The global engineering plastics market Size was valued at USD 80.72 billion in 2021 and is anticipated to grow at 115.13 billion till 2028 recording a CAGR of 7.5% during the forecast period 2022-2028.Plastics are high-quality polymers that are used to improve the plastic's thermal and mechanical properties in order to satisfy greater demands. Engineering plastics have already supplanted traditional engineering materials like wood and metals. It's also employed in applications that require chemical resistance, wear resistance, mechanical stability, and dimensional stability. Electronics, food and transportation, automotive, or manufacturing industries all use it.

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Engineering plastics are primarily driven by the rising automotive sector, which is fueled by rapid urbanization. In 2018, 98.1 million automobiles were produced worldwide, as per the European Automobile Manufacturers Association. The need for engineering plastics, which are widely used in automotive and transportation elements such as exteriors, engines, mechanical components, interiors, fuel systems, and electric and electronic components, is increasing due to increased automobile manufacturing. The market for engineering plastic is growing attributed to increasing demand for electronic goods also including storage batteries, computers, communication equipment, switchgear, and switchboard. Furthermore, an increase in the number of academic institutions with computer laboratories is yet another important factor boosting engineering plastic market growth throughout the predicted period. The market expansion of engineering plastics is projected to be hampered by high costs of engineering plastics owing to raw material price fluctuations. Engineering plastics have improved qualities and need more complex processing, which affects the final cost. As a result, the market's expansion is projected to be hampered by the heavy cost of engineering plastics.

The global engineering plastics market segmentation:

1) By Type: Polyamides, ABS, Thermoplastic Polyesters, Polycarbonates, Polyacetals, Fluoropolymers and Others.

2) By Application: Packaging, Building & Construction, Electrical & Electronics, Automotive, Consumer Products and Others.

The developing market in the APAC region, owing to rising population, rise in disposable income, urbanisation, and other factors, is expected to provide the industry with huge potential opportunities throughout the forecast period. Due to the large presence of vehicles, electronic items, consumer appliances, and industrial and equipment makers in Asia Pacific, the market is expected to grow at a relatively fast pace. Over the forecast period, this is expected to boost market growth. The market's growth is projected to be hampered by increasing investment in research activities to create plastics-alternative materials. Various firms are investing in research projects to develop alternatives for engineering plastics, such as carbon fibres, in order to lower the overall cost of manufacturing, which is expected to stifle the growth of the engineering plastic market.

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Some of the major key players in the Engineering Plastics Market are BASF (Germany) Covestro (Germany) Solvay SA (Belgium) Celanese (US) DowDuPont (US) LG Chem (South Korea) SABIC (Saudi Arabia) Evonik Industries (Germany) Lanxess (Germany) Mitsubishi Engineering Plastics (Japan).

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