PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258919
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258919
Engineering Plastics Market Forecasts to 2028 - Global Analysis By Product Type, End User and By Geography
According to Stratistics MRC, the Global Engineering Plastics Market is accounted for $108.52 billion in 2022 and is expected to reach $157.46 billion by 2028 growing at a CAGR of 6.4% during the forecast period. Engineering plastics are a class of plastic materials with better mechanical and thermal properties than the more widely used commodity plastics. They are employed in applications where top-notch performance, dimensional stability, chemical and impact resistance are required. They are highly benefitable because of qualities such as durability, design adaptability, high strength-to-weight ratios and low densities. It incorporates acrylonitrile butadiene styrene (ABS). They are used for Lego bricks, dashboard trim and automobile guards.
According to OICA, automotive production in 2021 accounted for 9,167,214 units, an increase of 4% compared to the show in 2020, which was reported to be 8,822,399 units.
Market Dynamics:
Driver:
Shift toward light weight and durable materials
Engineering plastics have the strength to compete with their metal equivalents, and they also have the advantages of being lightweight, affordable, and flexible. These materials are ideal for a variety of sectors, from automotive and manufacturing to engineering and electronics, owing to their exceptional chemical resistance, impact resistance, and mechanical strength. Their versatility, durability, light weight and easy customization factors propels the market demand.
Restraint:
Strict government policies
Engineered plastics damage the environment and take up precious space in landfills. Despite the fact that they have many advantages, they might take a very long time to decompose. Government agencies are enforcing stringent regulations for their manufacture in an effort to eliminate these effects. The production was challenging due to several efforts and regulations. Before beginning production, the manufacturing facility must adhere to all regulations. This aspect is impeding the market growth.
Opportunity:
Growing need for alternatives
Manufacturers are exploring for substitute materials such engineering polymers due to factors such as payment reforms, medical device taxes and globalization driving down costs. They have a wide range of advantages and in many instances; they successfully take the place of metals or ceramics. They also meet the criteria of the desired use, which is a little easier than with metals. These elements are accelerating the market demand.
Threat:
Low recycling rates
The market for engineering plastics is apparently booming, but recycling is still a significant obstacle. Moreover, plastic recycling rates are astonishingly low in every location, leading to even higher trash quantities that are either burned or dumped. Strict recycling regulations are made as they generate large volume of wastes which in turn limiting the market expansion.
COVID-19 Impact:
The COVID-19 pandemic caused significant disturbances to the world's supply chain networks, which hurt the engineering plastics industry. These disruptions were brought on by lockdowns, societal barriers, and trade restrictions. The early 2021 activity suspension had a negative impact on the automotive and construction industries. The second part of 2021 saw positive development in several sectors, which boosted demand for engineering plastics. Interestingly, the packaging and medical sectors' demand for engineering plastics remained strong during the epidemic.
The automotive & transportation segment is expected to be the largest during the forecast period
The automotive & transportation segment is estimated to have a lucrative growth, due to its wide range of applications. Engineering plastics are displacing a number of other materials as the focus shifts to reducing vehicle weight, enhancing fuel economy and controlling emissions. Automotives benefit from the flexibility and thermal stability of engineering plastics. Its high performance and extremely low lead content are driving the segment's demand.
The liquid crystal polymers segment is expected to have the highest CAGR during the forecast period
The liquid crystal polymers segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its exceptional mechanical properties at high temperatures. They have excellent electrochemical resistance. Liquid crystal polymers inherent flame retardancy and good weather ability. They are available in a range of shapes, including high-temperature sinterable and injection mouldable compositions.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rapid industrialization. The engineering plastics market is experiencing increased demand as a result of the rising demand from sectors including chemicals, packaging, automotive, and power generation. Due to the move toward stronger, lighter materials, the automotive and electronics sectors in China are growing quickly, they are creating several opportunities for robust market growth in this region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to stringent government regulations. The government in this region made strict rules and regulations regarding greenhouse gas emissions, and persuasion for developing lightweight materials for automotive industry. The abundant availability of raw materials and increasing automotive production in the region are the core factors exhibiting steadfast market growth.
