Engineering Plastics Global Market Report 2024 - By Growth, Size, Share, Drivers, Forecast To 2033

The engineering plastics market size has grown strongly in recent years. It will grow from $103.88 billion in 2023 to $113.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to substitution for traditional materials, electrical and electronics boom, increased focus on sustainability, expansion in construction, medical device growth.

The engineering plastics market size is expected to see strong growth in the next few years. It will grow to $161.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to 3d printing and additive manufacturing, infrastructure modernization, aerospace applications, evolving consumer electronics sector, circular economy initiatives. Major trends in the forecast period include high-performance thermoplastics, miniaturization in electronics, smart and functional materials, customization and tailored solutions, health and safety compliance.

Market Overview -
Engineering plastics are high-performance synthetic resins with high durability and heat resistance that have better mechanical and thermal properties. These resins are a class of plastic polymers that offer superior qualities over the more popular commodity plastics. The engineering plastics have the ability to withstand adverse mechanical and environmental conditions.

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The Growth In Electronics And Electrical Industries Boosts Engineering Plastics Market
The growth in the electronics and electrical industries is expected to propel the growth of the engineering plastics market going forward. The electronics industry produces consumer electronics, electrical equipment, and electrical components for a variety of products. Engineering plastics are used in the manufacturing of various electronic goods such as computers, communication equipment, switchgear, storage batteries, and switchboards. For instance, according to the Ministry of Electronics and Information Technology, an India-based government agency, the electronics manufacturing industry is expected to grow from USD 75 billion in 2022 to USD 300 billion by 2026. Therefore, the growth in the electronics and electrical industries is driving the demand for the engineering plastics market.

Competitive Landscape -
Major companies operating in the engineering plastics market include Covestro AG, DuPont de Nemours Inc., LG Chem Ltd., Evonik Industries AG, Mitsubishi Chemical Engineering Corporation, BASF SE, Celanese Corporation, Solvay S.A., Dow Chemical Company, Saudi Basic Industries Corporation, LANXESS AG, Bayer AG, Asahi Kasei Corporation, DSM Engineering Plastics, Polyplastics Co. Ltd., Teijin Limited, Toray Industries Inc., Arkema S.A., Chi Mei Corporation, Daicel Corporation, Eastman Chemical Company, EMS-Chemie Holding AG, Formosa Plastics Corporation, Huntsman Corporation, INEOS Styrolution Group GmbH, JSR Corporation, KOLON Industries Inc., Kuraray Co. Ltd., Mitsui Chemicals Inc, Nilit Ltd., Radici Group, RTP Company, Sumitomo Chemical Co. Ltd., Techno Polymer Co. Ltd., Tosoh Corporation, Ube Industries Ltd., Victrex plc, Zhejiang NHU Special Materials Co. Ltd.

Introduction Of Bio-Based And Recycled-Based Materials In Engineering Plastics Market
Bio-based or recycled-based materials have emerged as a key trend gaining popularity in the engineering plastics market. Major companies operating in the engineering plastics market are focused on developing bio-based or recycled-based materials as alternatives for plastics solutions to strengthen their position in the market. For instance, in August 2022, Toray Industries, Inc., a Japan-based producer of engineering plastics such as PPS, nylon, and PBT, developed the first ever fully bio-based adipic acid, a component of nylon 66 (polyamide 66), made from sugars extracted from non-edible feedstock. The company's microbial fermentation technology and chemical purification technology, which makes use of separation membranes, were combined in a unique synthesis method to accomplish this success.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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