The latest report by IMARC titled, “Engineering Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global engineering plastics market size has reached US$ 104.4 Billion in 2021. Engineering plastics refer to plastic materials that possess better mechanical or potentially warm properties as compared to the generally produced plastics. They are considered an apt alternative to metal and ceramics as they are lightweight in nature. They have excellent load capacity, thermal stability, mechanical strength, and durability. Some of the most common types of engineering plastics variants include polycarbonates (PC), polyamides (PA), nylon 6, acrylonitrile butadiene styrene (ABS), and polysulphone (PSU). In recent years, engineering plastics have gained traction as they are being widely adopted in the production of dashboard trims, car bumpers, ski boots, optical discs, and helmets across the world.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will e integrated into the report.
Global Engineering Plastics Market Trends:
One of the primary factors driving the market is the growing preference for lightweight automobiles among individuals. Additionally, engineering plastics are also utilized in the manufacturing procedures of various vehicle components, creating a positive market outlook. Other than this, this product is employed in the healthcare industry for packaging medical equipment and production of medical implants, which is positively influencing the market growth. Furthermore, the utilization of engineering plastics for producing consumer electronics is propelling the market growth. In line with this, extensive investments by private and public agencies in infrastructural development projects are strengthening the market growth. Other growth-inducing factors include extensive research and development (R&D) activities conducted by key players to gain a competitive edge in the market, along with continual product innovations. Looking forward, IMARC group expects the market size to reach US$ 167.5 Billion by 2027, expanding at a CAGR of 7.50% in the forecast period (2022-2027).
- Based on the type, the market has been divided into polyamide, ABS, thermoplastic polyesters, polycarbonates, polyacetals, fluoropolymers, and others.
- On the basis of the performance parameter, the market has been bifurcated into high and low performance.
- Based on the application, the market has been segmented into packaging, building and construction, electrical and electronics, automotive, consumer products, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, the United Kingdom, France, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being 3M Company, AdvanSix, Arkema S.A., Avient Corporation, BASF SE, Celanese Corporation, Daicel Corporation, DuPont de Nemours Inc., Eastman Chemical Company, Ineos Limited, LANXESS Aktiengesellschaft, and Solvay S.A.
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