Key players in the market:
Some of the key players profiled in the Engineering Plastics Market include: Covestro AG, BASF SE, Celanese Corporation, Solvay S.A., Dow Chemical Company, LG Chem Ltd., Evonik Industries AG, LANXESS AG, Mitsubishi Chemical Holdings Corporation, AdvanSix Inc., Asahi Kasei Corporation, DuPont, Grand Pacific Petrochemical Corporation, Polyplastics Co., Ltd., Daicel Corporation, Eastman Chemical Company, Chi Mei Corporation, Trinseo and Teijin Limited.
Key Developments:
In March 2023, Evonik launched a new GMP facility to manufacture lipids for advanced, pharmaceutical drug delivery applications. The lipid launch facility is located at the company's site in Hanau, Germany and provides customers with quantities of lipids as needed for clinical and small-scale commercial manufacturing.
In June 2022, BASF launches VerdessenceTM RiceTouch, a new biopolymer for a smooth and powdery light skin feel, suitable for a broad range of personal care products. This plant based sensory powder with small particle size provides powdery light and smooth skin feel and is ideal for matte type cosmetics.
Product Types Covered:
- Polycarbonate (PC)
- Acrylonitrile Butadiene Styrene
- Liquid Crystal Polymers
- Thermoplastic Polyesters
- Polyoxymethylene (POM)
- Styrene Copolymers
- Polyamides
- Polyether Ether Ketone
- Polyimides
- Other Product Types
End Users Covered:
- Automotive & Transportation
- Building & Construction
- Consumer Goods
- Electrical & Electronics
- Packaging
- Industrial & Machinery
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Engineering Plastics Market, By Product Type
- 5.1 Introduction
- 5.2 Polycarbonate (PC)
- 5.3 Acrylonitrile Butadiene Styrene
- 5.4 Liquid Crystal Polymers
- 5.5 Thermoplastic Polyesters
- 5.6 Polyoxymethylene (POM)
- 5.7 Styrene Copolymers
- 5.8 Polyamides
- 5.9 Polyether Ether Ketone
- 5.10 Polyimides
- 5.11 Other Product Types
6 Global Engineering Plastics Market, By End User
- 6.1 Introduction
- 6.2 Automotive & Transportation
- 6.3 Building & Construction
- 6.4 Consumer Goods
- 6.5 Electrical & Electronics
- 6.6 Packaging
- 6.7 Industrial & Machinery
- 6.8 Other End Users
7 Global Engineering Plastics Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Covestro AG
- 9.2 BASF SE
- 9.3 Celanese Corporation
- 9.4 Solvay S.A.
- 9.5 Dow Chemical Company
- 9.6 LG Chem Ltd.
- 9.7 Evonik Industries AG
- 9.8 LANXESS AG
- 9.9 Mitsubishi Chemical Holdings Corporation
- 9.10 AdvanSix Inc.
- 9.11 Asahi Kasei Corporation
- 9.12 DuPont
- 9.13 Grand Pacific Petrochemical Corporation
- 9.14 Polyplastics Co., Ltd.
