The global engineering plastics market size is expected to reach USD 193.24 billion by 2030, according to a new study by Polaris Market Research. The report “Engineering Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (Polyamide, Acrylonitrile Butadiene Styrene, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others); By End-Use Industries; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The benefits associated with engineering plastics for automobiles are the major factor boosting the demand for different plastics, driving the growth. Four polymers—polypropylene, polyurethane, polyamides, & PVCs contain around 70% of the plastic used in vehicles. Recent trends toward lighter weighting for increased fuel efficiency and resulting decreases in greenhouse gas emissions have led to plastic becoming one of the essential materials needed for automobiles’ structure, functionality, and safety. While engineering plastics reduce the mass of parts used in automobiles because they provide more design freedom than metals, their high absorption qualities enable the vehicle to fulfill stricter safety regulations.
Further, the market expansion is primarily driven by the expanding automobile industry as a result of increased urbanization. The number of automobiles produced worldwide in 2021, up 1.3% from 2020 to 79.1 million, was reported by the European Automobile Manufacturers Association.
The need for engineering plastics, extensively employed across automobile and transportation parts like exteriors, engines, mechanical parts, interiors, diesel engines, and electric and electronic elements, is rising as auto production increases. Engineering plastic’s market is expanding as a result of expansion in the electronic and electrical industries brought on by a rise in demand for electronic products, including storage batteries, computers, communication devices, switchgear, and switchboard.
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Additionally, growing investments in infrastructure development projects by both public and private organizations have increased the use of polyvinyl chloride (PVC) pipes for water distribution systems, boosting the use of engineering plastics. Additionally, these polymers are widely employed in the healthcare sector to manufacture medical implants and package medical devices, fueling market expansion internationally.
Engineering Plastics Market Report Highlights
- Consumer appliances segment is anticipated to grow rapidly over the forecast period. Engineering bounders find increasing use in the consumer appliances sector. Because of their versatility in design and aesthetic appeal, engineered plastics are desirable in this sector.
- The ABS (acrylonitrile butadiene styrene) segment accounted for the highest revenue share. ABS is primarily utilized in the automotive industry, for electrics and semiconductors, and in smaller amounts in the building and home goods industries.
- Asia-Pacific is expected to grow dominantly over the projected period. Increasing consumption of engineering plastic in many end-use industries, along with high populations, propels regional growth. China is the largest producer & consumer of engineering plastic.
- The global players include Arkema Corporation, Eastman Chemical Company, Evonik Industries, LG Chem Company, Mitsubishi Engineering-Plastics, DSM Corporation, SABIC, Solvay Incorporation, and TEIJIN LIMITED.
Polaris Market Research has segmented the engineering plastics market report based on type, end-use industries, and region:
Engineering Plastics, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Acrylonitrile Butadiene Styrene
- Thermoplastic Polyester
Engineering Plastics, End-Use Industries Outlook (Revenue – USD Billion, 2018 – 2030)
- Automotive and Transportation
- Consumer Appliance
- Electrical & Electronics
- Industrial & Machinery
Engineering Plastics, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa