According to a new report, published by KBV research, 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).
High-performance materials are necessary to produce machinery, equipment, and components that withstand harsh operating conditions. Due to their high strength, wear, and chemical resistance, engineering plastics are used in industrial applications such as gears, bearings, and conveyor belts. The industrial sector's demand is propelled by the fact that these materials enhance the functionality and dependability of machinery.
The Acrylonitrile Butadiene Styrene segment is leading the Global Engineering Plastics Market by Type in 2022; thereby, achieving a market value of $46.5 billion by 2030. Acrylonitrile butadiene styrene (ABS) is a versatile engineering plastic known for its high impact resistance, toughness, and heat resistance. ABS is extensively employed in the automotive sector for both interior and exterior components owing to its exceptional resistance to impact and capacity to be shaped effortlessly into intricate configurations. Similarly, the consumer electronics industry relies heavily on ABS for the casings and housings of electronic devices such as laptops, smartphones, and appliances. Thus, the expanding use of these plastics is propelling the segment's growth.
The Electrical & Electronics segment is experiencing a CAGR of 6.1% during (2023 - 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. According to the World Economic Forum, the global consumer electronics industry was at around $1.1 trillion in 2017, growing at a rate of 6% until 2024, when it will be worth $1.7 trillion. Rising smartphone adoption rates are fuelling global demand. There is also a major trend towards flat panel TV screens in developed markets and the adoption of 3G and 4G in developing economies.
Full Report: https://www.kbvresearch.com/engineering-plastics-market/
The Asia Pacific region dominated the Global Engineering Plastics 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. The Europe region is anticipating a CAGR of 5.5% during (2023 - 2030). Additionally, The North America region would exhibit a CAGR of 5.2% during (2023 - 2030).
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography
Unique Offerings 