- 9.15 Daicel Corporation
- 9.16 Eastman Chemical Company
- 9.17 Chi Mei Corporation
- 9.18 Trinseo
- 9.19 Teijin Limited
List of Tables
- Table 1 Global Engineering Plastics Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Engineering Plastics Market Outlook, By Product Type (2020-2028) ($MN)
- Table 3 Global Engineering Plastics Market Outlook, By Polycarbonate (PC) (2020-2028) ($MN)
- Table 4 Global Engineering Plastics Market Outlook, By Acrylonitrile Butadiene Styrene (2020-2028) ($MN)
- Table 5 Global Engineering Plastics Market Outlook, By Liquid Crystal Polymers (2020-2028) ($MN)
- Table 6 Global Engineering Plastics Market Outlook, By Thermoplastic Polyesters (2020-2028) ($MN)
- Table 7 Global Engineering Plastics Market Outlook, By Polyoxymethylene (POM) (2020-2028) ($MN)
- Table 8 Global Engineering Plastics Market Outlook, By Styrene Copolymers (2020-2028) ($MN)
- Table 9 Global Engineering Plastics Market Outlook, By Polyamides (2020-2028) ($MN)
- Table 10 Global Engineering Plastics Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
- Table 11 Global Engineering Plastics Market Outlook, By Polyimides (2020-2028) ($MN)
- Table 12 Global Engineering Plastics Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 13 Global Engineering Plastics Market Outlook, By End User (2020-2028) ($MN)
- Table 14 Global Engineering Plastics Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
- Table 15 Global Engineering Plastics Market Outlook, By Building & Construction (2020-2028) ($MN)
- Table 16 Global Engineering Plastics Market Outlook, By Consumer Goods (2020-2028) ($MN)
- Table 17 Global Engineering Plastics Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 18 Global Engineering Plastics Market Outlook, By Packaging (2020-2028) ($MN)
- Table 19 Global Engineering Plastics Market Outlook, By Industrial & Machinery (2020-2028) ($MN)
- Table 20 Global Engineering Plastics Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 21 North America Engineering Plastics Market Outlook, By Country (2020-2028) ($MN)
- Table 22 North America Engineering Plastics Market Outlook, By Product Type (2020-2028) ($MN)
- Table 23 North America Engineering Plastics Market Outlook, By Polycarbonate (PC) (2020-2028) ($MN)
- Table 24 North America Engineering Plastics Market Outlook, By Acrylonitrile Butadiene Styrene (2020-2028) ($MN)
- Table 25 North America Engineering Plastics Market Outlook, By Liquid Crystal Polymers (2020-2028) ($MN)
- Table 26 North America Engineering Plastics Market Outlook, By Thermoplastic Polyesters (2020-2028) ($MN)
- Table 27 North America Engineering Plastics Market Outlook, By Polyoxymethylene (POM) (2020-2028) ($MN)
- Table 28 North America Engineering Plastics Market Outlook, By Styrene Copolymers (2020-2028) ($MN)
- Table 29 North America Engineering Plastics Market Outlook, By Polyamides (2020-2028) ($MN)
- Table 30 North America Engineering Plastics Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
- Table 31 North America Engineering Plastics Market Outlook, By Polyimides (2020-2028) ($MN)
- Table 32 North America Engineering Plastics Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 33 North America Engineering Plastics Market Outlook, By End User (2020-2028) ($MN)
- Table 34 North America Engineering Plastics Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
- Table 35 North America Engineering Plastics Market Outlook, By Building & Construction (2020-2028) ($MN)
- Table 36 North America Engineering Plastics Market Outlook, By Consumer Goods (2020-2028) ($MN)
- Table 37 North America Engineering Plastics Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 38 North America Engineering Plastics Market Outlook, By Packaging (2020-2028) ($MN)
- Table 39 North America Engineering Plastics Market Outlook, By Industrial & Machinery (2020-2028) ($MN)
- Table 40 North America Engineering Plastics Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 41 Europe Engineering Plastics Market Outlook, By Country (2020-2028) ($MN)
