Engineering Plastics Market is Estimated to Witness High Growth...

Engineering Plastics Market is Estimated to Witness High Growth Owing to Rising Construction Sector

Posté 2024-02-06 05:26:06

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Engineering plastics are specialty plastics used in applications that require superior mechanical and thermal properties to commodity plastics such as polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), and polystyrene (PS). They are ideal for applications in automotive parts, electrical & electronics, consumer goods and appliances, construction materials, medical devices and packaging. The global automotive industry has been a major driver for engineering plastics. They are replacing traditional materials like steel, aluminum, and thermosets in applications ranging from under-hood components to interior and exterior body panels. The increasing use of engineering plastics in automotive and electronics applications is anticipated to boost demand over the forecast period.

The global engineering plastics market is estimated to be valued at US$ 150.55 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers propelling the engineering plastics market growth is the rising construction sector. Global engineering plastics market size find wide application in pipes, fittings, doors, windows, and other construction components owing to properties like durability, resistance to chemicals, heat and moisture. With rapid urbanization and infrastructure development projects worldwide, the demand for engineering plastics from the construction industry is growing considerably. Furthermore, properties like lightweight and ability to be formed into complex shapes allow for cost savings and design flexibility. This has encouraged construction companies to replace traditional materials with engineered plastics. However, volatility in raw material prices remains a challenge for stable market growth over the forecast period.

SWOT Analysis

Strength: Engineering plastics have superior properties compared to traditional plastics. They are lightweight, temperature and chemical resistant, and durable. These properties make them a preferred material in industries like automotive and electronics. Engineering plastics also require lower energy and lead times during manufacturing processes.

Weakness: Engineering plastics are more expensive than traditional plastics as raw materials used are pricier. The processing technologies required also add to production costs. The types of engineering plastics suitable for different applications are also limited.

Opportunity: Rising demand from Automotive and electronics industries due to increased use of plastics is driving the demand. Strict environmental regulations promoting use of lightweight materials also offer an opportunity. Increased R&D for developing new types of engineering plastics suitable for niche applications will expand market reach.

Threats: Volatility in raw material prices especially crude oil affects production costs. Increased competition from traditional plastics and alternate materials poses pricing pressure. Slow global economic conditions impact industrial demand for engineering plastics.

Key Takeaways

The global Engineering Plastics market is expected to witness high growth over the forecast period supported by rising usage in Automotive and electronics industries. The global engineering plastics market is estimated to be valued at US$ 150.55 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

The Asia Pacific region currently dominates the market and is expected to maintain its leading position throughout the forecast period. Countries like China, India, Japan and South Korea are major contributors backed by increased automobile and electronics manufacturing.

Key players operating in the Engineering Plastics market are Eli Lilly and Company, Sanofi S.A., Cadila Healthcare Limited, Cipla Limited, Castle Biosciences, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Vidac Pharma, LEO Pharma A/S, Regeneron Pharmaceuticals, Inc., Merck Sharp & Dohme, and Amgen Inc. These companies have strong R&D capabilities and dominate the market with their extensive product portfolios and global distribution networks.

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