamics
Drivers
Improved Mechanical Properties
- The rising mechanical properties may increase the demand for the engineering plastics market. The rising mechanical qualities of engineering plastics enhance their strength and durability and resistance to wear and tear. Hence, industries such as automotive, aerospace, electronics, manufacturing, building & construction, consumer goods & appliances, and industrial and pharmaceutical majorly look for the materials that can enhance the mechanical properties.
Shock Resistance Boosting Demand in Varied Industries
- Having a low risk of shock engineering plastics is expected to drive the market for engineering plastics. Various end use industries including transportation, automotive, electronic, led to the development of low risk of shock engineering plastics. Moreover, the extensive use of low risk of shock engineering plastics which have shock resistance has many benefits. The ability for engineering plastics when shocks are applied extends the durability of the products made from such plastics, so the cost of maintenance is reduced.
Restraints
Negative Impact on Environment
- Although engineering plastics have some advantages over other types of materials due to lightweight design and recycling, a particular formulation may still be harmful to the environment. Not all engineering plastics can be easily recycled or naturally biodegradable, and the fact that they contain some chemicals to enhance some characteristics, or the processing makes them an ecological threat. It is still critical to balance the benefits and environmental effects.
High Cost of Production
- One of the most substantial restraints on the growth of the global engineering plastics market is the high manufacturing cost. It includes sophisticated production processes and units with strictly environmentally controlled premises. Both these factors require huge capital investments for new modern plants and equipment. Moreover, the expenses for various certificates of compliance in different countries in terms of safety and environment legislation can also condition the mounting manufacturing cost.
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Engineering Plastics Market Competitive Landscape
The main manufacturers operate worldwide, serving varied industries across the globe. This determines the widespread distribution network of engineering plastics and ensures the timely availability of these materials to the end users. Due to the growing concerns associated with the use of engineering plastics and their compounds there has been an increase in the demand for alternatives, including biodegradable plastics, wood-based compounds, bioplastics, glass, and aluminum. Industry is experiencing ongoing innovation and new product development, with manufacturers paying more attention to the development of bio-based plastics. This rather topical trend actually drives manufacturers to develop new bio-based, and easily recyclable engineering plastics. The industry of engineering plastics is characterized by its global presence and notable market manufacturers.
Top Player’s Company Profiles
- BASF SE
- Covestro AG
- Solvay S.A.
- Celanese Corporation
- The Dow Chemical Company
- LG Chem Ltd.
- SABIC
- Evonik Industries AG
- LANXESS AG
- Mitsubishi Chemical Holdings Corporation
- Ashland Global Holdings, Inc.
- Arkema SA
- AdvanSix, Inc.
- Asahi Kasei Corporation
- Chi Mei Corporation
- Chevron Phillips Chemical Company, LLC
- Daicel Corporation
- 3M Company
- Eastman Chemical Company
- Grand Pacific Petrochemical Corporation
- INEOS
- NOVA Chemicals Corporation
- Polyplastics Co., Ltd
- Röchling SE & Co. KG
- DSM Engineering Materials Inc.
- Trinseo PLC
Recent Developments
- In November 2023, Celanese Corp. has announced the global commercial presentation of two new polyamide compounds, including Frianyl PA W-Series and Celanyl PA B3 GF30 E for manufacturers of electric vehicle powertrain components and batteries.
- In May 2023, Borealis, an international company and European market leader in the production of advanced & circular plastic solutions, has presented Stelora. It is a new sustainable engineering polymer by the company.
- In March 2023, Victrex PLC has presented a new type of implantable PEEK-OPTIMA polymer, specially developed for the application as the manufacturing solution for medical device additives. Such materials as fused deposition modeling and fused filament fabrication can benefit from this advancement.
Engineering Plastics Key Market Trends
- Advancement in Additives Production: The opportunity to expand the engineering plastics market is significant progress in additives production. Digital manufacturing, which includes 3D printing, is the process of making complex components and prototypes from engineering plastics. Additive manufacturing has led aerospace industries, healthcare industries, and consumer goods industries to implement 3D printing. Customized components may be added or altered on-demand with no material waste using additives. Printing and materials technology developments are enabling improved engineering plastics performance and versatility in additive manufacturing.
- Growing Trends for Bio-based Engineering Plastics: The advantage of using bioplastics is the reduced dependency on petrochemicals as well as cleaner and manufacturing processes. In the past two decades, several variants of bio-polyesters, bio-polyamides and PHA based plastics have been developed, which show unique physical properties similar to most of the traditional engineering thermoplastics.
Engineering Plastics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the rising prices, demand, and wide range of engineering plastics that are used in various industries, such as consumer electronics, will lead to an increase in the global engineering plastics market. Engineering plastics are lighter, more robust than regular plastics, and excel in abrasion and corrosion. Various end users that boost the global need for engineering plastic are electrical and electronics, automotive and transportation, equipment and industrial, and consumer goods. It is, however, the car sector that is likely to be the largest. This is because automobile companies adopt new age technology in the form of more light vehicles and use of low vehicle emissions. The global demand for engineering plastic is also being driven by the ease with which it can be worked on.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 107.2 billion |
| Market size value in 2031 | USD 175.05 billion |
| Growth Rate | 5.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Engineering Plastics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Engineering Plastics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Engineering Plastics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Engineering Plastics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Engineering Plastics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Engineering Plastics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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