Engineered Plastics Market Revenue to Touch USD 223.98 Billion by 2030 at 9.7% CAGR - Report by Market Research Future (MRFR)
Engineered Plastics Market Insights and Industry Analysis by Type (Acrylonitrile Butadiene Styrene (ABS), Polyamides, Polycarbonates, Thermoplastic Polyester, Polyacetales, Fluoropolymers, Polyphenylene Sulfide (PPS), Polymethyl Methacrylate (PMMA), Polyphenylene Oxide (PPO), Polyetheretherketone (PEEK), Polyethylene Terephthalate (PET), Others), End-Use (Automotive & Transportation, Consumer Appliances, Electrical & Electronics, Industrial & Machinery, Packaging, Medical, and Others), Competitive Market Size, Share, Trends, and Forecast to 2030
New York, US, April 27, 2022 (GLOBE NEWSWIRE) -- Engineered Plastics Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Engineered Plastics Market Information by Type, End-User, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 9.7% CAGR to reach USD 223.98 billion by 2030.
Engineered plastics are developed using a complex manufacturing process, and their use is quite robust across the globe. Engineered plastics have a stellar role in various industries like packaging, consumer technology, food processing, construction, transportation and more. Engineered plastics generally include polyamides, PMMA and polycarbonates, among others.
When compared with traditional plastics, engineered plastics are able to facilitate more resistance to heat and offer higher-performance attributes, which is why they enjoy considerable demand across numerous end-use industries. For example, polycarbonate is extensively deployed in helmet and optical disc production, polyamides have use in the manufacturing of ski boots, while PMMA is progressively being used in the automotive industry for producing protective shields as well as taillights, and more.
Market Competitive Analysis:
The eminent contenders in the engineered plastics market include:
- Covestro (Germany)
- BASF SE (Germany)
- Celanese Corporation (US)
- Dow Inc. (US)
- DSM Corporation (Netherlands)
- Solvay (Belgium)
- LG Chem (South Korea)
- LyondellBasell (Netherlands)
- ElringKlinger AG (Germany)
- Lanxess AG (Germany)
- Evonik industries (Germany)
- SABIC (Saudi Arabia)
- Ester Industries Limited (India)
- Polyvisions Inc. (US)
- Mitsubishi Engineered Plastics (Japan)
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Market USP Covered
Engineering plastics are known for versatility and impressive electrical and physical properties, including chemical resistance, stability, abrasion resistance, weather-ability and heat resistance. These properties hac turned them into one of the fastest-emerging segments in the plastics industry. Lighter materials are rapidly replacing glass and metals given the continuous innovations in the plastic industry. For example, polyamides are increasingly replacing metal automotive gear shift modules in view of their light weight and impressive strength properties. Metal replacement is a necessary aspect in the automotive industry to bring down the total vehicle weight, as well as design freedom, along with easy integration of components and reduction in the total system costs.
Due to government regulations as well as concerns with regard to fuel efficiency standards as well as the escalating demand or vehicles with significant gas mileage, more and more automobile developers are working on augmenting fuel economy. Engineering plastics also find use in electrical components of the hybrid electric cars owing to their favorable characteristics; for example, high heat resistance.
The economies in Asia Pacific, including South Korea, India and China, are emerging rapidly, which also includes Taiwan, South Korea and Indonesia. The main factor propelling this growth can be the surging investments owing to extensive consumption of engineering plastics. With the rise in disposable income, consumers’ buying habits have changed; influenced by westernization and globalization. The booming population in the region has amplified the demand for engineered plastics in end-use industries, like electrical & electronics, automotive & transportation, packaging, and consumer appliances. The rapid expansion rate of the automotive industry in the region has also raised the demand for engineering plastics.
Despite continuous innovations and advances in the research field with respect to engineered plastics by the market participants, rise in government intervention worldwide in terms of plastic disposal and consumption will most likely curb the market growth in the years ahead.
In the last few years, the rate of plastic disposal has sky-rocketed, resulting in more environmental degradation, since plastics often take a long time to decompose. These are some of the factors that could leave a negative impact on the engineered plastics market in the foreseeable future.
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The engineered plastics market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
The automotive and packaging industries have been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of engineered plastics across most of the major end-use industries.
The types of engineered plastics are polyamides, Acrylonitrile Butadiene Styrene (ABS), thermoplastic polyester, polycarbonates, fluoropolymers, polyacetales, Polymethyl Methacrylate (PMMA), Polyethylene Terephthalate (PET), Polyphenylene Sulfide (PPS), Polyetheretherketone (PEEK), Polyphenylene Oxide (PPO), and more. Polyethylene Terephthalate (PET) will be capturing the highest share in the worldwide market, while the demand for Polyether Ether Ketone (PEEK) is likely to surge at the fastest pace owing to its rising use in the development of bearings, piston parts, pumps, and more in numerous industries.
Depending on end use, the engineered plastics market can be segregated into medical, packaging, transportation & automotive, consumer appliances, electrical & electronics, industrial & machinery, and more.
Engineered Plastics Market Regional Analysis
In 20221, Asia Pacific, with the highest share of around 33%, took the lead in the global market. The surge in technical innovations and the intense competition between the major firms in the region add to the business value. Companies that develop engineered plastics in emerging countries like South Korea, India, China, and Japan, actively partake in business expansion strategies, spend substantially on R&D, focus on new product launch, and joint ventures, which help elevate the market position. Other than this, the surge in agreements between these players and the government enhance the market share as well.
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