Engineering Plastics Market - By Type ( Acrylonitrile Butadiene Styrene (ABS), Polyamide (PA), Polycarbonate (PC), Thermoplastic polyesters (PET/PBT), Polyacetals (POM), Fluoropolymers, PEEK, Polyphenylene Sulfide, Polyphenylene Oxide, PMMA, Others), Application(Abrasion Resistant Liners, Acid Trays, Anti-Corrosive Liners, Braking Tray Liners, Bearings, Bench Top, Boat Chopping Board, Boat Windscreen, Bolts & Nuts, Bottle Line Wear Plate), End-Use Industry ( Automotive & transportation, Electrical & electronics, Industrial & machinery, Packaging, Consumer appliances, Medical, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Engineering plastics market is expected to reach USD 174.28 billion and rise by registering a CAGR of 7.25% in the forecast period of 2020-2029. The growing trend for lightweight cars, increasing demand for connected automobiles and increasing awareness of the elimination of vehicle emissions are driving the engineering plastics sector in the automotive and transport end-use industry.
Plastics which possess improved thermal or mechanical properties and are used in the manufacture of staple plastics such as polyethylene, polystyrene, polypropylene and PVC are known as engineering plastics. Such products possess special properties such as wear and tear tolerance, higher impact strength, chemical resistance, temperature resistant, and strong abrasion resistance. Engineering plastics are thermoplastic components that are costly and specially designed for particular applications. Conventional plastics manufacturing devices are used to treat these products.
Engineering Plastics Market Scope and Market Size
Engineering plastics market has been segmented on the basis of type, application and end use industry.
- On the basis of type, the engineering plastics market is sub segmented into acrylonitrile butadiene styrene (ABS), polyamide (PA), polycarbonate (PC), thermoplastic polyesters (PET/PBT), polyacetals (POM), fluoropolymers, PEEK, polyphenylene sulfide, polyphenylene oxide, PMMA and others. Polyacetal sub segment to record the highest CAGR during the forecast period as it possess thermal, chemical and electrical properties and provides resistance to high temperatures, chemicals, and abrasion.
- The application segment is further sub segmented into abrasion resistant liners, acid trays, anti-corrosive liners, braking tray liners, bearings, bench top, boat chopping board, boat windscreen, bolts & nuts and bottle line wear plate.
- Based upon end use industry, the engineering plastics market is sub segmented into automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, medical and others. The automotive and transportation sub segment is further classified into interior, exterior, power train and under the hood applications. The consumer appliances is further categorised into air-conditioner, mobiles and computers and television and music players. The electricals & electronics sub segment is further classified into semiconductor and sockets & switches. The industrial and machinery sub segment is classified into power tools. The packaging sub segment is categorised into food and medical. The other sub segment is classified into medical applications and construction. Automotive and transportation holds the largest market share owing to the increased awareness for reducing vehicle weight and improving fuel efficiency.
Country Level Analysis of Engineering Plastics Market
- On the basis of region, the Engineering Plastics Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- Asia-Pacific region is expected to grow at the highest growth rate in the forecast period 2020 to 2029 because of increased demand from China, Japan, and India due to ease in availability of raw materials and low cost of production. India is estimated to be the fastest-growing market in the region as well as globally.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
- Conventional materials replaced by engineering plastics will boost the market growth
- The growth among end use industry also drives the market growth in the forecast period
- High demand for polyamides in 3D printing will also drive the market growth
- Growth among small and medium enterprises is another factor uplifting this market growth
- Low feedstock and energy enterprises is also going to drive the growth for the market.
- Lack of institutional arrangement is another factor which can hinder this market growth
- Competition from other players is one more factor which restricts the growth of the market
Key Developments in the Market:
- In January 2020, Amcor Rigid Packaging launched the Choose Plastic marketing campaign. Its goal is to educate consumers, customers, and other stakeholders on the benefits of plastic packaging, as it leaves less carbon footprint and easily recyclable thus clearing all misconceptions..
- In October 2019, Clariant has worked with renewable hydrocarbon producer Neste in order to provide wide range of additives which is based on mass balance certified propylene and ethylene from renewable feedstock, which delivers reliable both sustainability as well as high performance.
Competitive Analysis and Engineering Plastics Market Share Analysis:
Engineering plastics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of engineering plastics market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Engineering plastics market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Engineering plastics market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in engineering plastics market are A. Schulman, Inc., AdvanSix, Asahi Kasei Corporation, Celanese Corporation, LANXESS, Chi Mei Corporation, Chevron Phillips Chemical Company, Daicel Corporation., 3M, Eastman Chemical Company, Evonik Industries AG, Grand Pacific Petrochemical Corporation, INEOS, LG Chem, Mitsubishi Engineering-Plastics Corporation, NOVA Chemicals Corporation, PolyOne Corporation, Polyplastics Co., Ltd., Röchling Group, DSM, SABIC, Solvay, Trinseo, TEIJIN LIMITED, and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved