A recent report published by Infinium Global Research on the engineering plastics market provides in-depth analysis of segments and sub-segments in the global as well as regional engineering plastics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional engineering plastics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global engineering plastics market. According to the report, the global engineering plastics market is projected to reach USD 157.23 million by 2027 from USD 102.26 million in 2021, growing at a CAGR of 7.43% over the forecast period of 2021-2027.

Market Insight

Engineering plastics such as polyamides, polyacetals, polycarbonates, modified polyphenylene ethers, and thermoplastic polyesters have become the material of choice for various applications due to their enhanced mechanical and chemical properties including strength, self-lubrication, rigidity, fire safety, and high resistance to impact and abrasion. They are used in manufacturing automobiles, household appliances, and electronic devices, to aircraft as well as food and medical products packaging.

The global demand for engineering plastics is rising rapidly and the substitution of metal parts with engineering plastics is expected to continue to drive growth in the near future. Mainstream end-use industries such as automotive electrical & electronics sectors are concentrating on weight reduction and miniaturization of products, improved safety, and reduced manufacturing costs, which in turn is driving the demand for engineering plastics in these industries. The growth in the consumer & appliances industry due to the increase in disposable income of the rising middle class, particularly from developing countries will positively influence the demand for engineering plastics during the forecast years. Further, engineering plastic is gaining popularity in the automotive & transportation industry and is being used in several interiors, exterior, and under-the-hood applications in recent years. However, fluctuations in the prices of the raw materials, rising environmental concerns regarding the use of plastics, and availability of other substitutes will hamper the growth of the market. Nevertheless, growing innovations in sustainable engineering plastics based on bio or recycled-based materials will create fruitful opportunities for market development over the coming years. The outbreak of the COVID-19 pandemic had a negative impact on various industries across the globe. Plastic and polymer industries were significantly affected by the COVID-19 pandemic. The concerns over the outbreak of coronavirus had a negative impact on the sale of engineering plastics over the short term as the COVID- 19 outbreak led to lockdowns in several countries across the world. Due to these lockdowns, the end-use industries such as building, construction, and automotive industries incurred huge losses in their sales. Furthermore, the drop in demand for engineering plastic products compelled companies to reduce production significantly. The supply of all sorts of raw materials required for the production of engineering plastics was also affected during the pandemic. Apart from that, major players in the industry reduced or stopped the production activities due to the safety concerns of the employees and government regulations. The pandemic has led to large-scale distress to supply bases, assembly plant closures, and further downshift to the declining consumer demand. Nevertheless, the high demand for engineering plastics from the food & beverages, healthcare, and consumer electronics industries had a positive influence on the growth of the engineering plastics market during the pandemic.

Geographically, North America is expected to be the largest region in the global engineering plastics market. Particularly, China will be the key growth driver of engineering plastics in the Asia Pacific. China is currently the largest single market for engineering plastics and will account for approximately 40% of the global engineering plastics share in 2020. In addition, China is not only a key consumer of engineering plastics but also a notable manufacturer of engineering plastics. Furthermore, the engineering plastic industry is one of the fastest-growing industries in India which has witnessed unprecedented and explosive growth in the last 2 decades. Additionally, the Asian region accounts for 40 percent of the world’s inhabitants. Moreover, as the demand for consumer electronics and automotive applications will continue to rise in the population-driven Asian markets, the market for engineering plastics will see significant progress over the coming years.

Segment Covered

The report on global engineering plastics market covers segments such as type, and application. On the basis of type, the sub-markets include polyamides, thermoplastic polyesters, polycarbonates, polyacetals, fluoropolymers, and others. On the basis of application, the sub-markets include packaging, building & construction, electrical & electronics, automotive, consumer products, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as SABIC Innovative Plastics Holding B.V., BASF SE, Ticona Engineering Polymers, Covestro AG, Teijin Limited, Solvay SA, Evonik Industries AG, Arkema S.A., E. I. du Pont de Nemours and Company, and Koninklijke DSM N.V.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the engineering plastics market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.