Global Engineering Plastics Market is Projected to Grow at an Impressive Rate Through 2028 due to Increasing Demand in Automobile Sector. at the End of Fiscal Year 2022, Around 3.7 Million Passenger Vehicles Were Produced Across India.
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Global Engineering Plastics Market is projected to grow at an impressive rate through 2028 due to increasing demand in automobile sector. At the end of fiscal year 2022, around 3.7 million passenger vehicles were produced across India.
Engineering plastics are frequently used to produce mechanical parts, containers, and packaging materials. Due to their high mechanical strength, engineering plastics quickly replace metals and wood in the construction and automotive industries. These components lighten the car as a whole and improve fuel economy. They manufacture vehicle exterior and interior parts and elements for the drivetrain. Due to its excellent resilience to various environmental conditions like chemicals, high temperatures, and abrasion, engineering plastic is also utilized throughout the electronic sector. It is, therefore, the perfect material for producing consumer electronics.
The COVID-19 epidemic has hindered the market because lockdowns, societal barriers, and trade bans have caused significant disruptions to global supply chain networks. Due to the stoppage of operations, the automobile and construction industries have seen a dip; nonetheless, the sector had growth in 2021. According to the International Organization of Motor Vehicle Manufacturers (formally known as OCIA), the automotive industry saw a favorable growth rate of 8.4% in the first nine months of 2021 compared to the same period in 2020. On the other hand, the packaging and medical industries are experiencing increased demand for engineering plastics due to the need for protective shields, masks, and PPE kits, as well as improved health awareness.
Growing Demand from Automotive and Transportation
Due to incredible structural stiffness, engineering plastics quickly replace metals and wood in the building and automotive industries. These parts make the car lighter overall, increasing fuel efficiency. They provide components for the drivetrain and exterior and interior features for automobiles. For instance, SABIC PP compound G3430X and SABIC PP compound G3440X grades, two new glass fiber-reinforced polypropylene compositions, were announced in August 2022. For a car's demanding interior, exterior, and under-hood requirements, they provide increased performance.
Substitute of Metals
Due to their lightweight properties, engineering plastics are frequently utilized as preferred substitutes for metal and ceramic. They provide improved load capacity, mechanical characteristics, thermal stability, and lifespan and offer design flexibility. Nylon 6, polysulfide, and polyamides (PA), polycarbonates (PC), and polysulfide and polyamides (PSU) are among the engineering plastic types that are frequently used. They are widely employed in various sectors to create optical discs, ski boots, dashboard trim, and car bumpers.
Growing Technological Advancement
Due to the technological advancements that will lead to engineering plastics being used, the construction, medical, and consumer segments will all have substantial growth for polycarbonate. Still, overall sales of CDs and DVDs will continue to drop, causing them to follow the industry average. The quickest growth will be seen in engineering plastics with smaller volumes, including polyphenylene sulfide, sulfone polymers, fluoropolymers, and polyether ether ketone. The overall demand will be driven by specialized applications in developed markets and use in innovative goods such as enhanced batteries, solar modules, and medical implants. These resins will be utilized more frequently in the electrical, electronic, and automotive industries because they are frequently required to meet high-temperature requirements and because the cost premium can be rationalized from an economic standpoint.
Growing purchasing power in developing nations is a significant factor, hence the demand for engineering plastics. The main forces behind this are, to name a few, hitherto untapped prospects to replace metals not only in cars but also in household goods, buildings, and infrastructure.
Recent Developments
- In February 2021, Ather Energy, EV manufacturer in India. Invested USD86.5 million to establish two-wheelers factory in Hosur (Tamil Nadu) which reportedly can be produced annually 0.11 million at the Ather Energy facility. It is predicted that the growth of the Electric Vehicle (EV) industry will increase demand for engineering plastics in India.
- In February 2022, BASF acquired Solvay's PA66 business, and will begin its business in several polyamides & poly-phthalimide (PPA) grades in Europe.
Market Segmentation
The global Engineering Plastics market is segmented by type, and by end use. Based on type, the market is segmented into acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), thermoplastic polyester (PET/PBT), polyacetal (POM), fluoropolymer and others. Based on end use, the market is segmented into automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances and others
Market players
Covestro AG, Solvay S.A., LG Chem, DowDuPont Inc., Evonik Industries, SABIC, Lanxess AG, Chevron Corporation, LyondellBasell Industries N.V., and BASF SE are some of the key market players.
Report Scope:
In this report, Global Engineering Plastics Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Global Engineering Plastics market, by type:
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamide (PA)
- Polycarbonate (PC)
- Thermoplastic polyester (PET/PBT)
- Polyacetal (POM)
- Fluoropolymer
- Others
Global Engineering Plastics Market, by end use industry:
- Automotive & Transportation
- Electrical & Electronics
- Industrial & Machinery
- Packaging
- Consumer Appliances
- Others
Global Engineering Plastics Market, by region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies in Global Engineering Plastics Market.
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Covestro AG
- Solvay S.A.
- LG Chem
- DowDuPont Inc.
- Evonik Industries
- SABIC
- Lanxess AG
- Chevron Corporation
- LyondellBasell Industries N.V.
- BASF SE
