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Engineering Plastics Market Growth And Overview Report 2024-2033
Engineering Plastics Market Growth
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Engineering Plastics Market 2024 Key Insights:
• 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 Electronics And Electrical Industries Boosts Engineering Plastics Market
• Introduction Of Bio-Based And Recycled-Based Materials In Engineering Plastics Market
• Asia-Pacific was the largest region in the engineering plastics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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