The global Engineering Plastics Market is estimated to be valued at US$ 115.0 billion in 2021 and is expected to exhibit a CAGR of 6.6% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Engineering plastics are a class of lightweight and high-performance materials that offer excellent mechanical, thermal, and electrical properties. They are widely used in various industries such as automotive, electrical & electronics, aerospace, and consumer goods. These plastics provide advantages such as weight reduction, improved fuel efficiency, and design freedom, making them an ideal choice for manufacturers. The increasing demand for lightweight materials to meet stringent regulations regarding emissions and fuel efficiency is driving the growth of the engineering plastics market. Moreover, the rising demand for high-performance materials that offer superior strength, heat resistance, and durability is further fueling market growth.
Market Key Trends:
One key trend in the engineering plastics market is the growing adoption of recycled and sustainable engineering plastics. With increasing environmental concerns, manufacturers are focusing on developing sustainable materials that can reduce their carbon footprint. Recycled engineering plastics are derived from post-consumer waste and industrial scrap, reducing the need for virgin plastics and contributing to a circular economy. These recycled materials offer similar performance characteristics as virgin plastics and provide cost-saving benefits to manufacturers. Additionally, the use of sustainable engineering plastics helps meet sustainability targets and customer demand for environmentally friendly products. The increasing emphasis on sustainability and the circular economy is expected to drive the demand for recycled and sustainable engineering plastics in the coming years.
Political: The political factors affecting the engineering plastics market include government regulations, trade policies, and stability in the regions where manufacturing units are located. These factors can impact the market by affecting the availability and cost of raw materials, as well as creating barriers to entry for new players.
Economic: The economic factors influencing the engineering plastics market include GDP growth, inflation rates, and exchange rates. Economic fluctuations can impact the market by influencing consumer spending power and the overall demand for engineering plastics in various industries.
Social: The social factors affecting the market include changing consumer preferences, cultural differences, and demographic trends. Demand for engineering plastics is influenced by social factors such as increasing environmental consciousness and the need for sustainable and recyclable materials.
Technological: The technological factors influencing the market include advancements in material science, research and development activities, and automation in manufacturing processes. Technological advancements can lead to new opportunities for product development and increased efficiency in production.
The global Engineering Plastics Market Analysis is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period. The market is driven by increasing demand from various end-use industries such as automotive, electrical and electronics, and consumer goods. With the growing need for lightweight and high-performance materials, engineering plastics offer advantages such as durability, chemical resistance, and design flexibility.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the engineering plastics market. The region is witnessing rapid industrialization, urbanization, and infrastructure development, which is driving the demand for engineering plastics. Additionally, the presence of major automotive and electronics manufacturers in countries like China, Japan, and South Korea further strengthens the market growth in this region.
Key players operating in the engineering plastics market include Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. These companies focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolios.