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

Engineering Plastics Market size was valued at USD 101.42 billion in 2021 and is poised to grow from USD 107.2 billion in 2022 to USD 167.03 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

The competitive environment of the engineering plastics market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. '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', 'Victrex Plc.', 'Ashland', 'Arkema'

The relentless surge in technological advancements within the electronic products sector continues to fuel a consistent demand for newer and faster electrical and electronic goods. By 2022, the revenue within this sector reached a substantial USD 5,807 billion. Asia-Pacific emerged as the dominant force, commanding a significant 74% market share, followed by Europe holding a 13% share. Forecasts predict a robust growth trajectory for the electrical and electronics market, anticipating a Compound Annual Growth Rate (CAGR) of 6.71% during the forecast period. This trajectory underscores the persistent momentum and expanding opportunities within this dynamic industry, propelled by evolving consumer preferences and the continuous evolution of technology driving innovation and market expansion.

The market for engineering plastics is experiencing significant impetus driven by the growing consumer preference for lightweight automobiles worldwide. This shift in preference has propelled the widespread adoption of engineering plastics in manufacturing various vehicle components, bolstering market growth on a scale. Additionally, substantial investments from both private and public sectors in infrastructural development projects have spurred increased utilization of polyvinyl chloride (PVC) pipes for water supply systems.

North America serves as a keystone in the engineering plastics market, primarily owing to its robust and diverse industrial framework encompassing automotive, electronics, healthcare, packaging, construction, and other sectors. Within these industries, engineering plastics play an integral role, leveraging their exceptional attributes such as lightweight composition, enduring durability, and remarkable resistance to chemicals.

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 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. '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'

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.  

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.  

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.