Engineering Plastics

Global Engineering Plastics Market to Reach US$248.9 Billion by 2030

The global market for Engineering Plastics estimated at US$167.1 Billion in the year 2024, is expected to reach US$248.9 Billion by 2030, growing at a CAGR of 6.9% over the analysis period 2024-2030. Acrylonitrile-Butadiene-Styrene (ABS), one of the segments analyzed in the report, is expected to record a 7.2% CAGR and reach US$93.6 Billion by the end of the analysis period. Growth in the Polyamide segment is estimated at 6.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$43.6 Billion While China is Forecast to Grow at 10.1% CAGR

The Engineering Plastics market in the U.S. is estimated at US$43.6 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$58.3 Billion by the year 2030 trailing a CAGR of 10.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.7% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

Global Engineering Plastics Market - Key Trends and Drivers Summarized

What Are Engineering Plastics, and How Are They Shaping Modern Industries?

Engineering plastics are a class of plastics that are used in high-performance applications due to their superior strength, thermal stability, and chemical resistance compared to commodity plastics. Unlike standard plastics, engineering plastics can withstand harsh environments and mechanical stresses, which makes them ideal for use in automotive, aerospace, electronics, and industrial machinery. Some common types of engineering plastics include polyamides (nylon), polycarbonates, polyacetals, and thermoplastic polyesters. These materials are characterized by their ability to maintain integrity under high temperatures, loads, and prolonged exposure to chemicals. They are also favored for their versatility in manufacturing processes such as injection molding, CNC machining, and 3D printing, allowing for the creation of complex shapes and high precision parts.

How Have Advances in Technology Enhanced the Properties and Uses of Engineering Plastics?

Recent technological advancements have significantly enhanced the properties of engineering plastics, making them more integral to various high-tech applications. Innovations in polymer science have led to the development of blends and composites that exhibit improved heat resistance, greater mechanical strength, and enhanced optical clarity. For instance, the introduction of fiber reinforcements like glass and carbon fibers has resulted in materials that are much lighter yet stronger than some metals, which is a crucial attribute in the aerospace and automotive sectors. Additionally, advancements in additive manufacturing have allowed for the direct printing of parts using engineering plastics, which has revolutionized the prototype development phase by reducing time and costs associated with traditional manufacturing methods.

What Impact Does the Use of Engineering Plastics Have on Sustainability and Environmental Conservation?

The use of engineering plastics also plays a significant role in environmental conservation and sustainability. These materials are increasingly designed to be recyclable or to have a lower environmental impact during production and disposal. For example, bio-based engineering plastics are being developed from renewable resources, which reduce dependency on fossil fuels and decrease carbon emissions. Furthermore, the lightweight nature of these plastics leads to more fuel-efficient vehicles when used in automotive manufacturing, significantly lowering the environmental footprint. The durability and longevity of engineering plastics also mean that products have longer life cycles, reducing the need for frequent replacements and minimizing waste.

What Drives the Growth of the Engineering Plastics Market?

The growth in the engineering plastics market is driven by several factors, including innovations in material science, increased demand from end-use industries, and shifting consumer behaviors. As industries push for lighter, more durable materials to enhance product performance and energy efficiency, the demand for engineering plastics continues to rise. Specifically, the automotive sector seeks to reduce vehicle weight to comply with stringent global emissions standards, driving substantial growth in the engineering plastics sector. Additionally, the rapid expansion of the electronics industry requires plastics that can withstand high temperatures and electrical stresses, further boosting the market. Consumer behavior also plays a critical role; as more consumers demand durable and sustainable products, manufacturers turn to engineering plastics to meet these expectations. Finally, regulatory pressures and incentives for reducing environmental impact continue to push the adoption of advanced, sustainable materials like engineering plastics across various sectors.

SCOPE OF STUDY:

The report analyzes the Engineering Plastics market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Product Segment (Acrylonitrile-Butadiene-Styrene (ABS), Polyamide, Fluoropolymer, Thermoplastic Polyesters (PBT / PET), Other Product Segments); End-Use (Automotive, Building & Construction, Consumer Goods, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 112 Featured) -

• BASF SE
• Celanese Corp.
• Chi Mei Corp.
• Continental Structural Plastics Inc.
• Covestro AG
• Dow Inc.
• Eastman Chemicals Company
• Evonik Industries AG
• Formosa Plastics Corp.
• Honeywell International, Inc.
• Huntsman Corp.
• Lanxess AG
• LG Chem
• Polyplastics Co., Ltd.
• Radici Partecipazioni SpA
• Royal DSM N.V.
• SABIC
• Teijin Ltd.
• Toray Industries Inc.
• WinTech Polymer Ltd.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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