Engineering Plastics Market- Global Industry Analysis and Forecast (2022-2027) by Type, End-Use Industry, and Region

Engineering Plastics Market size was valued at US$ 99.42 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 7.2% from 2022 to 2027, reaching nearly US$ 150.88 Bn.
Engineering Plastics Market Overview:
Engineering Plastics Market is expected to reach US$ 150.88 Bn. by 2027. Engineering plastics are a class of plastics with superior mechanical and/or thermal qualities to more commonly used commodity plastics (such as polystyrene, PVC, polypropylene and polyethylene). This report focuses on the different segments of the Engineering Plastics market (Type, End-Use Industry, and Region). The leading industry players and regions are thoroughly examined in this report (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It's a thorough examination of today's quick advances in a variety of sectors. The primary data analysis from 2017 to 2020 is demonstrated through facts and figures, visualisations, and presentations. The market drivers, restraints, opportunities, and challenges for Engineering Plastics are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Engineering Plastics market.



To know about the Research Methodology :- Request Free Sample Report
Engineering Plastics Market Dynamics:
Engineering plastics are increasingly displacing traditional materials in end-use applications.

Engineering plastics are adaptable plastic materials with excellent physical and electrical features such as stability, chemical resistance, heat resistance, abrasion resistance, and weatherability. As a result of these features, they have become one of the plastics industry's fastest-growing segments. Because of ongoing innovations in the plastics industry, metals and glass are gradually being replaced by lighter materials. Because of their light weight and excellent strength, polyamides are utilised to replace metal vehicle gear shift modules. Metal replacement is significant in the automobile industry because it allows for lighter vehicles, more design freedom, easier part integration, and lower total system costs. As a result of government regulations and concerns about fuel efficiency standards, as well as consumer preferences for automobiles that get good gas mileage, automakers are focusing on improving fuel economy. Engineering plastics are also used in electrical components of hybrid electric vehicles due to their benefits, such as superior heat resistance.

Other polymers provide competition.

Other polymers, particularly those found in lower-cost engineering resins, are posing a severe challenge to engineering plastics. Commodity polymers such as polypropylene, for example, are putting pressure on ABS. When copolymerized with ethylene, polypropylene exhibits improved flexibility and toughness. Polypropylene can be used as an alternative to engineering plastics such as ABS due to its inexpensive cost and superior chemical characteristics. This threat is especially visible in cost-competitive areas like consumer goods and appliances, where product producers must compete with low-cost international suppliers. Engineering plastics are expected to be replaced with commodity plastics by companies who are focusing on cost reduction and have not yet recovered from the global economic recession.

Problems with Processability

Engineering plastics, particularly thermoset plastics, present challenges in moulding and other processing procedures. In these circumstances, thermosets are processed using a variety of chemicals for curing. If gelation occurs during processing, the polymer becomes unprocessable due to the formation of a cross-linked network. Traditional materials such as metals and alloys, as well as commodity polymers, are still used in these processing procedures.
Engineering Plastics Market Segment Analysis:
The Engineering Plastics Market is segmented by Type, and End-Use Industry.

Based on the End-Use Industry, the market is segmented into Automotive & transportation, Electrical & electronics, Industrial & machinery, Packaging, Consumer appliances, Medical, and Others. Automotive & transportation segment is expected to hold the largest market share of xx% by 2027. Interior and exterior furnishings, motor trains, chassis, electrical components, and under-the-hood items all use engineering plastics in the automotive industry. Dashboards, bumpers, seats, body panels, fuel systems, interior trim, under-bonnet components, lighting, exterior trim, liquid reservoirs, and upholstery all use it.

Due to current environmental and economic concerns, an increase in demand for lightweight engineering plastic is expected to enhance market growth in the market examined. Automobile makers are introducing more modern plastic materials into their vehicles in order to reduce weight and improve fuel efficiency. According to a recent study, every 10% reduction in vehicle weight results in a 6-8 percent reduction in fuel use. A vehicle currently has around 30,000 pieces, with roughly 1/3 of them being constructed of plastic. An automobile is made up of around 39 different types of basic plastics and polymers.

