Engineering Plastics Market is Expected to Soar in the Upcoming Years 2024 - 2031 | Arkema Group, Asahi Kasei Corporation

Market Overview:

Global engineering plastics market is estimated to be valued at USD 119.32 Bn in 2024 and is expected to reach USD 173.57 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

Market Dynamics:

The global engineering plastics market is expected to witness significant growth over the forecast period 2024-2031, driven by rising demand from the automotive industry. With increasing focus on reducing vehicle weight and improving fuel efficiency, automakers are increasingly adopting high-performance engineering plastics to manufacture lightweight components. Furthermore, stringent regulations regarding vehicular emissions are also propelling the use of engineering plastics. The aerospace industry is another major end-use sector, where engineering plastics find widespread applications due to their strength, durability and corrosion resistance. Growing air passenger traffic globally is anticipated to drive demand.

💎Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/2162

Mechanical properties of engineering plastics driving increased consumption

Engineering plastics offer superior toughness, durability and heat resistance compared to commodity plastics. With increasing demand for lightweight yet strong materials in various end-use industries such as automotive, aerospace and electronics, consumption of engineering plastics is rising. Engineering plastics can withstand higher temperatures than traditional plastics without losing their mechanical properties. This makes them ideal for applications requiring heat resistance such as engine compartments, transmission components and electronics devices housings. Polyamides, polycarbonates, polyphenylene sulfide, liquid crystal polymers and polyetherimide offer high strength-to-weight ratio, dimensional stability and impact resistance suitable for structural applications increasingly replacing metals. Rising use of composites and blends further extends mechanical properties of engineering plastics facilitating their adoption in more durable and lighter components.

Growing substitutes adoption may limit extensive market gains

Increasing production and development of alternative advanced composite materials is an key opportunity but also a threat for engineering plastics market. Fiber reinforced polymers, carbon fiber-reinforced plastics and metal matrix composites allow significantly lighter weight construction of high performance components compared to engineering plastic and metal structural parts. Composites offer design freedom, corrosion resistance and multifunctional properties attractive for applications in aerospace, defense, industrial equipment and high-end automotive. As production technologies mature and costs decline, composites adoption is rising at a faster rate than engineering plastics particularly in high strength applications. While engineering plastics will continue dominating volumes, their share in value terms may moderately decrease long term if substitutes capture larger market opportunities. The threat can be mitigated through continuous innovation and value-added product development by engineering plastics producers.

Thermoplastic composites emerging as a major trend

Thermoplastic composites are emerging as an important trend expected to spur engineering plastics consumption. Unlike traditional thermoset composites, thermoplastic composites allow easier recyclability as the matrix material can be remelted and reused. Popular thermoplastic matrices include polyamide, polypropylene, polycarbonate and PEEK allowing reinforced compositions with carbon, glass and natural fibers. Automotive and aerospace parts manufacturers are increasingly adopting thermoplastic composites for their lightweight yet durable, corrosion resistance, recyclable and design flexible properties. Additionally, thermoplastic composites permit simplified assembly, reduced waste and enable tailoring mechanical performance compared to ubiquitous thermoset composites and metals. This new generation material presents major market potential not just in transportation but also pipe & tank, marine, construction and consumer electronics industries. The thermoplastic

💎You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/2162

Top Companies Featured in This Report:

★ Arkema Group
★ Asahi Kasei Corporation
★ BASF SE
★ Celanese Corporation
★ Covestro
★ DSM N.V.
★ Dupont
★ Lanxess
★ LG Chem.
★ Mitsubishi Engineering-Plastics Corporation
★ Saudi Basic Industries Corporation (Sabic)
★ Solvay SA
★ Teijin
★ Toray
★ Victrex Plc.
★ Bhansali Engineering Polymers Limited.
★ Chiripal Poly Film.
★ Gujarat Fluorochemicals Limited (GFL)
★ Hindustan Fluorocarbons Limited.
★ INEOS

Market Segmentation:

By Product Type:

★ By Product Type: Polyamides (PA), Polycarbonates (PC), Acrylonitrile butadiene styrene (ABS), Styrene Acrylonitrile (SAN), Polyoxymethylene (POM), Polybutylene terephthalate (PBT), Fluoropolymers, Others

By Applications:

★ By Applications: Automotive and Transportation (Interiors and Safety, Engine and Mechanical, Exteriors and Structural, Others (include fuel systems, electrical and electronics)), Electrical and Electronics (Consumer Appliances, Others (include lighting, optical media, wire and cable, electronic components), Construction( glazing and sky lighting, pipes and fittings, others (wall outlets, building bricks)), Medical (diagnostic and drug delivery systems, medical devices, others (include surgical instruments, orthopedic implant, and orthopedics)), Industrial and Machinery, Packaging, Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Insights from the Global Engineering Plastics Market Analysis:

Market Size Evaluation: Assessing the value and sales volume of the Engineering Plastics market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Engineering Plastics market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Engineering Plastics market.
Segment Analysis: Examining the market value and sales volume of Engineering Plastics by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Engineering Plastics market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Engineering Plastics sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

💎Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/2162

Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

Contact Us

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.