- Table 42 Europe Engineering Plastics Market Outlook, By Product Type (2020-2028) ($MN)
- Table 43 Europe Engineering Plastics Market Outlook, By Polycarbonate (PC) (2020-2028) ($MN)
- Table 44 Europe Engineering Plastics Market Outlook, By Acrylonitrile Butadiene Styrene (2020-2028) ($MN)
- Table 45 Europe Engineering Plastics Market Outlook, By Liquid Crystal Polymers (2020-2028) ($MN)
- Table 46 Europe Engineering Plastics Market Outlook, By Thermoplastic Polyesters (2020-2028) ($MN)
- Table 47 Europe Engineering Plastics Market Outlook, By Polyoxymethylene (POM) (2020-2028) ($MN)
- Table 48 Europe Engineering Plastics Market Outlook, By Styrene Copolymers (2020-2028) ($MN)
- Table 49 Europe Engineering Plastics Market Outlook, By Polyamides (2020-2028) ($MN)
- Table 50 Europe Engineering Plastics Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
- Table 51 Europe Engineering Plastics Market Outlook, By Polyimides (2020-2028) ($MN)
- Table 52 Europe Engineering Plastics Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 53 Europe Engineering Plastics Market Outlook, By End User (2020-2028) ($MN)
- Table 54 Europe Engineering Plastics Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
- Table 55 Europe Engineering Plastics Market Outlook, By Building & Construction (2020-2028) ($MN)
- Table 56 Europe Engineering Plastics Market Outlook, By Consumer Goods (2020-2028) ($MN)
- Table 57 Europe Engineering Plastics Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 58 Europe Engineering Plastics Market Outlook, By Packaging (2020-2028) ($MN)
- Table 59 Europe Engineering Plastics Market Outlook, By Industrial & Machinery (2020-2028) ($MN)
- Table 60 Europe Engineering Plastics Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 61 Asia Pacific Engineering Plastics Market Outlook, By Country (2020-2028) ($MN)
- Table 62 Asia Pacific Engineering Plastics Market Outlook, By Product Type (2020-2028) ($MN)
- Table 63 Asia Pacific Engineering Plastics Market Outlook, By Polycarbonate (PC) (2020-2028) ($MN)
- Table 64 Asia Pacific Engineering Plastics Market Outlook, By Acrylonitrile Butadiene Styrene (2020-2028) ($MN)
- Table 65 Asia Pacific Engineering Plastics Market Outlook, By Liquid Crystal Polymers (2020-2028) ($MN)
- Table 66 Asia Pacific Engineering Plastics Market Outlook, By Thermoplastic Polyesters (2020-2028) ($MN)
- Table 67 Asia Pacific Engineering Plastics Market Outlook, By Polyoxymethylene (POM) (2020-2028) ($MN)
- Table 68 Asia Pacific Engineering Plastics Market Outlook, By Styrene Copolymers (2020-2028) ($MN)
- Table 69 Asia Pacific Engineering Plastics Market Outlook, By Polyamides (2020-2028) ($MN)
- Table 70 Asia Pacific Engineering Plastics Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
- Table 71 Asia Pacific Engineering Plastics Market Outlook, By Polyimides (2020-2028) ($MN)
- Table 72 Asia Pacific Engineering Plastics Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 73 Asia Pacific Engineering Plastics Market Outlook, By End User (2020-2028) ($MN)
- Table 74 Asia Pacific Engineering Plastics Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
- Table 75 Asia Pacific Engineering Plastics Market Outlook, By Building & Construction (2020-2028) ($MN)
- Table 76 Asia Pacific Engineering Plastics Market Outlook, By Consumer Goods (2020-2028) ($MN)
- Table 77 Asia Pacific Engineering Plastics Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 78 Asia Pacific Engineering Plastics Market Outlook, By Packaging (2020-2028) ($MN)
- Table 79 Asia Pacific Engineering Plastics Market Outlook, By Industrial & Machinery (2020-2028) ($MN)
- Table 80 Asia Pacific Engineering Plastics Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 81 South America Engineering Plastics Market Outlook, By Country (2020-2028) ($MN)
- Table 82 South America Engineering Plastics Market Outlook, By Product Type (2020-2028) ($MN)