According to the OCIA, global light commercial vehicle production capacity grew from 11,843,185 units in 2020 to 13,721,531 units in 2021. In 2021, the output of light commercial vehicles climbed by 16 percent. As a result, a growth in vehicle unit production is expected to boost the demand for engineering plastics.

Based on the Type, the market is segmented into Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Thermoplastic polyesters (PET/PBT), Polyacetals (POM), Fluoropolymers, PEEK, Polyphenylene Sulfide, Polyphenylene Oxide, PMMA, and Others. Polyacetals (POM) segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2027. Polyacetal, often known as polyoxymethylene (POM), is a type of engineering plastic created by formaldehyde polymerization. It is resistant to high temperatures, solvents, and abrasion and has exceptional mechanical, thermal, chemical, and electrical qualities. It possesses excellent electrical properties and is resistant to a wide range of solvents, making it ideal for use in electrical applications. Polyoxymethylene's outstanding qualities make it ideal for use in industrial machinery, electrical and electronics, automotive and transportation, and consumer goods, boosting the engineering plastics market growth.


Engineering Plastics Market Regional Insights:
Asia Pacific region is expected to dominate the Engineering Plastics Market during the forecast period 2022-2027. Asia Pacific region is expected to hold the largest market share of xx% by 2027. The market in the region is growing at a fast pace, owing to the increasing demand from nations like China, Japan, and India. In the Asia Pacific region, China is expected to be the largest market for engineering plastics. India is expected to be the region's and the world's fastest-growing market. The demand for engineering plastics has risen dramatically as the automotive and electrical and electronics industries have grown, as has semiconductor manufacturing and television and other consumer appliance exports. The need for engineering plastics in Asia Pacific is expected to be driven by the region's fast-growing economies, such as India and Taiwan.

Ather Energy, India's first intelligent electric vehicle manufacturer, relocated its US$86.5 million plant from Bengaluru to Hosur in February 2021. Ather Energy claims to have a production capacity of 0.11 million two-wheelers per year at its facilities. In India, the growth of the electric vehicle (EV) industry is expected to stimulate demand for engineering plastics. These are the factors that are expected to drive the growth of the Asia Pacific region in the Engineering Plastics Market during the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Engineering Plastics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Engineering Plastics Market dynamic and structure by analyzing the market segments and projecting the Global Engineering Plastics Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Engineering Plastics Market make the report investor’s guide.
Engineering Plastics Market Scope: Inquiry Before Buying



Global Engineering Plastics Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2027


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 99.42 Bn.


Forecast Period 2022 to 2027 CAGR:
7.2%
Market Size in 2027:
US $ 150.88 Bn.


 Segments Covered:
by Type
• Acrylonitrile Butadiene Styrene (ABS)
• Polyamide (PA)
• Polycarbonate (PC)
• Thermoplastic polyesters (PET/PBT)
• Polyacetals (POM)
• Fluoropolymers
• PEEK
• Polyphenylene Sulfide
• Polyphenylene Oxide
• PMMA
• Others


by End-Use Industry
• Automotive & transportation
• Electrical & electronics
• Industrial & machinery
• Packaging
• Consumer appliances
• Medical
• Others



Engineering Plastics Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Engineering Plastics Market Key Players
• 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
• Victrex Plc.
• Ashland
• Arkema
• A. Schulman, Inc.
• AdvanSix
• Chi Mei Corporation

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Engineering Plastics Market?
Ans. Asia Pacific region is expected to hold the highest share in the Engineering Plastics Market.

2] Who are the top key players in the Engineering Plastics Market?
Ans. Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., and Dupont are the top key players in the Engineering Plastics Market.

3] Which segment is expected to hold the largest market share in the Engineering Plastics Market by 2027?
Ans. Automotive & transportation segment is expected to hold the largest market share in the Engineering Plastics Market by 2027.

4] What is the market size of the Engineering Plastics Market by 2027?
Ans. The market size of the Engineering Plastics Market is expected to reach US $150.88 Bn. by 2027.

5] What was the market size of the Engineering Plastics Market in 2021?
Ans. The market size of the Engineering Plastics Market was worth US $99.42 Bn. in 2021.