Rockville, April 11, 2023 (GLOBE NEWSWIRE) -- The global engineering thermoplastic market is predicted to be worth US$ 292.2 billion in 2023, with a CAGR of 5.9% to reach US$ 518.3 billion by the end of 2033.
Because of its better performance, engineering plastic has acquired widespread acceptance in a variety of end-use sectors. The increasing usage of engineered thermoplastics (ETPs) in fluid handling, agricultural equipment, and medical implants and equipment will drive up demand throughout the projected period.
Automobile manufacturers have been turning to engineering thermoplastics to improve fuel efficiency and meet lower pollution requirements since they allow many auto parts to be combined. To fulfil the needs of future autos, this would eventually necessitate higher quality and more effective thermoplastic polymers.
- Short Term (2023-2026): The use of engineering thermoplastic in automotive, building & construction, packaging, and other industries is driving the market because to its superior features.
- Medium Term (2026-2029): Increasing infrastructure investments and consumer shifts towards bio-based plastic are expected to boost engineering plastic market growth, particularly in Europe and Asia.
- Long Term (2029-2033): The advent of novel procedures for separating PET from plastic packaging waste, as well as rising demand for electric cars, will fuel long-term engineering thermoplastic demand.
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Drivers
- Engineering Thermoplastics are known for their lightweight and high strength-to-weight ratio, making them a suitable choice for various applications in industries such as automotive, aerospace, and consumer goods. Moreover, the demand for engineering thermoplastics is growing in industries such as electrical and electronics, automotive, medical, and consumer goods, among others.
- Engineering thermoplastics are recyclable and offer superior performance compared to traditional plastics, making them an attractive option for companies looking for sustainable solutions.
- Moreover, manufacturers are investing in research and development to introduce new and innovative products that meet the evolving demands of end-use industries.
- Governments across the globe are implementing regulations to promote the use of engineering thermoplastics in various industries, which is expected to drive market growth.
- Besides this, the increasing industrialization in emerging economies is driving the demand for engineering thermoplastics due to their high-performance properties and durability, making them ideal for industrial applications.
Key Market Trends:
- Rise in electric vehicle production is driving demand for engineering thermoplastics as they offer lightweight, durable, and heat-resistant solutions for various components such as battery casings, motor components, and charging connectors.
- The increasing adoption of 3D printing technology in various industries is driving the demand for engineering thermoplastics, which offer high-performance and high-precision solutions for 3D printing applications.
- Besides, a growing trend towards usage of bio-based engineering thermoplastics is witnessed. These are made
- from renewable sources such as plant-based materials, and offer several environmental benefits compared to traditional petroleum-based thermoplastics.
- There is a growing focus on recycling engineering thermoplastics to reduce waste and improve sustainability. This trend is expected to drive the adoption of engineering thermoplastics as they are easily recyclable and offer high-performance solutions.
- The development of new and advanced technologies is driving the innovation of engineering thermoplastics, which offer superior performance properties and can be customized to meet the specific requirements of various industries and applications.
- The growing adoption of smart manufacturing practices, such as automation and robotics, is driving the demand for engineering thermoplastics, which offer high-performance solutions for various components used in smart manufacturing equipment.
Restraints
- Engineering thermoplastics are more expensive than traditional plastics, which can limit their adoption in certain industries and applications.
- The production of engineering thermoplastics requires specialized raw materials, and the limited availability of these materials can lead to supply chain disruptions and price volatility.
- Engineering thermoplastics are more difficult to process than traditional plastics due to their high melting points and other physical properties, which can result in additional production costs and longer processing times.
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Regional Landscape:
- Germany has a large number of plastic production facilities and records the highest level of plastics demand by converters in the region. Moreover, Germany is expected to grow at a rapid pace due to the rise in automobile manufacturing in the region.
- Besides this, India is witnessing growing demand for engineering plastic from the building and construction, packaging, and automotive industries. Various government initiatives and investments to develop infrastructure are pushing the growth of the building and construction industry.
Competitive Landscape
Key players in the market are increasing their production capacity to meet the high demand for ETPs from various industries such as the packaging and automotive industries in emerging economies.
- In September 2022, BASF started its production facility in China with a manufacturing capacity of 60,000 metric tons of engineering plastics. Moreover, the new plant will further increase its production capacity.
Moreover, key companies are investing in R&D for developing newer materials that are easier to recycle.
- In 2022, SABIC launched its new LNP™ THERMOCOMP™ AM material, a high-performance thermoplastic composite material that offers excellent strength and stiffness for 3D printing applications in various industries, including aerospace, automotive, and healthcare.
Key Companies Profiled
- BASF SE
- Eastman Chemical Company
- 3M
- Dow
- DuPont
- Evonik Industries AG
- Mitsubishi Chemical Holdings Corporation
- Arkema S.A
- Sumitomo Chemical Co., Ltd.
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Segmentation of Engineering Thermoplastic Industry Research
- By Product :
- Amorphous Engineering Thermoplastic
- Styrene Copolymers (ABS/SAN)
- Polycarbonate (PC)
- Polymethyl methacrylate (PMMA)
- Polyphenylene Oxide (PPO)
- Others
- Semi-Crystalline Engineering Thermoplastic
- Thermoplastics Polyesters (PBT/PET)
- Polyamide (PA)
- Fluoropolymers (PTFE / Teflon)
- Polyacetals (POM)
- Polyether Ether Ketone (PEEK)
- Polyphenylene Sulfide (PPS)
- Others
- Amorphous Engineering Thermoplastic
- By Shape :
- Sheet
- Rod
- Tube
- Film
- Custom
- Polypropylene
- By End-Use Industry :
- Packaging
- Building and Construction
- Automotive and Transportation
- Electrical and Electronics
- Household Appliances
- Sports & Leisure
- Agriculture
- Medical
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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