Pune India, Jan. 25, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the engineering plastics market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the engineering plastics market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global engineering plastics market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, Victrex Plc. among others. To achieve a substantial market share in the worldwide engineering plastics market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
There is a group of plastic materials called engineering plastics that offer superior mechanical and thermal properties compared to commodity plastics, which are more commonly used. Because of current environmental and economic concerns, the market for lightweight engineering plastic is expected to grow faster. According to a recent study, every 10% reduction in vehicle weight reduces fuel consumption by 6-8%. As a result, automobile manufacturers are now using more advanced plastic materials to reduce weight and make their vehicles more fuel efficient. It is expected that the market growth of engineering plastics will be hampered by high costs associated with raw material fluctuations. As engineering plastics have enhanced properties and complex processing, they increase the final cost, thereby hampering the market growth. Therefore, the high cost of engineering plastics is expected to hamper the market growth. In the forecast period, the growth of the engineering plastics market is expected to be hampered by fluctuations in crude oil prices and regulatory challenges regarding emissions of greenhouse gases.
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Scope of Engineering Plastics Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Product Type, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, Victrex Plc. among others|
Acrylonitrile-butadiene-styrene is expected to be the fastest-growing segment in 2022.
The product type segment includes polyamide, acrylonitrile-butadiene-styrene, thermoplastics polyesters, polycarbonate, polyacetals, fluoropolymers, and others. The acrylonitrile-butadiene-styrene segment is expected to witness the highest growth rate during the forecast period. Due to rapid growth in the automotive industry, the Acrylonitrile-Butadiene-Styrene segment accounted for the largest share of revenue within the Engineering Plastics segment. The automotive industry, electrics and electronics industries, as well as the building and home goods industry, primarily use ABS.
Automotive is expected to be the fastest-growing segment in 2022.
The application segment includes packaging, building & construction, electrical & electronics, automotive, consumer products, and others. The automotive segment is expected to witness the highest growth rate during the forecast period. Engineering plastics are used in automotive powertrains, chassis, electrical components, interior and exterior décor, and under-the-hood components, as well as in powertrains, chassis and electrical components. In addition to upholstery and dashboards, it is used to fill liquid reservoirs, bumpers, seats, body panels, fuel systems, interior trim, and under-bonnet components, which is boosting the market growth.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the engineering plastics market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Plastic production facilities are abundant in this area and raw materials are easily accessible, contributing to its expansion. As a result of urbanization, an increasing population, and the replacement of numerous metals with engineered plastic in a variety of end-user sectors, including packaging and automotive, the region’s market is expected to grow strongly.
Germany’s engineering plastics market size was valued at USD 9.18 billion in 2022 and is expected to reach USD 15.5 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.
Due to rising government mandates to promote the use of electric vehicles, manufacturers of electric vehicles are expanding rapidly in Germany, driving the market for engineering plastics in the interior trim, exterior trim, and electronic components.
China’s engineering plastics market size was valued at USD 9.5 billion in 2022 and is expected to reach USD 16.2 billion by 2030, at a CAGR of 7% from 2023 to 2030.
In China, the automotive industry is one of the fastest-growing industries due to a surge in consumer disposable income and the expansion of automobile production facilities by companies such as Tesla and FAW-Volkswagen.
India’s engineering plastics market size was valued at USD 7.3 billion in 2022 and is expected to reach USD 12.4 billion by 2030, at a CAGR of 6.9% from 2023 to 2030.
As the automotive, electronics and electrical sectors expand in the forecast period, the engineering plastic market in India is expected to exhibit lucrative growth.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand in the automotive and electrical sectors, propelling the growth of the market across the countries.
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