Engineering plastics are synthetic polymers that have better mechanical and thermal properties than commodity plastics and are suitable for use under greater heat and stress loads. These plastics find wide application in automotive, packaging, medical devices, consumer goods, and construction industries due to properties such as high strength, resilience, temperature resistance, and durability. Rapid industrialization and infrastructural development particularly in Asia Pacific are driving demand for automotive, industrial machinery and equipment which significantly uses engineering plastics.
The global Engineering Plastics Market is estimated to be valued at US$ 130.68 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid industrialization and infrastructure development has been a major trend particularly across developing economies in Asia Pacific region. Countries such as China, India are witnessing mega infrastructure projects such as construction of roads, railways, ports, airports and expansion of industrial zones. This has propelled significant demand for industrial machinery, vehicles and equipment which widely uses engineering plastics for their high strength and durability attributes. The growing industrial and infrastructural activities are thus fueling growth of engineering plastics market in these regions.
SWOT Analysis
Strength: Engineering plastics have superior properties such as high strength, light weight, corrosion resistance, and durability compared to traditional plastics. These properties make them suitable for various industrial applications.
Weakness: Engineering plastics have high production costs compared to conventional plastics. They also have limited availability and production capacities.
Opportunity: Growing demand from end-use industries such as automotive, electronics, construction is driving the demand for engineering plastics. Increasing R&D activities to develop bio-based and recyclable engineering plastics also present opportunities.
Threats: Volatility in raw material prices and stringent environmental regulations related to plastic waste are major threats. Development of alternative materials with better properties also poses competition.
Key Takeaways
The Global Engineering Plastics Market Size is expected to witness high growth.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position during the forecast period. Rapid industrialization and growing automotive industry in China, India, and other Asian countries are driving the demand.
Key players operating in the engineering plastics market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, and Masterclass Kitchens. They are focusing on expanding their production capacities and product portfolio through partnerships and mergers & acquisitions to strengthen their market position.
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