Engineering Plastic Market Size was valued at USD 60.2 billion in 2022. The Engineering Plastic industry is projected to grow from USD 64.5344 Billion in 2023 to USD 112.5510522 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). Increased demand for engineering plastic for personal transportation and the rising demand from end-use industries, especially automotive & transportation and electrical & electronics, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The demand for engineering plastics is rapidly increasing due to its usage in various end-use industries such as automotive and transportation, and electrical and electronics. These industries are expected to continue driving the market growth in the coming years. Hence, the market CAGR is predicted to increase over the forecast period.
Furthermore, the market for engineering plastics is financially lucrative, with a surge in demand and emerging applications. The market is highly competitive, with numerous players operating globally and locally in different countries. The high level of competition and market fragmentation underscore the attractiveness of the market. Moreover, engineering plastic market products are available in versatile plastic materials with superior physical and electrical properties, including stability, chemical resistance, heat resistance, and abrasion resistance, alongside weather ability. These product characteristics made them one of the fastest-growing segments of the plastics industry on the scale during the ongoing forecast period ending in 2028. Metals and glass continuously seek replacement with lighter materials because of continuous developments in the plastic industry. Thus, these factors drive the Engineering Plastic market revenue.
Based on Product, the Engineering Plastic market segmentation includes polyamide, acrylonitrile-butadiene-styrene, thermoplastics polyesters, polycarbonate, and others. The acrylonitrile-butadiene-styrene segment dominated the market primarily due to increasing demand from the automotive & transportation industries.
Based on Application, the Engineering Plastic market segmentation includes construction, electrical & electronics, automotive, consumer goods, and others.The automotive segment dominated the market, Owing to the usage of engineered polymer composites and plastics in a wide range of applications. Engineering plastics are the second most common class of automotive materials after ferrous metals and alloys. With increased emphasis on decreasing the car's weight, improving fuel efficiency, and regulating emissions, engineering plastics are replacing several other materials.
Figure1: Engineering Plastic Market, by Application, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American engineering plastic market will dominated. The market in this region is expected to experience growth due to increasing demand from end-use industries, particularly the automotive and transportation as well as electrical and electronics industries. This trend is expected to drive market growth in the region. Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL ENGINEERING PLASTIC MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Engineering Plastic market accounts for the second-largest market share. The increasing demand for engineering plastics and their applications in various industries has made the market financially attractive. As a result, the market is expected to experience significant growth in the coming years.. Further, the German Engineering Plastic market had the largest market share, and the UK Engineering Plastic market was the fastest-growing market in the European Region.
The Asia-Pacific Engineering Plastic market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising vehicle sales and increased demand for electronic goods, including computers, communication devices, storage batteries, and other items, due to several causes, including increased consumer disposable income and expanded vehicle production facilities by companies. Moreover, China’s Engineering Plastic market held the largest market share, and the Indian Engineering Plastic market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Engineering Plastic market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The engineering plastic industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Engineering Plastic industry to benefit clients and increase the market sector. The Engineering Plastic industry has offered some of the most significant advantages in recent years. Major players in the Engineering Plastic market, including BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan), and others, are attempting to increase market demand by investing in research and development operations.
Saudi Arabia's Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company. Saudi Aramco owns 70% of SABIC's shares. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. SABIC, a leading manufacturer of engineering plastics, recently added new products to their existing range. They introduced four new grades of chemically resistant LNP CRX polycarbonate (PC) copolymer resins to expand their portfolio of engineering plastics.
Solvay is a long-established chemical company that was founded in Belgium in 1863. The company is headquartered in Brussels, Belgium, and has announced the completion of a new thermoplastic composites (TPC) manufacturing plant in Greenville, South Carolina. The facility is expected to help the company expand its TPC production capabilities and bring new products to market.
August 2022: SABIC, a leader in diversified chemicals, has added four new grades of LNP CRX polycarbonate (PC) copolymer resins to its product portfolio of engineering plastics. These new chemically resistant grades are designed to enhance the performance and durability of various applications in a wide range of industries, including automotive, electronics, and healthcare.
July 2022: BASF SE has established new production facilities for engineering plastics in the Zhanjiang Verbund site located in Guangdong province, southern China. These facilities have an annual production capacity of 60,000 metric tons and are intended to meet the increasing demand for engineering plastics in the region.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 60.2 billion |
| Market Size 2023 | USD 64.5344 billion |
| Market Size 2032 | USD 112.5510 billion |
| Compound Annual Growth Rate (CAGR) | 7.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany), Lanxess AG (Germany), and Mitsubishi Engineering-Plastics Corporation (Japan) |
| Key Market Opportunities | High impact Mechanical potency |
| Key Market Dynamics | Growing demand for engineering plastic for personal transportation coupled with increasing purchasing power. |
Frequently Asked Questions (FAQ) :
The Engineering Plastic Market size was valued at USD 60.2 Billion in 2022.
The Engineering Plastic Market is projected to grow at a CAGR of 7.20% during the forecast period, 2023-2032.
North America had the largest share of the Engineering Plastic Market.
The key players in the Engineering Plastic Market are BASF SE (Germany), Covestro (Germany), Solvay S. A. (Belgium), Celanese Corporation (U.S.), E. I. du Pont de Nemours and Company (U.S.), LG Chem Ltd. (South Korea), Saudi Basic Industries Corporation (Saudi Arabia), Evonik Industries AG (Germany).
The Acrylonitrile-Butadiene-Styrene Engineering Plastic category dominated the Engineering Plastic Market in 2022.
Automotive had the largest share of the Engineering Plastic Market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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