Engineering Plastics Market | Key players operating in the market include BASF SE, Covestro AG, Solvay S.A., Celanese Corporation, LG Chem Ltd.

According to recent market research the "Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymer), End-use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging) and Region - Global Forecast to 2027", The global engineering plastics market size is projected to grow from USD 107.2 billion in 2022 to USD 140.9 billion by 2027, at a CAGR of 5.6% from 2022 to 2027. With the rapidly increasing demand for engineering plastics and their new applications, there are many players operating in this market. There is an increasing number of global and local players in every country. This increase in competition and the level of market fragmentation for engineering plastics highlights the attractiveness of the market. Investments are growing in the emerging markets of Asia, Africa, and Latin America in the form of new research facilities or capacity expansions. In 2020, the engineering plastics market was significantly impacted by the COVID-19 pandemic, with a substantial decline in its CAGR. However, recovery was witnessed with a positive impact on the engineering plastics market because of demand in the construction sector in 2021.

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Polyamides (nylon) are semi-crystalline polymers and are widely used in a variety of applications in several industries. Nylon 6 and Nylon 66 are the major polyamides used as engineering plastics. Polyamides possess good mechanical capability, strength, toughness, dimensional stability, and high temperature, chemical, flame, and abrasion resistance. In the past years, the growth of Asia Pacific, especially China in terms of durable goods production has boosted the demand for nylon engineering resin significantly. Nylon engineering resins are widely used in the automotive industry, sportswear, carpeting, fabric, electrical & electronics, industrial and recreational components, and films for food packaging.

Nylon 6 is increasingly used in applications requiring a combination of strength and stiffness at high temperatures and toughness at low temperatures. It is also finding new applications in automotive such as air intake manifolds, and its use in the automotive industry, especially for under-the-hood applications, is expected to grow significantly. Both Nylon 6 and Nylon 66 are used in many different markets and applications due to their high mechanical strength, hardness, rigidity, tenacity, and wear resistance. Other polyamide grades used for engineering plastics applications include Nylon-11 and Nylon-12. Nylon 11 is a bio-based engineering plastic, and Nylon 12 is a synthetic polyamide manufactured using petroleum sources.

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Automotive & transportation is the largest end-use industry of engineering plastics. These plastics are extensively used in the automotive & transportation industry for applications such as connectors & housing, under-the-hood components, wheel well, and lighting & components (structural housings, headlamps & fog lamps, and reflectors & lighting sockets). They are used in all types of vehicles, from high-performance track cars to five-door sedans and trucks. The demand from the automotive industry is expected to increase substantially as the industry is currently moving toward vehicle weight reduction and increased fuel efficiency driven by government norms and regulations. Engineering plastics are the preferred materials for the automotive industry due to their low weight and high performance. Automobile manufacturers are also looking forward to engineering plastics as an alternative to metals and glass as these plastics provide them with the ideal combination of price and performance.

Europe accounted for a market share of 26.4%, in terms of value, in 2021. Germany is the major market for engineering plastics in Europe. It has the largest plastic production. In 2021, more than a quarter of Europe's engineering plastic production was from Germany. The prime driver for engineering plastics is its application in the automotive industry. In Europe, approximately 16.3 million automobiles were produced in 2021, which is expected to further increase in the coming years, especially EV production.

Industrial expansion and technological developments in the region are driving the consumption of engineering plastics for passenger cars. The growth of the market is also expected to be supported by the improving global economy and rising demand for lightweight vehicles. Focus on reducing greenhouse gas emissions is also expected to drive the engineering plastics market for passenger cars. The automotive industry plays an important role in generating revenue and providing employment in the region. According to the European Automobile Manufacturers Association, the region witnessed a decline of 22.3% in passenger car production between 2019 and 2020 due to the COVID-19 pandemic. However, the demand for engineering plastics for passenger cars is expected to increase with the ongoing developments in the automotive industry and widening distribution network.

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There are different players that operate in the engineering plastics market. The major market players include BASF (Germany), Covestro (Germany), Celanese Corporation (US), Solvay (Belgium), LG Chem (South Korea), and SABIC (Saudi Arabia) among others. Various strategies, such as new product launch, expansion, and product development are adopted by several players to gain a competitive edge to increase their global footprint and sustain growth in the engineering plastics market.

BASF is a chemical company operating in more than 80 countries. The company operates through six business segments: chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The company's products are used in many sectors, such as agriculture, chemicals, construction, energy & resources, home care, I&I cleaning, paints & coatings, personal care & hygiene, and pulp & paper. The company operates through its network of manufacturing facilities across the world. It has a presence in Europe, Asia Pacific, South America, Africa, the Middle East, and North America.

Celanese Corporation is involved in the manufacturing and distribution of specialty and intermediate chemical products. The company is operating through four business segments: consumer specialties, advanced engineered materials, industrial specialties, and acetyl intermediates. The company produces engineering plastics through its engineered materials segment. Celanese Corporations engineered materials segment develops, produces, and supplies a portfolio of specialty polymers for application in automotive, electronics, and other consumer and industrial applications.

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