PVC (Polyvinyl Chloride) is the largest segment driving the growth of Engineering Plastics Market

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The global Engineering Plastics Market is estimated to be valued at US$ 130.68 Bn or Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Engineering plastics are heat resistant plastics used in applications requiring high strength, rigidity and durability. They offer advantages like toughness, lightweight, corrosion resistance and machinability compared to traditional materials like wood, steel and aluminum. Their superior properties make them suitable for use in various industries like automotive, electronics, aerospace, and packaging.

Market key trends:
Rising consumption of engineering plastics in the automotive industry is one of the major trends driving market growth. With the rise in manufacturing of electric vehicles, demand for engineering plastics is increasing as they provide advantages like high heat resistance and toughness compared to traditional materials. They are increasingly being used to manufacture lightweight components in electric vehicles such as battery cases, motor parts and electrical components which helps in improving the driving range. This trend is expected to continue over the forecast period.
SWOT Analysis
Strength:
Engineering plastics have superior properties like toughness, heat resistance, chemical resistance and strength compared to traditional plastics. They are lightweight and provide durability.
Weakness: Engineering plastics have higher production costs compared to traditional plastics. They also require specialized production processes.
Opportunity: Increasing demand from the automotive industry for vehicle lightweighting is driving the demand for engineering plastics. Growth in electronic appliance manufacturing also offers lucrative opportunities.
Threats: Stringent environmental regulations around plastic waste disposal could impact the market growth. Volatility in raw material prices also poses a threat.

Key Takeaways
The global Engineering Plastics Market Share is expected to witness high, exhibiting a CAGR of 5% over the forecast period, due to increasing demand from the automotive industry. Growing demand for lightweight vehicles to improve fuel efficiency is driving the need for engineering plastics.

Regional analysis: Asia Pacific dominated the global market in 2022 and is expected to maintain its lead over the forecast period. China, India and Japan are major markets in the region driving the demand. Europe is another major regional market for engineering plastics supported by strong automotive manufacturing base in Germany.

Key players operating in the engineering plastics market are 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. Innovation and capacity expansion are the focus areas for key players to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it