Engineering Plastics Market

Global Engineering Plastics Market Is Estimated To Witness High Growth Owing To Increased Demand for Lightweight and High-performance Materials

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The global Engineering Plastics market is estimated to be valued at US$115.0 billion in 2021 and is expected to exhibit a CAGR of 6.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:
Engineering plastics are a group of polymers that possess superior mechanical, thermal, and electrical properties, making them ideal for various applications across industries such as automotive, electrical and electronics, construction, and consumer goods. These plastics offer high strength, low weight, excellent chemical resistance, and dimensional stability, making them preferred choices in the manufacturing sector. Some key examples of engineering plastics include polyamides, polycarbonates, polyesters, and polyacetal. With the growing demand for lightweight and high-performance materials, the market for engineering plastics is set to witness significant growth.

B) Market Dynamics:
The Engineering Plastics Market for engineering plastics is primarily driven by two key factors. Firstly, the increasing demand for lightweight materials in the automotive industry is driving the growth of engineering plastics. These plastics help in reducing the overall weight of vehicles, thereby improving fuel efficiency and reducing carbon emissions. Additionally, engineering plastics offer excellent mechanical properties such as high impact resistance, dimensional stability, and design flexibility, which further enhance their usage in automotive applications.

Secondly, the growing demand for high-performance materials in various end-use industries is also propelling the market growth. Engineering plastics find applications in electrical and electronics, consumer goods, and construction industries, among others. In the electrical and electronics sector, these plastics are used for manufacturing connectors, switches, and housings due to their excellent electrical insulation and flame retardancy properties. In the consumer goods industry, engineering plastics are preferred for manufacturing durable and lightweight products such as kitchen appliances, sporting goods, and packaging materials.

C) Segment Analysis:
The engineering plastics market can be segmented based on type, application, and region. By type, the market is divided into polyamide, polycarbonate, polyesters, and others. Among these, the polyamide segment dominates the market due to its excellent mechanical properties and high strength-to-weight ratio. By application, the market is categorized into automotive, electrical and electronics, consumer goods, construction, and others. The automotive sector holds the largest market share due to the extensive use of engineering plastics in vehicle interiors, exteriors, and under-the-hood applications.

D) PEST Analysis:
Political: The engineering plastics market is influenced by government regulations and policies related to environmental sustainability and recycling. Many regions are implementing stringent regulations to curb plastic waste and promote recycling initiatives.

Economic: The market is expected to benefit from the growing economies, rising disposable incomes, and increasing urbanization, which drive demand for durable and lightweight materials.

Social: The rising awareness about environmental conservation and sustainable development is encouraging manufacturers to develop eco-friendly engineering plastics that have a lower carbon footprint and are recyclable.

Technological: Advancements in manufacturing processes, such as injection molding and extrusion, have contributed to the wider adoption of engineering plastics. Development of new polymers with enhanced properties is also driving market growth.

E) Key Takeaways:
– The global engineering plastics market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing demand for lightweight and high-performance materials.
– Asia Pacific is the fastest-growing and dominating region in the market, driven by the booming automotive and consumer goods industries in countries like China and India.
– Key players operating in the global engineering plastics market include 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. These companies are focusing on research and development activities to launch innovative products and expand their market presence.