The global engineering plastics market is estimated to be valued at US$ 115.0 billion in 2021 and is expected to exhibit a CAGR of 6.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Engineering plastics are a group of lightweight, high-performance materials that possess excellent mechanical, thermal, and chemical properties. These plastics are widely used in various industries such as automotive, electrical and electronics, consumer goods, and medical devices. They offer advantages such as high strength-to-weight ratio, resistance to impact and chemicals, and excellent dimensional stability. The need for engineering plastics arises from the demand for lightweight and durable materials to replace traditional metals and other plastics in various applications.
B) Market Key Trends:
One key trend driving the growth of the Engineering Plastics Market is the increasing demand for sustainable materials. With growing environmental concerns, there is a shift towards eco-friendly and recyclable materials in various industries. Engineering plastics such as bio-based polymers and recycled plastics offer a sustainable alternative to conventional materials. For instance, DuPont offers engineering plastics made from renewable resources, such as corn and sugarcane, which reduce carbon footprint and dependency on fossil fuels. This trend is expected to drive the demand for engineering plastics in the coming years.
C) PEST Analysis:
– Political: Governments across the globe are implementing regulations to promote the use of sustainable materials. This can create opportunities for the engineering plastics market.
– Economic: The growth of end-use industries such as automotive and electrical and electronics is driving the demand for engineering plastics.
– Social: Increasing awareness about the environmental impact of plastics is driving the demand for sustainable materials.
– Technological: Advancements in manufacturing processes and material innovations are leading to the development of high-performance engineering plastics with improved properties.
D) Key Takeaways:
Paragraph 1: The global engineering plastics market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing demand for sustainable materials. For example, companies like BASF SE and Arkema Group are focusing on developing bio-based and recycled engineering plastics to meet the growing demand from environmentally conscious consumers.
Paragraph 2: Asia Pacific is expected to be the fastest-growing and dominating region in the engineering plastics market. The region is witnessing rapid industrialization and urbanization, leading to increased demand for engineering plastics in various sectors such as automotive and electrical and electronics.
Paragraph 3: Key players operating in the global engineering plastics market include 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, and Victrex Plc. These players are focusing on product innovations, strategic collaborations, and mergers and acquisitions to strengthen their market position.
In conclusion, the global engineering plastics market is poised for significant growth due to the increasing demand for sustainable materials. Key trends such as the development of bio-based and recycled plastics and advancements in manufacturing processes will drive market growth. The Asia Pacific region is expected to dominate the market, supported by rapid industrialization. Key players in the market continue to invest in research and development to offer innovative solutions to meet customer demands.