According to estimates, the engineering plastic industry will be worth USD 1,08,000.92 million by 2023. The valuation was USD 1,01,000.57 million in US dollars in 2022. From 2023 to 2033, the market is anticipated to grow at a compound annual growth rate of 7.2%. By 2033, the market is expected to grow to USD 2,16,458.83 million.
The rise of the engineering plastic market is linked with the rise of industrialization. Industries like automotive, residential, and food & beverage are all making use of engineering plastics. With the rise of incomes all over the world and developing lifestyles, the demand for products like packaged food and cars is increasing. Thus, the rapidly evolving industries are shaping the engineering plastic market.
Engineering plastic is also being used at the forefront of technology. As technology reaches new frontiers, the use of engineering plastic in the electric and electronics industry is expanding. The use of engineering plastic in such advanced fields as robotics, 5G technology, and spacecraft drives the market forward.
The popularity of engineering plastic is due to several benefits provided by the product to manufacturers. Toughness, durability, and chemical resistance are some of the factors that make engineering plastic popular among industry players. The product is easy to handle as well as being lightweight, is also endearing to manufacturers. Companies in the market are investing in research and development to further bolster the qualities of engineering plastic as well as to come up with new products.
Key Growth Drivers in the Engineering Plastic Market
- Rising Demand from Automotive Industry
- Engineering plastics are increasingly used in vehicle components due to their lightweight, durability, and high-performance characteristics, which help improve fuel efficiency and reduce emissions.
- Expansion of Electrical and Electronics Sector
- These plastics are essential in producing components like connectors, switches, and housings for electronic devices, driven by the rise in consumer electronics and advancements in smart technologies.
- Increasing Applications in Medical and Healthcare
- Engineering plastics are used in medical devices and equipment, as they offer high durability, sterilizability, and chemical resistance, making them ideal for medical applications like surgical instruments and diagnostic devices.
- Growth of Construction and Infrastructure Projects
- The construction industry leverages engineering plastics for insulation, plumbing, and structural applications, due to their strength, versatility, and resistance to environmental factors.
- Environmental Regulations Encouraging Material Substitution
- Stricter environmental standards are prompting industries to replace metals and other heavy materials with engineering plastics, which contribute to lighter, energy-efficient products with lower carbon footprints.
Competition Analysis of the Engineering Plastic Market
The market is fragmented, with a lot of competitors jostling for space. Investment in research and development is common. Some of the prominent companies in the market include Arkema Group, Asahi Kasei Corporation, BASF SE, and Celanese Corporation.
Key Companies in the Engineering Plastic Market
- 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 Limited
- Toray Industries
- Victrex PLC
Dive Deep into the Full Report for a Complete Analysis!
Key Segmentation
By Product Type:
- Polyamides (PA)
- Polycarbonates (PC)
- Polyoxymethylene (POM)
- Polybutylene terephthalate (PBT)
- Acrylonitrile butadiene styrene (ABS)
- Styrene Acrylonitrile (SAN)
- High Performance Polymers
- Fluoropolymers
- Polymethyl methacrylate (PMMA)
- Others (includes UHMWPE/UHMW, TPI alloys and blends, etc.)
By Application:
- Automotive and transportation
- Electrical and electronics
- Construction
- Medical
- Industrial and machinery
- Packaging
- Others (includes furniture and fixtures, sports goods, leisure products, etc.)
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
