Press release
Engineering Plastics Market Forecasted To Reach USD 206.20 Bn by 2032, Growing at 7.4% CAGR from 2025 to 2032
Engineering Plastics Market
Engineering Plastics Market Overview:
The global engineering plastics market is experiencing significant growth, driven by the demand for lightweight, durable alternatives to traditional materials. These high-performance polymers are increasingly utilized across various industries, including automotive, electronics, and construction, due to their superior mechanical, thermal, and chemical properties. The Asia-Pacific region, particularly countries like China, India, and Japan, is leading this surge, fueled by rapid industrial development and infrastructure investments.
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Engineering Plastics Market Dynamics
The automotive industry's shift towards lightweight materials to improve fuel efficiency and reduce emissions has significantly impacted the engineering plastics market. Engineering plastics offer a weight reduction of 30-50% compared to traditional metal parts, making them ideal for applications in electric vehicles and hybrid electric vehicles. Their superior heat resistance and stability also make them suitable for electrical components in these vehicles.
However, challenges such as processability issues, particularly with thermoset plastics, can restrain market growth. These materials often require specialized processing techniques, which can increase production costs and complexity. Despite these challenges, ongoing innovations and the development of new processing methods are expected to mitigate these issues over time.
Engineering Plastics Market Outlook and Future Trends :
Looking ahead, the engineering plastics market is poised for continued growth, with a projected CAGR of 7.4% from 2025 to 2032. The increasing adoption of electric vehicles and the expansion of the electronics industry are expected to drive demand further. Additionally, the development of bio-based and recycled engineering plastics will play a crucial role in meeting sustainability goals and catering to environmentally conscious consumers.
Key Recent Developments
Vietnam
Vietnam's engineering plastics market is experiencing substantial growth, driven by the increasing adoption of high-performance polymers in various industries. The market is projected to exhibit a CAGR of 6.65% during 2025-2033, with applications spanning automotive, electronics, and consumer goods
Thailand
Thailand's plastics industry has seen significant foreign investment, with companies like SCG Group planning to invest up to $6 billion to strengthen their position in the sector. These investments aim to enhance the production capabilities and competitiveness of Thailand's engineering plastics market.
Japan
Japanese companies are actively engaging in mergers and acquisitions to bolster their presence in the engineering plastics market. For instance, Sekisui Chemical Company has become a major shareholder in Tien Phong Plastic Joint Stock Company, reflecting Japan's strategic investments in Southeast Asia's plastics industry.
South Korea
South Korea's engineering plastics market is projected to reach USD 7.88 billion by 2033, growing at a CAGR of 7.10% from 2023 to 2033. This growth is attributed to the country's robust automotive and electronics industries, which are significant consumers of engineering plastics.
Singapore
Singapore continues to play a pivotal role in the global plastics market, serving as a hub for trade and innovation. The country's strategic location and business-friendly environment attract investments and facilitate the growth of the engineering plastics sector.
United States
In the United States, companies like Ensinger have expanded their operations through acquisitions, such as the purchase of StyLight thermoplastic composite materials business from INEOS Styrolution. These strategic moves aim to enhance product offerings and meet the growing demand for engineering plastics in various industries.
Europe
European companies are also active in the engineering plastics market, focusing on sustainability and innovation. For example, BASF has made several acquisitions to strengthen its position in the specialty chemicals sector, including the purchase of Johnson Polymer and the construction chemicals business of Degussa.
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Engineering Plastics Market Segmentation
by Type
Acrylonitrile Butadiene Styrene (ABS)
Polyamide (PA)
Polycarbonate (PC)
Thermoplastic polyesters (PET/PBT)
Polyacetals (POM)
Others
by End-use Industry
Automotive & transportation
Electrical & electronics
Industrial & machinery
Packaging
Others
Some of the current players in the Engineering Plastics Market are:
North America
1. DuPont (United States)
2. Celanese Corporation (United States)
3. Solvay USA Inc. (United States)
4. ExxonMobil Chemical (United States)
5. Eastman Chemical Company (United States)
6. SABIC Innovative Plastics US LLC (United States)
7. Ensinger Inc. (United States)
8. RTP Company (United States)
Europe
9. BASF SE (Germany)
10. Evonik Industries AG (Germany)
11. LANXESS AG (Germany)
12. Arkema S.A. (France)
13. DSM Engineering Materials (Netherlands)
14. Covestro AG (Germany)
15. LyondellBasell Industries N.V. (Netherlands)
16. EMS-CHEMIE Holding AG (Switzerland)
17. Polymershapes (France)
Asia-Pacific
18. Mitsubishi Engineering-Plastics Corporation (Japan)
19. Toray Industries, Inc. (Japan)
20. Teijin Limited (Japan)
21. LG Chem Ltd. (South Korea)
22. Sumitomo Chemical Co., Ltd. (Japan)
23. Idemitsu Kosan Co., Ltd. (Japan)
24. Formosa Plastics Corporation (Taiwan)
25. Chi Mei Corporation (Taiwan)
26. Kolon Plastics Inc. (South Korea)
For additional reports on related topics, visit our website:
♦ Talc Market https://www.maximizemarketresearch.com/market-report/global-talc-market/12607/
♦ Global Ethylene Oxide Market https://www.maximizemarketresearch.com/market-report/ethylene-oxide-market/41828/
♦ Primer Market https://www.maximizemarketresearch.com/market-report/global-primer-market/66155/
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