The Latin America, Middle East and Africa Engineering Plastics Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 4,136.1 kilo tonnes, showcasing a growth of 6.8% (2023-2030).
Polyamide, commonly known as nylon, plays a significant role in the Engineering Plastics Market due to its versatile properties and wide range of applications. In the realm of engineering plastics, polyamide stands out for its exceptional strength, toughness, and resistance to wear and abrasion. Therefore, the Brazil market utilized 160.9 kilo tonnes of Polyamide in 2022.
The Brazil market dominated the LAMEA Engineering Plastics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,535.6 million by 2030. The Argentina market is exhibiting a CAGR of 8.4% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 6.9% during (2023 - 2030).
The high strength-to-weight ratio of engineering plastics is a defining characteristic that renders them well-suited for applications that require lightweight materials. As an illustration, engineering plastics are utilized in the automotive sector to decrease the mass of vehicles, thereby contributing to enhanced fuel economy and diminished carbon emissions. The increasing prevalence of electric vehicles has generated a surge in the need for lightweight materials capable of substituting conventional metals. It is known for their lightweight and durable properties, are increasingly used in EV components such as battery housings, connectors, and interior trim.
Likewise, these materials are utilized in the aerospace sector to produce lightweight components that are resistant to the severe conditions encountered during space travel. Therefore, the demand for engineering plastics will increase as these industries expand. For example, the aerospace and defense industry reported revenues of more than $700 billion in 2022 and over $65 billion in operating profit. According to industry experts, the highest-performing companies in 2022 generally had significant commercial aftermarket exposure. For 2022, the International Air Transport Association (IATA) reports that revenue passenger kilometers (RPKs) reached approximately 70% of pre-pandemic levels and recovered to about 80% by December.
Moreover, countries like Brazil, Saudi Arabia, and South Africa are major producers and consumers of vehicles, leading to an increased demand for engineering plastics for use in automotive components. According to ITA, in 2020, Saudi Arabia played a dominant role in the automotive landscape of the GCC and the broader Middle East/North Africa (MENA) region, accounting for nearly 52% of the automobiles sold in the GCC and 35% in the (MENA) region. Projections indicate that sales are expected to rebound, reaching 543,000 units by 2025. Hence, as these industries continue to grow, the demand for engineering plastics is expected to remain strong, driving further growth in the market.
Free Valuable Insights: The Worldwide Engineering Plastics Market is Projected to reach USD 163.4 Billion by 2030, at a CAGR of 5.7%
Based on Type, the market is segmented into Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others. Based on End-User, the market is segmented into Automotive & Transportation, Electrical & Electronics, Consumer Appliances, Industrial & Machinery, Packaging, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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