Engineered Plastics Market: Current Analysis and Forecast (2021-2027)

The global engineered plastics market is likely to showcase a growth of around 6% during the forecast period. Over the years, engineered plastics have made strong upheld in a large number of industries over commodity plastics owing to their characteristics like good chemical and temperature resistance, providing strength, toughness, stiffness, and resist wear and abrasion. Industries like automobiles, electrical & electronics, construction, and packaging are some of the major consumers of engineered plastic owing to its industry-preferred properties like lower weight compared to conventionally used metals or glass coupled with help in reducing the cost without compromising on quality. According to industry experts, there are about 30,000 parts in a vehicle, out of which 1/3 are made of plastic. Engineered plastics like polyamide and polycarbonate are commonly used in vehicles. For instance, in automotive fuel systems, the most widely used plastics are PAs such as PA12, PA6, and PA66, due to their combination of balanced mechanical properties and relatively good barrier properties to hydrocarbons. Further, a typical vehicle incorporates 10 kilograms of polycarbonate in various forms.

Insights Presented in the Report

"Amongst type, polyamides held a prominent share in the market in 2020"

Based on type, the market is categorized into polycarbonates, polyamides, PBT, PET, POM, and PMP. Among these, polyamides accounted for a significant share in the market as it is widely consumed in automotive & transportation markets, consumer goods and electrical and electronics applications among others. For instance, in automotive fuel systems, the most widely used plastics are PAs such as PA12, PA6, and PA66, due to their combination of balanced mechanical properties and relatively good barrier properties to hydrocarbons. 

"Amongst structure, semi-crystalline accounted for a significant share in 2020"

Based on structure, the market is bifurcated into amorphous and semi-crystalline. Of both, semi-crystalline accounted for a prominent share in the market. This can be ascribed to the fact that the majority of engineered plastics have semi-crystalline structures. Further, the demand for these engineered plastics is growing thereby it is expected that the semi-crystalline engineered plastics would maintain a strong market share during the foreseeable future.

"Asia-Pacific is expected to showcase significant growth during the forecast period"

For a better understanding of the market adoption of Engineered Plastics, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to growing industrial production and increasing investment in setting up new facilities by western players in order to take advantage of lower labor rates and raw materials. Further, the growing population and increasing urbanization coupled with improving per-capita income boost the demand from the end-use industry, thereby increasing the demand for engineered plastics.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

• The study comprehensively covers the market across different segments

• Deep dive country-level analysis of the industry

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