What Fueled The Previous Growth In The Engineering Plastics Market?
The engineering plastics market has seen considerable growth due to a variety of factors.
• In recent times, the market size for engineering plastics has experienced robust growth. It is projected to rise from $112.68 billion in 2024 to $122.98 billion in 2025, showcasing a compound annual growth rate (CAGR) of 9.1%.
The historic surge in growth can be linked to the replacement of conventional materials, an upsurge in electrical and electronics industries, enhanced emphasis on sustainability, wider expansion in the construction industry, and growth in medical device production.
What Is The Expected Growth In The Engineering Plastics Market Size?
The engineering plastics market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to expand swiftly in the coming years, the engineering plastics market is projected to reach a valuation of $180.35 billion by 2029, escalating at a compound annual growth rate (CAGR) of 10.0%.
The anticipated growth during the forecast period is credited to elements such as 3D printing and additive manufacturing, modernization of infrastructure, applications in aerospace, the changing consumer electronics industry and circular economy efforts. Key trends that might shape the forecast period primarily include high-performance thermoplastics, downsizing in electronics, smart and functional materials, customized and adapted solutions along with health and safety compliance.
What Are The Leading Drivers Of Growth In The Engineering Plastics Market?
The anticipated expansion of the electronics and electrical sectors is set to boost the growth of the engineering plastics market. These sectors encompass the production of consumer electronics, electrical apparatus, and different electrical components for numerous products, and engineering plastics are utilized in fabricating an array of electronic goods, including computers, telecommunications equipment, switchgears, storage batteries, and switchboards. The Ministry of Electronics and Information Technology, a government organisations based in India, projects that the electronics manufacturing sector will experience growth from USD 75 billion in 2022 to USD 300 billion by 2026. Consequently, the engineering plastics market is benefiting from the growth in the electronics and electrical sectors.
How Are The Segments Defined Within The Global Engineering Plastics Market?
The engineering plastics market covered in this report is segmented –
1) By Type: Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, Other Types
2) By Performance Parameter: High Performance, Low Performance
3) By End-Use Industry: Automotive And Transportation, Consumer Appliances, Electrical And Electronics, Industrial And Machinery, Packaging, Other End-Use Industries
Subsegments:
1) By Acrylonitrile Butadiene Styrene (ABS): General Purpose ABS, High-Impact ABS, Flame-Retardant ABS
2) By Polyamide (Nylon): Nylon 6, Nylon 66, Other Nylon Grades
3) By Polycarbonate (PC): General Purpose Polycarbonate, Optical Grade Polycarbonate, Impact-Resistant Polycarbonate
4) By Thermoplastic Polyester (PET, PBT): Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT)
5) By Polyacetal (POM): Homopolymer Polyacetal, Copolymer Polyacetal
6) By Fluoropolymer: Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy Alkane (PFA)
7) By Other Types: Polyetheretherketone (PEEK), Polyphenylene Sulfide (PPS), Other Specialty Engineering Plastics
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How Are New Trends Expected To Influence The Growth Of The Engineering Plastics Market?
There's been a rise in bio-based or recycled materials as a significant trend in the engineering plastics industry. To bolster their market positioning, leading businesses in this sector are centred on producing these eco-friendly substitutes for plastic solutions. For instance, in August 2022, Toray Industries, Inc., a company from Japan producing PPS, nylon, and PBT engineering plastics, pioneered a completely bio-based adipic acid. This element of nylon 66 (polyamide 66) was derived from sugars taken from non-edible sources. To achieve this breakthrough, the company merged their microbial fermentation technology and chemical purification techniques, the latter of which employs separation membranes, in an innovative synthesis procedure.
Who Are the Key Players in the Engineering Plastics Market?
Major companies operating in the engineering plastics market include:
• Covestro AG
• DuPont de Nemours Inc.
• LG Chem Ltd.
• Evonik Industries AG
• Mitsubishi Chemical Engineering Corporation
• BASF SE
• Celanese Corporation
• Solvay S.A.
• Dow Chemical Company
• Saudi Basic Industries Corporation
• LANXESS AG
• Asahi Kasei Corporation
• DSM Engineering Plastics
• Polyplastics Co. Ltd.
• Teijin Limited
• Toray Industries Inc.
• Arkema S.A.
• Chi Mei Corporation
• Daicel Corporation
• Eastman Chemical Company
• EMS-Chemie Holding AG
• Formosa Plastics Corporation
• Huntsman Corporation
• INEOS Styrolution Group GmbH
• JSR Corporation
• KOLON Industries Inc.
• Kuraray Co. Ltd.
• Mitsui Chemicals Inc
• Nilit Ltd.
• Radici Group
• RTP Company
• Sumitomo Chemical Co. Ltd.
• Techno Polymer Co. Ltd.
• Tosoh Corporation
• Ube Industries Ltd.
• Victrex plc
• Zhejiang NHU Special Materials Co. Ltd.
What Is The Most Dominant Region In The Engineering Plastics Market?
Asia-Pacific was the largest region in the engineering plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the engineering plastics market during the forecast period. The regions covered in the engineering plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
