Engineering Plastics Market Size, Share, Industry, Forecast and outlook (2024-2031)

Engineering Plastics Market is Segmented By Type(Polyethylene(Low-Density Polyethylene (LDPE), Medium Density Polyethylene (MDPE), High-Density Polyethylene (HDPE)), Polycarbonate, Polyester, Polypropylene, Polyurethane, Polyvinylchloride (PVC), Polyamides, Acrylonitrile Butadiene Styrene (ABS), Nylon, Polyethylene terephthalate (PET)), By End-User Industry(Automotive, Consumer Electronics, Electrical and Electronics, Packaging Industry, Medical Applications, Construction Industry, Machine Engineering), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Engineering Plastics Market Overview

The global engineering plastics market reached US$ 76490.64 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 120328.11 million by 2031. The market is expected to exhibit a CAGR of 6.87% during the forecast period (2024-2031).

Increasing consumption of engineering plastics in the manufacture of lightweight cars is the primary driving factor of market growth. In addition, the consumption of these plastics to produce electric or electronic components accounts for approximately 30% of the total engineering plastics market. 

Moreover, with increasing awareness of environmental concerns, there is a shift towards the use of sustainable materials which is boosting the global engineering plastics market trend. Engineering plastics are recyclable and can be used as a replacement for traditional materials such as metal and glass, reducing the environmental impact of end-use products. 

Asia-Pacific is the largest and fastest-growing market for engineering plastics, accounting for more than 50% of the global market share. The region is dominated by China, which is the world's largest producer and consumer of engineering plastics. Other key countries in the region include Japan, South Korea, and India.

Engineering Plastics Market Scope

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Engineering Plastics Market Dynamics

Increasing Demand For Lightweight And High-Performance Materials

The demand for lightweight and high-performance materials is one of the primary drivers of the growth of the engineering materials market. These materials offer several advantages, including improved fuel efficiency, reduced emissions, and enhanced performance, making them highly attractive to various industries, such as automotive, aerospace, and consumer goods.

One of the key factors driving the demand for lightweight materials is the increasing focus on reducing vehicle weight in the automotive industry. Lightweight materials, such as engineering plastics, composites, and aluminum, can significantly reduce the weight of vehicles, leading to improved fuel efficiency and lower emissions. Additionally, lightweight materials can also enhance the performance and safety of vehicles, by reducing the vehicle's center of gravity and improving handling.

The Volatility of Raw Material Prices 

The engineering materials market is heavily dependent on raw materials such as metals, minerals, and petrochemicals. However, the prices of these raw materials are often volatile and subject to fluctuations, which can have a significant impact on the growth of the engineering materials market.

When raw material prices rise, the cost of production increases, which can lead to higher prices for engineering materials. It, in turn, can reduce demand for these materials, as customers may look for cheaper alternatives. Conversely, when raw material prices fall, the cost of production decreases, which can lead to lower prices for engineering materials. However, this can also reduce the profitability of manufacturers, which may result in reduced investment in research and development and innovation.

Engineering Plastics Market Segmentation Analysis

The global engineering plastics market is segmented based on type, end-user and region.

The Growing Demand For Low-Cost, High-Strength, And Excellent Chemical-Resistant Material

Polyethylene in the engineering plastics market holds the largest market share covering nearly 50% at the global level. Polyethylene offers several advantages, such as low cost, high strength, and excellent chemical resistance, making it ideal for use in various applications.

In the engineering plastics market, polyethylene is used in several applications, including packaging, consumer goods, construction, automotive, and electrical and electronics. In the packaging industry, it is used to manufacture containers, bags, and films. In the consumer goods industry, it is used to make toys, household appliances, and furniture. In the construction industry, it is used in the production of pipes, insulation materials, and flooring.

Source: DataM Intelligence Analysis (2023)

Engineering Plastics Market Geographical Penetration

Asia-Pacific’s Rapid Industrialization And Urbanization

Asia-Pacific holds the highest market share in the global engineering plastics market. Asia-Pacific has been witnessing rapid industrialization and urbanization, which has led to the growth of various industries, including automotive, construction, and electronics. The demand for high-performance materials, such as engineering plastics, has increased due to the need for durable, lightweight, and efficient materials in these industries.

Furthermore, governments in several countries in Asia-Pacific, such as China and India, have been investing heavily in infrastructure development, which has led to increased demand for engineering plastics in the construction industry. Additionally, governments in the region are also promoting the use of eco-friendly materials, such as engineering plastics, in various industries, which has further increased the demand for these materials.

Source: DataM Intelligence Analysis (2023)

Engineering Plastics Market Competitive Landscape

The major global players include BASF SE, Covestro, Celanese Corporation, Du Pont, Solvay SA, LG Chem, Sabic, Evonik Industries AG, Lanxess AG, and Mitsubishi Engineering-Plastics Corporation.

Key Developments

• On November 11, 2022, MedAccred recognized PTI Engineered Plastics, an America-based injection molder and manufacturer, for its excellent commitment to continual improvement in medical device quality. Following the successful conclusion of their audit, PTI Engineered Plastics announced that they have been granted MedAccred Plastics continuing accreditation.
• On January 10, 2023, LG Chem, a South Korea-based chemical company, announced it supplied engineering plastics to Mitsubishi Motors for its powder coating parts used in various applications such as the front fenders of RVR, Delica D:5, and Outlander models.
• On May 31, 2022, LANXESS, a Germany-based specialty chemicals company, and Advent International agreed to purchase Royal DSM's Engineering Materials division for an enterprise value of US$ 4.25 billion (€3.85 billion).

Why Purchase the Report?

• To visualize the global engineering plastics market segmentation based on type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of engineering plastics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global engineering plastics market report would provide approximately 53 tables, 59 figures and 206 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies