“Global Engineering Plastics Market to reach a market value of USD 163.4 Billion by 2030 growing at a CAGR of 5.7%”
The Global Engineering Plastics Market size is expected to reach $163.4 billion by 2030, rising at a market growth of 5.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 35,419.9 kilo tonnes, experiencing a growth of 2.9% (2019-2022).
The use of engineering plastics in consumer appliances can lead to products that are more durable, versatile, and cost-effective, ultimately benefiting both manufacturers and consumers. Thus, the Consumer Appliances segment acquired $23,191.3 million in 2022. As disposable incomes rise, consumers are more willing to invest in appliances that offer convenience, efficiency, and improved quality of life.
Ongoing technological advancements in the processing technologies of engineering plastics are expanding their application scope. Significant progress has been made in injection molding, a widely utilized manufacturing process to manufacture plastic parts. Therefore, these technological advancements are propelling the growth of the market.
Additionally, it offers excellent electrical insulation properties, making them highly suitable for various applications in this sector. Components such as connectors, switches, and housings require materials that effectively insulate against electrical current and prevent short circuits. As a result, engineering plastics manufacturers will likely see increased demand for their products in the E&E.
However, the cost disparity arises from several factors inherent to engineering plastics. Firstly, the raw materials used in engineering plastics, such as high-quality polymers and specialized additives, are often more expensive than those used in traditional plastics. This, in turn, slows down the market's growth.
On the basis of End-User, the market is classified into packaging, electrical & electronics, automotive & transportation, consumer appliances, industrial & machinery, and others. The electrical & electronics segment witnessed a promising 19% revenue in the market in 2022. In terms of volume, the electrical & electronics segment would utilize 10,755.2 kilo tonnes of engineering plastics materials by 2030. The unique combination of properties offered by engineering plastics makes them a preferred choice for various applications in the electrical and electronics sector, including connectors, insulators, housings, and components for consumer electronics, industrial equipment, and automotive electronics.
Based on type, the market is characterized by polyamide, acrylonitrile butadiene styrene, thermoplastic polyester, polycarbonate, polyacetal, fluoropolymer, and others. The thermoplastic polyester segment procured 11% revenue share in the market in 2022. In terms of volume, the thermoplastic polyester segment would utilize 18,856.8 kilo tonnes of engineering plastics materials by 2030.
Free Valuable Insights: Global Engineering Plastics Market size to reach USD 163.4 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered a 40% revenue share in the market in 2022. In terms of volume, the Asia Pacific region would utilize 27,868.6 kilo tonnes of engineering plastics materials by 2030. Some of the largest automotive markets in the world are located in the Asia-Pacific region, such as those in Japan, China, and South Korea.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 101.2 Billion |
| Market size forecast in 2030 | USD 163.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.7% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 362 |
| Number of Tables | 650 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, End-User, Region |
| Country scope |
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| Companies Included | SABIC (Saudi Arabian Oil Co.), Lanxess AG, Solvay SA, Evonik Industries AG (RAG-Stiftung), Arkema S.A., LG Chem Ltd. (LG Corporation), Bayer AG, BASF SE, Celanese Corporation, DuPont de Nemours, Inc. |
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography
The Market size is projected to reach USD $163.4 billion by 2030.
Rising demand in electrical and electronics sector are driving the Market in coming years, however, Stiff competition from a variety of other materials restraints the growth of the Market.
SABIC (Saudi Arabian Oil Co.), Lanxess AG, Solvay SA, Evonik Industries AG (RAG-Stiftung), Arkema S.A., LG Chem Ltd. (LG Corporation), Bayer AG, BASF SE, Celanese Corporation, DuPont de Nemours, Inc.
In the year 2022, the market attained a volume of 35,419.9 kilo tonnes, experiencing a growth of 2.9% (2019-2022).
The Acrylonitrile Butadiene Styrene segment is leading the Market by Type in 2022; thereby, achieving a market value of $46.5 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $66.2 billion by 2030.
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