Global Engineering Plastics Market Analysis, 2024-2030

Engineering Plastic is a type of plastic that has better thermal and mechanical properties when compared to other widely used commodity plastic. This type of plastic is used primarily in the Automotive Industry, Transport Industry, Industrial & Machinery Items, Packaging and Consumer Appliances. There are many kinds of Engineering Plastics. Some of them are acrylonitrile butadiene styrene (ABS), nylon 6, polycarbonates (PC), polyethylene terephthalate (PET) and polytetrafluoroethylene (Teflon). The most popular and the widely used type is the acrylonitrile butadiene styrene (ABS). This type provides heat and chemical resistance. The demand for the ABS type of engineering plastic is witnessed in consumer appliances such as electronic gadgets and electrical appliances.

The report on global engineering plastic market presents the crux of over 340 hours of synergized efforts of analysts, industry experts, and academician to assess the present market scenario. The findings are substantiated by a thorough analysis of the engineering plastic industry value chain coupled with exhaustive secondary and primary research.

The global engineering plastics market is projected to reach USD XXX.XX Billion by 2026, at a CAGR of X.X% from 2017 to 2026. The demand for engineering plastics is on the rise in the Asia-Pacific region due to booming automobile industries in countries like Japan, India, South Korea and China. Developing countries that have a firmly rooted automotive base are seen to have a more significant market share in production and consumption of engineering plastics.

With the growing usage of engineering plastics in the mushrooming manufacturing industries of Asia, Middle East & Africa, and South America, the market is expected to rise slightly higher than the growth experienced in countries of North America and Europe in the next few years. Asia-Pacific region had topped the engineering plastics market share with over 50% in the year 2017. China is the largest consumer of engineering plastics. Here, the demand had come from automotive and electronic & electrical industries.

Rapid industrialization, ever-increasing demand from end-use industries such as chemicals, power generation, automobile manufacturing, packaging, electrical & electronics and the increasing government spending on infrastructure activities are some of the key factors responsible for the growth of engineering plastics market. Also, with increased interest in decreasing the weight of the car, mastering fuel efficiency, and decreasing emissions, engineering plastics are replacing several other materials.

Some of the major players in the market of Engineering Plastics are BASF SE, Covestro, Mitsubishi Engineering-Plastics Corporation, LANXESS, Celanese Corporation and LG Chem. In 2015, BASF SE announced the expansion of compounding capacities for engineering plastics in Europe.

Our Approach

At Market Krystal, we believe in a systematic approach towards the problem at hand. The process begins with the identification of a challenge/opportunity, followed by an exhaustive brainstorming by in-house and consulting experts. Based on the outcomes, an in-depth research (primary & secondary) is carried out to collect industry insights. The data is then analysed by a gamut of techniques (Statistics, Machine Learning, Econometrics, and Analytics) to derive inter-disciplinary deductions that are executable and result in value creation.

To consolidate the insights across the global engineering plastic market, the market has been divided based on type (PET, ABS, PC, PBT and similar others). Different types of engineering plastics were then analysed for different applications such as industrial, automotive, packaging, consumer goods across the globe.

Market Krystal ensured a holistic approach by involving experts from diverse functionalities and locations (Fig1). This allowed a 3600 view of the industry dynamic.

Figure 1 Primary research breakdown

Contents of the report:

• Insight on the current industry dynamics
• Estimation of the current market size in terms of value and volume
• Market breakup based on type, application, and geography
• Substantiated market forecasting for the next five years
• Detailed analysis of the key companies operating across different nodes of engineering plastic industry value chain