The engineering plastic industry is on a robust growth trajectory, projected to expand at a compound annual growth rate (CAGR) of 7.2% throughout the forecast period. By 2033, the market is anticipated to reach an impressive valuation of approximately USD 216,458.83 million. This growth can be attributed to the increasing demand for lightweight and high-performance materials across various industries, including automotive, electronics, and construction. The versatility of engineering plastics, which offer enhanced strength, durability, and resistance to temperature and chemicals, makes them an ideal choice for manufacturers aiming to innovate and improve product performance. As industries continue to prioritize efficiency and sustainability, the engineering plastic market is set to experience significant advancements and opportunities.
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.
Soaring Demand: The Engineering Plastic Market’s Transformative Trends
The engineering plastic market is experiencing a surge due to its expanding applications across various industries. In aerospace and aviation, engineering plastics are utilized for components like doors and wall panels, driven by rising living standards and a growing customer base.
In the automotive sector, these materials are increasingly employed in parts such as engine covers and door handles, with electric vehicle demand further propelling growth.
Despite environmental concerns surrounding plastic usage, manufacturers are responding by developing sustainable materials and increasing the production of recyclable plastics, supported by government initiatives.
Additionally, engineering plastics are gaining traction in the medical field, where their lightweight and flexible properties make them ideal for medical instruments and implants. Overall, engineering plastics are emerging as a lightweight, durable, and cost-effective alternative to traditional materials like wood and metal.
“Industry players are working on improving the unsustainable qualities of plastic. Companies are coming up with recyclable products. Government initiatives are also encouraging companies to take up the making of sustainable products. Thus, sustainable plastic production represents an opportunity for the market players,” says an Analyst at Future Market Insights (FMI).
Key Takeaways from the Engineering Plastic Market
- The engineering plastic market is estimated to be worth US$ 1,08,000.92 million in 2023.
- Acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN) is the most common product type. ABS and SAN are expected to account for 28.6% of the market share in 2023 by product type.
- Engineering plastic is most commonly applied in the electric and electronic industries. Electrical and electronics application is anticipated to hold 36% of the market share in 2023.
- India and China are two promising Asian countries for the market. For the forecast period from 2023 to 2033, the market is expected to progress at a CAGR of 9.8% and 9.7% in India and China, respectively.
- The United States and Canada lead the way in North America. For the forecast period, the United States and Canada are predicted to grow at a CAGR of 7.5% and 6.5%, respectively.
- France is projected to have one of the fastest growth rates in Europe. For the forecast period, the CAGR for the market in France is pegged at 6.1%.
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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
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.
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