Engineering Plastics Market to Surpass a Valuation of US$ 140.9 Billion by 2027- Latest Report by MarketsandMarkets™
The global Engineering plastics market size is projected to grow from USD 107.2 billion in 2022 to USD 140.9 billion by 2027, at a CAGR of 5.6% during the forecast period. The growing demand for engineering plastics is from end-use industries, such as automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, and others, which drives the market. Also, the increasing usage of engineering plastics in countries including China, India, and Mexico is expected to drive the market.
Polycarbonate is the third largest type of engineering plastics in the market. Polycarbonate is a tough thermoplastic that can be easily molded, worked, and thermoformed. It is naturally transparent and a very clear polymer and exhibits exceptional physical properties such as toughness and dimensional and color stability. It is a lightweight thermoplastic with high temperature and electrical resistance, which makes it suitable for a variety of electrical & electronic equipment and automotive and sheet products. It is also used in household appliances, safety helmets and shields, aircraft and missile components, water cooler bottles, sporting goods, and lighting fixtures, among others.
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Polycarbonate is available in several grades, such as UV stabilization, mold release, impact modification, flame retardant, and food grade. It is also used widely in blends with other polymers such as ABS and PBT to provide tailor-made solutions to end users in terms of performance and price. The optical media segment is expected to decline owing to the continuous replacement of DVDs and CDs with MP3 and MP4 players, USB drives, and high internet bandwidth. The major producers of polycarbonate include Bayer Material Science (Germany), SABIC Innovative Plastics (US), Teijin Limited (Japan), Mitsubishi Engineering-Plastics Corporation (Japan), and DuPont (US).
Packaging is the third fastest growing market in the engineering plastics market. Engineering plastics offer lightweight and high-performance characteristics such as resistance to corrosion & abrasion, reduced processing costs, self-lubrication, easier assembly, and reduced finishing time & design flexibility. These properties make them suitable for a wide range of packaging and extrusion applications. Engineering plastics are continuously replacing conventional materials such as metals, rubber, and wood and are also turning out as better alternatives to many other commodity plastics. They offer flexibility and excellent dimensional stability when compared to other thermoplastics even after many re-uses. The other benefits include low weight and ease of transportation
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Extensive R&D has resulted in the advent of products in engineering plastics. New applications and different grades of engineering plastics for aerospace and defense applications are expected to develop in the industry. Manufacturers are working out new engineering plastics applications and conducting trials to test their effectiveness across verticals. Rising use of engineering plastics in the medical and automotive industries in North America is also expected to positively impact the market.
The engineering plastics market in the Asia Pacific is estimated to witness a high CAGR, in terms of value, between 2022 and 2027, due to an increase in the demand for acrylonitrile butadiene styrene consumption. The rapid growth of the automotive & transportation industries in the region makes the Asia Pacific an attractive market for the manufacturers of engineering plastics.
There are different players that operate in the engineering plastics market. The major market players include BASF (Germany), Covestro (Germany), Celanese Corporation (US), Solvay (Belgium), LG Chem (South Korea), and SABIC (Saudi Arabia) among others. Various strategies, such as new product launch, expansion, and product development are adopted by several players to gain a competitive edge to increase their global footprint and sustain growth in the engineering plastics market.
BASF is a chemical company operating in more than 80 countries. The company operates through six business segments: chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The company’s products are used in many sectors, such as agriculture, chemicals, construction, energy & resources, home care, I&I cleaning, paints & coatings, personal care & hygiene, and pulp & paper. The company operates through its network of manufacturing facilities across the world. It has a presence in Europe, Asia Pacific, South America, Africa, the Middle East, and North America.
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Celanese Corporation is involved in the manufacturing and distribution of specialty and intermediate chemical products. The company is operating through four business segments: consumer specialties, advanced engineered materials, industrial specialties, and acetyl intermediates. The company produces engineering plastics through its engineered materials segment. Celanese Corporation’s engineered materials segment develops, produces, and supplies a portfolio of specialty polymers for application in automotive, electronics, and other consumer and industrial applications.
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