“Global engineering plastics market to register a CAGR of 7.2% during the forecast period”
The engineering plastics market is estimated at USD 80.70 billion in 2022 and is projected to reach USD 115.10 billion by 2031, at a CAGR of 7.2% from 2022 to 2031. Engineering plastics are lighter and more durable than conventional materials such as glass and metals. They outperform metals in corrosion and abrasion resistance. Engineering plastics are finding increased use in various end-use industries such as automotive & transportation, electrical & electronics, consumer appliances, and industrial & machinery. The increasing trend for lightweight vehicles and growing awareness about the reduction of vehicular emissions are driving the engineering plastics market in the automotive & transportation end-use industry. Competition from other polymers and lack of institutional arrangements act as restraints to the engineering plastics market.
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“Automotive & transportation – the largest end-use industry of engineering plastics”
Automotive & transportation is estimated to be the largest end-use industry of engineering plastics. It is projected to be the largest end-use industry, owing to the increased awareness for reducing vehicle weight and improving fuel efficiency. Engineering plastics are used in automotive interior, exterior, under the hood applications, and powertrain. The easy processability of engineering plastics is further increasing its demand in the automotive industry.
“Polyacetal is the fastest-growing type of engineering plastics”
Polyacetal or polyoxymethylene (POM) is a type of engineering plastics made by the polymerization of formaldehyde. It possesses superior mechanical, thermal, chemical and electrical properties and provides resistance to high temperatures, chemicals, and abrasion. It has good resistance to a wide range of solvents and possesses good electrical properties, which make it suitable for electrical applications. The superior properties of polyoxymethylene make it suitable for use in industrial machinery, electrical & electronics, automotive & transportation, and consumer goods, thereby, driving the engineering plastics market.
“APAC is the largest and the fastest-growing market for engineering plastics”
The APAC region is estimated to be the largest and the fastest-growing market for engineering plastics. The high growth rate of the market in the region is due to the increasing demand from the countries such as China, Japan, and India. China is estimated to be the largest market for engineering plastics in the APAC region. India is estimated to be the fastest-growing market in the region as well as globally. The growth in the automotive and electrical & electronics industries, growing semiconductor manufacturing, and increasing exports of televisions and other consumer appliances have increased the demand for engineering plastics considerably. The fast-growing economies of APAC such as India and Taiwan are expected to drive the demand for engineering plastics in the region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.
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The breakup of primary interviews is given below.
• By Company Type – Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation – C level – 50%, Director level – 25%, and Others – 25%
• By Region – North America – 60%, Europe – 20%, APAC – 10%, the Middle East & Africa – 5%, and South America – 5%.
The companies profiled in this research report are BASF SE (Germany) , Covestro (Germany), Solvay SA (Belgium), Celanese (US), DowDuPont (US), LG Chem (South Korea), SABIC (Saudi Arabia), Evonik Industries (Germany), Lanxess (Germany), and Mitsubishi Engineering Plastics (Japan).
This research report categorizes the global engineering plastics market on the basis of end-use industry, type, and region. The report includes detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities. The detailed analysis of key market players provides insights into business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the global engineering plastics market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes expansions, new product developments, and mergers & acquisitions.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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