Engineering Plastics Market Set to Reach $180.35 Billion by 2029 with 10% Yearly Growth

What combination of drivers is leading to accelerated growth in the engineering plastics market?
The advancement in electrical and electronic industries is anticipated to stimulate the engineering plastics market's expansion in the future. The electronic sector produces consumer electronics, electrical components, and related equipment utilized in an array of products. Engineering plastics find extensive application in creating diverse electronic items, such as communication equipment, computers, switchgear, storage batteries, and switchboards. For example, the Ministry of Electronics and Information Technology, a government organization based in India, projected that the electronics manufacturing sector would escalate from USD 75 billion in 2022 to USD 300 billion by 2026. Hence, the surge in the electrical and electronic industries is fuelling the demand in the engineering plastics market.

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What is the projected compound annual growth rate (CAGR) of the engineering plastics market from 2025 to 2034, and what factors influence it?
In the past few years, there has been substantial growth in the engineering plastics market size. The market is set to expand from $112.68 billion in 2024 to $122.98 billion in 2025, presenting a compound annual growth rate (CAGR) of 9.1%. This significant development during the historical period can be credited to the replacement of traditional materials, a surge in electrical and electronics industries, a heightened emphasis on sustainability, growth in the construction field, and advances in medical device sectors.

Over the coming years, the engineering plastics market is projected to experience a fast-paced expansion. This market is anticipated to swell to a massive $180.35 billion by 2029, with a compound annual growth rate (CAGR) pegged at 10.0%. Factors contributing to its growth during the forecasted period include the rise of 3D printing and additive manufacturing, modifications in infrastructure, use in the aerospace industry, changes in the consumer electronics sector, and initiatives towards a circular economy. The major trends expected to mark the forecast period are the growth of high-performance thermoplastics, miniaturization trends in electronics, development of smart and functional materials, customization and bespoke solutions, and adherence to health and safety regulations.

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How are the latest trends influencing the growth of the engineering plastics market?
Bio-based or recycled-based materials are becoming increasingly popular in the engineering plastics market, a trend that is being adopted by many significant players. These companies are concentrating on the development of bio-based or recycled-based materials as potential alternatives to plastic solutions in a bid to consolidate their market standing. In August 2022, Japan's Toray Industries Inc., renowned for creating engineering plastics like PPS, nylon, and PBT, pioneered the creation of the first entirely bio-based adipic acid. This component of nylon 66 (polyamide 66) is derived from sugars extracted from non-consumable feedstock. The company achieved this feat through a novel synthesis method that integrated microbial fermentation technology and chemical purification technology, leveraging separation membranes.

What are the major segments of the engineering plastics market and their role in driving growth?
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

Subsegments:
1) By Acrylonitrile Butadiene Styrene (ABS): General Purpose ABS, High-Impact ABS, Flame-Retardant ABS
2) By Polyamide (Nylon): Nylon 6, Nylon 66, Other Nylon Grades
3) By Polycarbonate (PC): General Purpose Polycarbonate, Optical Grade Polycarbonate, Impact-Resistant Polycarbonate
4) By Thermoplastic Polyester (PET, PBT): Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT)
5) By Polyacetal (POM): Homopolymer Polyacetal, Copolymer Polyacetal
6) By Fluoropolymer: Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy Alkane (PFA)
7) By Other Types: ket*one (PEEK), Polyphenylene Sulfide (PPS), Other Specialty Engineering Plastics

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Which regions are key players in the growth of the engineering plastics market?
Asia-Pacific was the largest region in the engineering plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the engineering plastics market during the forecast period. The regions covered in the engineering plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Who are the key firms paving the way for growth in the engineering plastics market?
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, 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.

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What Is Covered In The Engineering Plastics Global Market Report?

•Market Size Forecast: Examine the engineering plastics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the engineering plastics market for a structured understanding.
•Key Players Overview: Analyze major players in the engineering plastics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the engineering plastics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the engineering plastics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the engineering plastics market.
•Industry Challenges: Identify potential risks and obstacles affecting the engineering plastics market.
•Competitive Landscape: Review strategic developments in the engineering plastics market, including expansions, agreements, and new product launches.

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