Engineering Plastics Global Market Report 2024

Engineering plastics are a class of high-performance synthetic resins known for their exceptional durability and heat resistance, exhibiting superior mechanical and thermal properties compared to conventional commodity plastics. These plastics are specifically designed to withstand challenging mechanical and environmental conditions.

The primary types of engineering plastics include acrylonitrile butadiene styrene (ABS), polyamide, polycarbonate, thermoplastic polyester, polyacetal, fluoropolymer, and others. Acrylonitrile Butadiene Styrene (ABS) is commonly utilized for injection molding applications, favored for its cost-effectiveness in production. ABS is a terpolymer created by polymerizing styrene and acrylonitrile in the presence of polybutadiene. These engineering plastics are categorized based on performance parameters, distinguishing between high performance and low performance. They find applications in diverse industries, including automotive and transportation, consumer appliances, electrical and electronics, industrial and machinery, packaging, and various other end-use sectors.

The engineering plastics market research report is one of a series of new reports that provides engineering plastics market statistics, including engineering plastics industry global market size, regional shares, competitors with engineering plastics market share, detailed engineering plastics market segments, market trends and opportunities, and any further data you may need to thrive in the engineering plastics industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The engineering plastics market size has grown strongly in recent years. It will grow from $103.88 billion in 2023 to $113.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The expansion observed in the historical period can be attributed to several factors, including the substitution of traditional materials with engineering plastics, a boom in the electrical and electronics sector, an increased focus on sustainability, growth in the construction industry, and the expansion of the medical device sector. These elements collectively contributed to the overall growth observed during that timeframe.

The engineering plastics market size is expected to see strong growth in the next few years. It will grow to $161.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to several key factors, including the increasing adoption of 3D printing and additive manufacturing techniques, ongoing infrastructure modernization efforts, expanded applications in the aerospace sector, the continuous evolution of the consumer electronics industry, and initiatives promoting a circular economy. Noteworthy trends expected in this period encompass the utilization of high-performance thermoplastics, the trend towards miniaturization in electronics, the integration of smart and functional materials, the emphasis on customization and tailored solutions, and a heightened focus on health and safety compliance. These trends are poised to significantly impact and contribute to the projected growth and evolution of the engineering plastics industry in the forecasted period.

The expansion of the electronics and electrical industries is anticipated to drive the growth of the engineering plastics market. The electronics sector manufactures a range of products, including consumer electronics, electrical equipment, and components for various applications. Engineering plastics play a crucial role in the production of electronic goods such as computers, communication equipment, switchgear, storage batteries, and switchboards. As per the Ministry of Electronics and Information Technology, an Indian government agency, the electronics manufacturing industry is projected to increase from USD 75 billion in 2022 to USD 300 billion by 2026. Hence, the upsurge in the electronics and electrical industries is fostering the demand for engineering plastics.

The rising demand for automobiles is poised to fuel the growth of the engineering plastics market. Automobiles, designed for personal transportation and propelled by internal combustion engines or electric motors, utilize engineering plastics for various purposes. These plastics contribute to lightweight construction for enhanced fuel efficiency, durability for long-lasting components, and resistance to chemical and thermal stress in different vehicle parts. In August 2023, according to MarkLines Co., Ltd., a Japanese automotive industry portal, sales of passenger cars in the US saw a 12.7% increase from 248,704 in August 2022 to 280,223 in August 2023, while sales of light trucks rose by 17.2% from 905,069 in August 2022 to 1,060,946 in August 2023. Consequently, the growing demand for automobiles is propelling the engineering plastics market.

The utilization of bio-based or recycled materials has emerged as a prominent trend in the engineering plastics market. Key players in the market are actively developing bio-based or recycled materials as alternatives to traditional plastic solutions, aiming to enhance their market position. For instance, in August 2022, Toray Industries, Inc., a Japanese producer of engineering plastics like PPS, nylon, and PBT, achieved a significant milestone by developing the first fully bio-based adipic acid. Adipic acid is a component of nylon 66 (polyamide 66) and was produced from sugars extracted from non-edible feedstock using Toray's microbial fermentation technology and chemical purification methods. This achievement represents a unique synthesis method combining fermentation and chemical processes in the development of bio-based engineering plastics.

Major companies in the engineering plastics market are concentrating on the development of products made from a combination of materials, such as the combination of COCs (cyclic olefin copolymers) with polypropylene (PP), using a distinctive process to establish a competitive advantage in the market. The synergistic combination of COCs and PP in engineering plastics results in enhanced material properties, including improved transparency, chemical resistance, and heat stability, making them suitable for various applications. For example, in May 2023, Borealis AG, an Austria-based chemical company specializing in the manufacturing of polyethylene and polypropylene, introduced a novel category of engineering polymer called Stelora. This innovative polymer is designed for a diverse range of technically advanced applications, offering features such as high-temperature resistance, enhanced strength, and superior durability. Moreover, Stelora is an eco-friendly engineering polymer produced from renewable feedstock, aligning with sustainability goals and contributing to the shift toward a circular economy.

In May 2022, RadiciGroup, an Italy-based manufacturer and supplier of engineering polymers, acquired the engineering plastics business of Ester Industries Ltd. for $37 million. This strategic acquisition enables RadiciGroup to further strengthen its significant commercial presence in the Indian market. Ester Industries is an India-based manufacturer of engineering plastics

Major companies operating in the engineering plastics market include Covestro AG, DuPont de Nemours Inc., LG Chem Ltd., Evonik Industries AG, Mitsubishi Chemical Engineering Corporation, BASF SE, Celanese Corporation, Solvay S.A., Dow Chemical Company, Saudi Basic Industries Corporation, LANXESS AG, Bayer AG, Asahi Kasei Corporation, DSM Engineering Plastics, Polyplastics Co. Ltd., Teijin Limited, Toray Industries Inc., Arkema S.A., Chi Mei Corporation, Daicel Corporation, Eastman Chemical Company, EMS-Chemie Holding AG, Formosa Plastics Corporation, Huntsman Corporation, INEOS Styrolution Group GmbH, JSR Corporation, KOLON Industries Inc., Kuraray Co. Ltd., Mitsui Chemicals Inc., Nilit Ltd., Radici Group, RTP Company, Sumitomo Chemical Co. Ltd., Techno Polymer Co. Ltd., Tosoh Corporation, Ube Industries Ltd., Victrex plc, Zhejiang NHU Special Materials Co. Ltd.

Asia-Pacific was the largest region in the engineering plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the engineering plastics market during the forecast period. The regions covered in the global engineering plastics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the engineering plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The engineering plastics market consists of sales of polyetheretherketone, nylon 6, and polyetherimide (PEI). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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