Engineering Plastics Market is expected to grow at a CAGR of 7.2% from 2024 to 2030, reaching nearly US$ 185.86 Bn.

Engineering Plastics Market Overview

The global Engineering Plastics Market, valued at USD 114.24 billion in 2023, is projected to grow significantly, reaching approximately USD 185.86 billion by 2030 with a compound annual growth rate (CAGR) of 7.2% from 2024 to 2030. Engineering plastics are specialized polymers offering superior mechanical and thermal properties over standard commodity plastics like polystyrene, PVC, polypropylene, and polyethylene. The report from Maximize Market Research Pvt. Ltd. examines key segments in the market, including type, end-use industry, and region, providing a comprehensive view of industry trends and growth factors.

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Engineering Plastics Market Drivers

Engineering plastics play an essential role across diverse industries by offering a unique combination of physical, mechanical, and thermal properties. These plastics are highly durable and resistant to various environmental factors, such as chemicals, heat, abrasion, and weather changes, making them a crucial material in the production of automotive, electronics, industrial machinery, and consumer products. Driven by advancements in the automotive, electrical, and electronics sectors, engineering plastics are increasingly substituting conventional materials like metals and glass. The report highlights a growing shift towards lightweight materials, particularly in the automotive sector, where engineering plastics enhance fuel efficiency and design flexibility.

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Engineering Plastics Market restraints

The demand for engineering plastics is expected to rise in response to the automotive industry's shift towards lightweight components. Key factors influencing this trend include government policies on fuel efficiency, consumer demand for fuel-efficient vehicles, and a focus on reducing vehicle emissions. These plastics are used extensively in automotive components, from dashboards and body panels to fuel systems and electrical parts, helping to reduce vehicle weight while enhancing performance and safety. With the increase in hybrid electric vehicle production, the need for materials that can withstand high temperatures and resist wear is fueling demand for engineering plastics.

Another significant driver for market growth is the ongoing replacement of metals with polymers in various applications. Engineering plastics such as polyamides are increasingly being adopted in vehicle gear shift modules, electrical components, and industrial machinery due to their high strength-to-weight ratio and thermal stability. As vehicle manufacturers strive to achieve greater fuel economy, the automotive sector is incorporating more of these advanced materials to meet efficiency and sustainability goals. According to industry studies, reducing vehicle weight by 10% can result in a 6-8% improvement in fuel economy, underscoring the benefits of engineering plastics in modern automotive design.

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Engineering Plastics Market regional analysis

Asia Pacific region is expected to dominate the Engineering Plastics Market during the forecast period 2024-2030. Asia Pacific region is expected to hold the largest market share of xx% by 2030. The market in the region is growing at a fast pace, owing to the increasing demand from nations like China, Japan, and India. In the Asia Pacific region, China is expected to be the largest market for engineering plastics. India is expected to be the region's and the world's fastest-growing market. The demand for engineering plastics has risen dramatically as the automotive and electrical and electronics industries have grown, as has semiconductor manufacturing and television and other consumer appliance exports. The need for engineering plastics in Asia Pacific is expected to be driven by the region's fast-growing economies, such as India and Taiwan.

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Engineering Plastics Market Segmentation

by Type

Acrylonitrile Butadiene Styrene (ABS)
Polyamide (PA)
Polycarbonate (PC)
Thermoplastic polyesters (PET/PBT)
Polyacetals (POM)
Fluoropolymers
PEEK
Polyphenylene Sulfide
Polyphenylene Oxide
PMMA
Others

by End-Use Industry

Automotive & transportation
Electrical & electronics
Industrial & machinery
Packaging
Consumer appliances
Medical
Others

Engineering Plastics Market Key Players

1. Asahi Kasei Corporation
2. BASF SE
3. Celanese Corporation
4. Covestro
5. DSM N.V.
6. Dupont
7. Lanxess
8. LG Chem.
9. Mitsubishi Engineering-Plastics Corporation
10.Saudi Basic Industries Corporation (Sabic)
11.Solvay SA
12.Teijin
13.Toray
14.Victrex Plc.
15.Ashland

Key questions answered in the Engineering Plastics Market are:

• How huge is the Engineering Plastics software market?
• Which region is expected to hold the highest share in the Global Engineering Plastics Market?
• What is the forecast for embedded systems market?
• What is the forecast period for the Global Engineering Plastics Market?

Key Offerings:

• Past Engineering Plastics Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024-2030
• Engineering Plastics Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
o Competitive landscape - Engineering Plastics Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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About Maximize

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