- Table 83 South America Engineering Plastics Market Outlook, By Polycarbonate (PC) (2020-2028) ($MN)
- Table 84 South America Engineering Plastics Market Outlook, By Acrylonitrile Butadiene Styrene (2020-2028) ($MN)
- Table 85 South America Engineering Plastics Market Outlook, By Liquid Crystal Polymers (2020-2028) ($MN)
- Table 86 South America Engineering Plastics Market Outlook, By Thermoplastic Polyesters (2020-2028) ($MN)
- Table 87 South America Engineering Plastics Market Outlook, By Polyoxymethylene (POM) (2020-2028) ($MN)
- Table 88 South America Engineering Plastics Market Outlook, By Styrene Copolymers (2020-2028) ($MN)
- Table 89 South America Engineering Plastics Market Outlook, By Polyamides (2020-2028) ($MN)
- Table 90 South America Engineering Plastics Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
- Table 91 South America Engineering Plastics Market Outlook, By Polyimides (2020-2028) ($MN)
- Table 92 South America Engineering Plastics Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 93 South America Engineering Plastics Market Outlook, By End User (2020-2028) ($MN)
- Table 94 South America Engineering Plastics Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
- Table 95 South America Engineering Plastics Market Outlook, By Building & Construction (2020-2028) ($MN)
- Table 96 South America Engineering Plastics Market Outlook, By Consumer Goods (2020-2028) ($MN)
- Table 97 South America Engineering Plastics Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 98 South America Engineering Plastics Market Outlook, By Packaging (2020-2028) ($MN)
- Table 99 South America Engineering Plastics Market Outlook, By Industrial & Machinery (2020-2028) ($MN)
- Table 100 South America Engineering Plastics Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 101 Middle East & Africa Engineering Plastics Market Outlook, By Country (2020-2028) ($MN)
- Table 102 Middle East & Africa Engineering Plastics Market Outlook, By Product Type (2020-2028) ($MN)
- Table 103 Middle East & Africa Engineering Plastics Market Outlook, By Polycarbonate (PC) (2020-2028) ($MN)
- Table 104 Middle East & Africa Engineering Plastics Market Outlook, By Acrylonitrile Butadiene Styrene (2020-2028) ($MN)
- Table 105 Middle East & Africa Engineering Plastics Market Outlook, By Liquid Crystal Polymers (2020-2028) ($MN)
- Table 106 Middle East & Africa Engineering Plastics Market Outlook, By Thermoplastic Polyesters (2020-2028) ($MN)
- Table 107 Middle East & Africa Engineering Plastics Market Outlook, By Polyoxymethylene (POM) (2020-2028) ($MN)
- Table 108 Middle East & Africa Engineering Plastics Market Outlook, By Styrene Copolymers (2020-2028) ($MN)
- Table 109 Middle East & Africa Engineering Plastics Market Outlook, By Polyamides (2020-2028) ($MN)
- Table 110 Middle East & Africa Engineering Plastics Market Outlook, By Polyether Ether Ketone (2020-2028) ($MN)
- Table 111 Middle East & Africa Engineering Plastics Market Outlook, By Polyimides (2020-2028) ($MN)
- Table 112 Middle East & Africa Engineering Plastics Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 113 Middle East & Africa Engineering Plastics Market Outlook, By End User (2020-2028) ($MN)
- Table 114 Middle East & Africa Engineering Plastics Market Outlook, By Automotive & Transportation (2020-2028) ($MN)
- Table 115 Middle East & Africa Engineering Plastics Market Outlook, By Building & Construction (2020-2028) ($MN)
- Table 116 Middle East & Africa Engineering Plastics Market Outlook, By Consumer Goods (2020-2028) ($MN)
- Table 117 Middle East & Africa Engineering Plastics Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 118 Middle East & Africa Engineering Plastics Market Outlook, By Packaging (2020-2028) ($MN)
- Table 119 Middle East & Africa Engineering Plastics Market Outlook, By Industrial & Machinery (2020-2028) ($MN)
- Table 120 Middle East & Africa Engineering Plastics Market Outlook, By Other End Users (2020-2028) ($MN)
