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Engineering Plastics Market to Hit US$ 193.24 Billion by 2030, Showing a 5.5% Annual Growth Rate From 2022-2030

06-18-2024 03:10 PM CET | Chemicals & Materials

Press release from: Polaris Market Research & Consulting

Engineering Plastics Market

Engineering Plastics Market

The global engineering plastics market was valued at USD 121.69 billion in 2021 and is expected to grow to USD 193.24 billion by 2030. The market is anticipated to exhibit a CAGR of 5.5% during the forecast period from 2022 to 2030. The market is mainly segmented based on type, end-use industries, and region. The demand in Asia-Pacific is expected to witness significant growth.

๐”๐ง๐ฅ๐จ๐œ๐ค ๐จ๐ฎ๐ซ ๐„๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ž ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐“๐จ๐๐š๐ฒ: https://www.polarismarketresearch.com/industry-analysis/engineering-plastics-market/request-for-sample

The fast use of engineering plastics across numerous verticals, as well as leading companies' product releases for these verticals, will be major drivers of market growth over the projection period. According to the type study, the thermoplastic polyester segment is predicted to experience the fastest development. Demand in Asia-Pacific is predicted to expand significantly.

๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฏ๐ž๐ซ๐ฏ๐ข๐ž๐ฐ:
Engineering plastics are a type of plastic material that has superior automatic or thermal effects than more commonly utilized item plastics, including polypropylene, polystyrene, polyethylene, and polyvinyl chloride. Engineering plastics cost more than regular plastics, so they are constructed in smaller quantities. They are more commonly utilized for fewer things or low-volume applications such as mechanical parts than for bulk and high-volume end uses.

๐Œ๐š๐ฃ๐จ๐ซ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:
Owing to the presence of numerous companies in the industry, the market is expected to be both competitive and fragmented.

๐“๐ก๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ ๐ก๐š๐ฌ ๐œ๐จ๐ฏ๐ž๐ซ๐ž๐ ๐ญ๐ก๐ž ๐ฆ๐š๐ฃ๐จ๐ซ ๐ฉ๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ ๐จ๐ฉ๐ž๐ซ๐š๐ญ๐ข๐ง๐  ๐ข๐ง ๐ญ๐ก๐ž ๐ž๐ง๐ ๐ข๐ง๐ž๐ž๐ซ๐ข๐ง๐  ๐ฉ๐ฅ๐š๐ฌ๐ญ๐ข๐œ๐ฌ ๐ฆ๐š๐ซ๐ค๐ž๐ญ:
โ€ข Arkema Corporation
โ€ข BASF SE
โ€ข Celanese Corporation
โ€ข Covestro AG
โ€ข Daicel Corporation
โ€ข DuPont De Numerous Inc.
โ€ข Eastman Chemical Company Inc.
โ€ข Evonik Industries AG
โ€ข INEOS Corp.
โ€ข LG Chem Company Limited
โ€ข Mitsubishi Engineering-Plastics Corporation
โ€ข DSM Corporation
โ€ข SABIC Inc.
โ€ข Solvay Incorporation
โ€ข TEIJIN LIMITED

๐๐ฎ๐ฒ ๐ญ๐ก๐ž ๐‹๐š๐ญ๐ž๐ฌ๐ญ ๐•๐ž๐ซ๐ฌ๐ข๐จ๐ง ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐€๐ฏ๐š๐ข๐ฅ๐š๐›๐ฅ๐ž ๐๐จ๐ฐ: https://www.polarismarketresearch.com/buy/1828/2

๐Œ๐š๐ซ๐ค๐ž๐ญ ๐ƒ๐ฒ๐ง๐š๐ฆ๐ข๐œ๐ฌ:
โ€ข ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ข๐ง๐  ๐ƒ๐ž๐ฆ๐š๐ง๐ ๐ข๐ง ๐€๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ž ๐’๐ž๐œ๐ญ๐จ๐ซ: With automotive manufacturers focusing on lightweighting vehicles to improve fuel efficiency and reduce emissions, engineering plastics such as polycarbonates, polyamides, and ABS (Acrylonitrile Butadiene Styrene) are being increasingly used in place of metal components.

โ€ข ๐‘๐ข๐ฌ๐ข๐ง๐  ๐๐ž๐ž๐ ๐ข๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐จ๐ง๐ข๐œ๐ฌ ๐š๐ง๐ ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ๐š๐ฅ ๐€๐ฉ๐ฉ๐ฅ๐ข๐œ๐š๐ญ๐ข๐จ๐ง๐ฌ: The electronics industry demands materials that offer excellent electrical insulation properties, flame resistance, and dimensional stability. Engineering plastics like polyethylene terephthalate (PET), polybutylene terephthalate (PBT), and polycarbonate are fulfilling these requirements in applications ranging from connectors to housings for electronic devices.

