Global Engineering Plastics Market

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 2025-2032


Report ID: SQMIG45A2217 | Region: Global | Published Date: September, 2024
Pages: 197 | Tables: 126 | Figures: 73

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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FAQs

Engineering Plastics Market size was valued at USD 113.2 Billion in 2023 and is poised to grow from USD 119.54 Billion in 2024 to USD 184.85 Billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).

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.  

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Global Engineering Plastics Market

Report ID: SQMIG45A2217

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