Engineering plastics are advanced thermoplastics and thermosets that exhibit superior mechanical and/or thermal properties compared to commodity plastics like polyolefins. They are widely used in consumer electronics, automotive, aerospace, and medical devices where strength, rigidity, heat resistance and durability are critical. Some common engineering plastics include polyamide (PA), polycarbonate (PC), polyacetal (POM), polysulfone (PSU), and polyphenylene oxide (PPO). The global engineering plastics market is estimated to be valued at US$ 130.68 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The wide range of applications for engineering plastics in diverse industries has been a key trend driving market growth. Manufacturers are increasingly adopting engineering plastics to replace conventional materials for their superior properties. For instance, polyamide is widely replacing metal components in automotive engines for improved fuel efficiency. In electric vehicles, engineering thermoplastics like polycarbonate and polyamide blends are utilized in battery housings and casings for their heat and impact resistance. Growth in the automotive and electronics industries has therefore boosted demand significantly. Furthermore, ongoing research and development of advanced material formulations is expected to expand application scope and fuel the engineering plastics market over the forecast period.
Segment Analysis
The global engineering plastics market is dominated by the automotive and electronics sub-segments. The automotive sub-segment accounts for over 30% of the total market share as engineering plastics find wide usage in automotive components that require high strength, durability and heat resistance such as engine covers, air bag components, and others. These properties make plastics ideal for replacing traditional materials such as steel. The electronics sub-segment is the fastest growing sub-segment owing to increasing usage of engineering plastics in electronic devices and components such as housings, wires, electrical connectors and others. Properties such as insulation and heat resistance make engineering plastics suitable for electronic applications.
Key Takeaways
The Global Engineering Plastics Market Size is expected to witness high growth over the forecast period.
Regional analysis: Asia Pacific is currently the fastest growing as well as dominating regional market. Rising automotive production along with growth in the electronics industry is driving the demand for engineering plastics in the region. Countries such as China, India, Japan, and South Korea are the major consumers of engineering plastics in Asia Pacific.
Key players operating in the engineering plastics market are Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others. Innovation in terms of development of bio-based and recyclable engineering plastics is also expected to open new growth opportunities over the forecast period.
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