Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "Engineering Plastics Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The engineering plastics market size has grown strongly in recent years from $103.88 billion in 2023 to $113.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The expansion observed in the historical period can be attributed to several factors, including the substitution of traditional materials with engineering plastics, a boom in the electrical and electronics sector, an increased focus on sustainability, growth in the construction industry, and the expansion of the medical device sector. These elements collectively contributed to the overall growth observed during that timeframe.
The engineering plastics market size is expected to see continued strong growth in the next few years, reaching $161.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to several key factors, including the increasing adoption of 3D printing and additive manufacturing techniques, ongoing infrastructure modernization efforts, expanded applications in the aerospace sector, the continuous evolution of the consumer electronics industry, and initiatives promoting a circular economy. Noteworthy trends expected in this period encompass the utilization of high-performance thermoplastics, the trend towards miniaturization in electronics, the integration of smart and functional materials, the emphasis on customization and tailored solutions, and a heightened focus on health and safety compliance. These trends are poised to significantly impact and contribute to the projected growth and evolution of the engineering plastics industry in the forecasted period.
The expansion of the electronics and electrical industries is anticipated to drive the growth of the engineering plastics market. The electronics sector manufactures a range of products, including consumer electronics, electrical equipment, and components for various applications. Engineering plastics play a crucial role in the production of electronic goods such as computers, communication equipment, switchgear, storage batteries, and switchboards. As per the Ministry of Electronics and Information Technology, an Indian government agency, the electronics manufacturing industry is projected to increase from USD 75 billion in 2022 to USD 300 billion by 2026. Hence, the upsurge in the electronics and electrical industries is fostering the demand for engineering plastics.
The rising demand for automobiles is poised to fuel the growth of the engineering plastics market. Automobiles, designed for personal transportation and propelled by internal combustion engines or electric motors, utilize engineering plastics for various purposes. These plastics contribute to lightweight construction for enhanced fuel efficiency, durability for long-lasting components, and resistance to chemical and thermal stress in different vehicle parts. In August 2023, according to MarkLines Co., Ltd., a Japanese automotive industry portal, sales of passenger cars in the US saw a 12.7% increase from 248,704 in August 2022 to 280,223 in August 2023, while sales of light trucks rose by 17.2% from 905,069 in August 2022 to 1,060,946 in August 2023. Consequently, the growing demand for automobiles is propelling the engineering plastics market.
The utilization of bio-based or recycled materials has emerged as a prominent trend in the engineering plastics market. Key players in the market are actively developing bio-based or recycled materials as alternatives to traditional plastic solutions, aiming to enhance their market position. For instance, in August 2022, Toray Industries, Inc., a Japanese producer of engineering plastics like PPS, nylon, and PBT, achieved a significant milestone by developing the first fully bio-based adipic acid. Adipic acid is a component of nylon 66 (polyamide 66) and was produced from sugars extracted from non-edible feedstock using Toray's microbial fermentation technology and chemical purification methods. This achievement represents a unique synthesis method combining fermentation and chemical processes in the development of bio-based engineering plastics.
Major companies in the engineering plastics market are concentrating on the development of products made from a combination of materials, such as the combination of COCs (cyclic olefin copolymers) with polypropylene (PP), using a distinctive process to establish a competitive advantage in the market. The synergistic combination of COCs and PP in engineering plastics results in enhanced material properties, including improved transparency, chemical resistance, and heat stability, making them suitable for various applications.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
- Markets Covered:
- By Type: Acrylonitrile Butadiene Styrene; Polyamide; Polycarbonate; Thermoplastic Polyester; Polyacetal; Fluoropolymer; Other Types
- By Performance Parameter: High Performance; Low Performance
- By End-Use Industry: Automotive And Transportation; Consumer Appliances; Electrical And Electronics; Industrial And Machinery; Packaging; Other End-Use Industries
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled
- Covestro
- DuPont de Nemours
- LG Chem Ltd.
- Evonik Industries
- Mitsubishi Chemical Engineering Corporation
- BASF
- Celanese
- Solvay
- Dow Chemical Company
- Saudi Basic Industries
- LANXESS
- Bayer
- Asahi Kasei Corporation
- DSM Engineering Plastics
- Polyplastics
- Teijin Limited
- Toray Industries Inc.
- Arkema S.A.
- Chi Mei
- Daicel
- Eastman Chemical
- EMS-Chemie Holding
- Formosa Plastics
- Huntsman Corporation
- INEOS Styrolution Group
- JSR Corporation
- KOLON Industries Inc.
- Kuraray Co. Ltd.
- Mitsui Chemicals Inc
- Nilit
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/pr1egn
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