The report “Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymer), End-use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging) and Region – Global Forecast to 2027″, 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% from 2022 to 2027. With the rapidly increasing demand for engineering plastics and their new applications, there are many players operating in this market. There is an increasing number of global and local players in every country. This increase in competition and the level of market fragmentation for engineering plastics highlights the attractiveness of the market. Investments are growing in the emerging markets of Asia, Africa, and Latin America in the form of new research facilities or capacity expansions. In 2020, the engineering plastics market was significantly impacted by the COVID-19 pandemic, with a substantial decline in its CAGR. However, recovery was witnessed with a positive impact on the engineering plastics market because of demand in the construction sector in 2021.
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• 344 Market data Tables
• 41 Figures
• 285 Pages and in-depth TOC on “Engineering Plastics Market – Global Forecast to 2027″
Some of the prominent key players are:
· BASF SE (Germany)
· Covestro AG (Germany)
· Solvay S.A. (Belgium)
· Celanese Corporation (US)
· The Dow Chemical Company (US)
· LG Chem Ltd. (South Korea)
· SABIC (Saudi Arabia)
· Evonik Industries AG (Germany)
Opportunity: Financially attractive market
With the growing demand for engineering plastics and their emerging applications, there are many players active in this market. A growing number of global and local players in every country. This increase in competition and the level of market fragmentation for engineering plastics highlights the attractiveness of the market.
Polyamide is the second-largest type of engineering plastics
Polyamides (nylon) are semi-crystalline polymers and are widely used in a variety of applications in several industries. Nylon 6 and Nylon 66 are the major polyamides used as engineering plastics. Polyamides possess good mechanical capability, strength, toughness, dimensional stability, and high temperature, chemical, flame, and abrasion resistance. In the past years, the growth of Asia Pacific, especially China in terms of durable goods production has boosted the demand for nylon engineering resin significantly. Nylon engineering resins are widely used in the automotive industry, sportswear, carpeting, fabric, electrical & electronics, industrial and recreational components, and films for food packaging.
Europe is the second-largest market for engineering plastics
Europe accounted for a market share of 26.4%, in terms of value, in 2021. Germany is the major market for engineering plastics in Europe. It has the largest plastic production. In 2021, more than a quarter of Europe’s engineering plastic production was from Germany. The prime driver for engineering plastics is its application in the automotive industry. In Europe, approximately 16.3 million automobiles were produced in 2021, which is expected to further increase in the coming years, especially EV production.
Europe is a growing market for electric vehicles. The major factors driving the demand for electric cars in the region are the increasing number of affordable and long-range electric cars to choose from, convenient and easy access to charging locations, and stringent emission standards. The growing demand for electric cars will also drive the engineering plastics market for cars during the forecast period. Some of the key players present in Europe are BASF SE (Germany), Covestro AG (Germany), Solvay S.A. (Belgium), LANXESS (Germany), and Evonik Industries AG (Germany). These players focus on R&D to produce more innovative products to meet the rising demand from component and car manufacturers.