โ€ข ๐†๐ซ๐จ๐ฐ๐ข๐ง๐  ๐€๐ฐ๐š๐ซ๐ž๐ง๐ž๐ฌ๐ฌ ๐ข๐ง ๐‡๐ž๐š๐ฅ๐ญ๐ก๐œ๐š๐ซ๐ž: Engineering plastics play a crucial role in the healthcare sector due to their biocompatibility, sterilizability, and chemical resistance. They are extensively used in medical device components, drug delivery systems, and surgical instruments.

โ€ข ๐€๐๐ฏ๐š๐ง๐œ๐ž๐ฆ๐ž๐ง๐ญ๐ฌ ๐ข๐ง ๐Œ๐š๐ญ๐ž๐ซ๐ข๐š๐ฅ ๐’๐œ๐ข๐ž๐ง๐œ๐ž: Ongoing research and development efforts are continuously expanding the capabilities of engineering plastics. Innovations in polymer chemistry and manufacturing processes have led to the development of plastics with enhanced properties such as heat resistance, impact strength, and UV stability.

๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ:
The growing acceptance of engineering plastics across multiple verticals, as well as the product launches of prominent players in these verticals, are the primary factors driving the engineering plastics market growth over the forecast period. Because of their great structural stiffness, engineered polymers quickly replace metals and wood in the automotive and construction sectors. These components reduce overall vehicle weight and increase fuel efficiency. Engineering plastic is also used in the electronics industry because of its remarkable resistance to a variety of environmental conditions, such as chemicals, high temperatures, and abrasion.

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐„๐ฏ๐ž๐ซ๐ฒ ๐ƒ๐ž๐ญ๐š๐ข๐ฅ ๐จ๐Ÿ ๐Ž๐ฎ๐ซ ๐‚๐จ๐ฆ๐ฉ๐ซ๐ž๐ก๐ž๐ง๐ฌ๐ข๐ฏ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐“๐จ๐๐š๐ฒ: https://www.polarismarketresearch.com/industry-analysis/engineering-plastics-market

๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ ๐š๐ง๐ ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ
Despite the promising growth prospects, the engineering plastics market faces challenges such as fluctuating raw material prices and environmental concerns associated with plastic waste. However, these challenges also present opportunities for innovation, particularly in the development of bio-based and recyclable engineering plastics.

๐…๐ฎ๐ญ๐ฎ๐ซ๐ž ๐Ž๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
Looking ahead, the engineering plastics market is expected to continue its upward trajectory, driven by advancements in material science, increasing application scope across industries, and growing demand for lightweight and sustainable materials. Companies are likely to focus on strategic partnerships, R&D investments, and sustainable practices to capitalize on emerging opportunities and address evolving market dynamics.

๐ƒ๐ž๐ฅ๐ฏ๐ž ๐ˆ๐ง๐ญ๐จ ๐Ž๐ฎ๐ซ ๐‹๐ž๐š๐๐ข๐ง๐  ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ:
๐‹๐ž๐š๐-๐€๐œ๐ข๐ ๐๐š๐ญ๐ญ๐ž๐ซ๐ฒ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.polarismarketresearch.com/industry-analysis/global-lead-acid-battery-market

๐’๐จ๐๐š ๐€๐ฌ๐ก ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.polarismarketresearch.com/industry-analysis/global-soda-ash-market

๐’๐ญ๐š๐ข๐ง๐ฅ๐ž๐ฌ๐ฌ ๐’๐ญ๐ž๐ž๐ฅ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.polarismarketresearch.com/industry-analysis/global-stainless-steel-market

๐Ÿ-๐ƒ๐ž๐œ๐ž๐ง๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.polarismarketresearch.com/industry-analysis/1-decene-market

๐Ÿ‘๐ƒ ๐๐ซ๐ข๐ง๐ญ๐ข๐ง๐  ๐Œ๐ž๐ญ๐š๐ฅ ๐Œ๐š๐ซ๐ค๐ž๐ญ: https://www.polarismarketresearch.com/industry-analysis/3d-printing-metal-market

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐ˆ๐ง๐Ÿ๐จ:
Polaris Market Research
Phone: +1-929-297-9727
Email: sales@polarismarketresearch.com

๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ
Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.

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