Engineering Plastics Market Booms to $161.88 Billion by 2028, Fueled by Electronics and Automotive Sectors

The engineering plastics market has exhibited robust growth, climbing from $103.88 billion in 2023 to an anticipated $113.38 billion in 2024, reflecting a commendable Compound Annual Growth Rate (CAGR) of 9.1%. The market is poised for continued expansion, projecting a surge to $161.88 billion by 2028, maintaining a robust CAGR of 9.3%.

Drivers of Growth:

Electrifying Electronics and Electrical Industries:
Anticipated growth in the electronics and electrical industries emerges as a pivotal driver propelling the engineering plastics market. With the electronics sector set to burgeon from $75 billion in 2022 to a staggering $300 billion by 2026, according to the Ministry of Electronics and Information Technology, the demand for engineering plastics, integral to electronic goods manufacturing, experiences an upswing. Applications span computers, communication equipment, switchgear, storage batteries, and switchboards.

Automotive Appetite Drives Demand:
The escalating demand for automobiles emerges as a significant catalyst propelling the engineering plastics market. With engineering plastics playing a crucial role in achieving lightweight components for enhanced fuel efficiency, durability for long-lasting parts, and resistance to chemical and thermal stress, the automotive industry witnesses a surge. Notably, statistics from MarkLines Co., Ltd. indicate a substantial increase in the sales of passenger cars and light trucks in the US.

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Market Pacesetters:
Major players steering the engineering plastics market include Covestro AG, DuPont de Nemours Inc., LG Chem Ltd., and other industry stalwarts. Their strategic contributions play a pivotal role in shaping market dynamics across diverse end-user sectors.

Innovations & Trends:

Bio-Based and Recycled Materials Take Center Stage:
A notable trend gaining momentum in the engineering plastics market is the introduction of bio-based or recycled materials. Toray Industries, Inc. exemplifies this trend by developing the first fully bio-based adipic acid, a component of nylon 66, derived from sugars extracted from non-edible feedstock. This signifies a pivotal shift towards sustainable alternatives, aligning with environmental considerations.

Material Fusion for Competitive Edge:
Companies operating in the engineering plastics market focus on introducing products crafted from a combination of materials. Borealis AG, for instance, introduced Stelora, an innovative engineering polymer produced from renewable feedstock. The combination of COCs with polypropylene enhances material properties, offering attributes such as high-temperature resistance, improved transparency, and superior durability.

Global Landscape:
In 2023, Asia-Pacific led the engineering plastics market, with projections indicating its dominance as the fastest-growing region in the forecast period. Comprehensive coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation Insights:

The engineering plastics market covered in this report is segmented -
1) By Type: Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, Other Types
2) By Performance Parameter: High Performance, Low Performance
3) By End-Use Industry: Automotive And Transportation, Consumer Appliances, Electrical And Electronics, Industrial And Machinery, Packaging, Other End-Use Industries

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Engineering Plastics Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Engineering Plastics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on engineering plastics market size, engineering plastics market drivers and trends, engineering plastics market major players, competitors' revenues, market positioning, and market growth across geographies. The engineering plastics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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