Engineering Plastics Market is expected to be valued at USD 200.16 billion by 2033 | Exactitude Consultancy

According to a research report published by Exactitude Consultancy, Companies covered: Alfa S.A.B. de C.V., BASF SE, Celanese Corporation, CHIMEI, Covestro AG, Dongyue Group, DuPont, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, LG Chem, Mitsubishi Chemical Corporation, SABIC, Solvay, Toray Industries, Inc., Victrex

/EIN News/ -- Luton, Bedfordshire, United Kingdom, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Engineering Plastics Market.

The Engineering Plastics Market size is estimated at 120.34 billion USD in 2023 and is expected to reach 200.16 billion USD by 2033, growing at a CAGR of 5.22% during the forecast period (2023-2033).

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Packaging Sector Poised to Lead Engineering Plastics Market in Volume Share

Engineering plastics are pivotal across various industries, notably in packaging and aerospace. As of 2022, the packaging industry commanded 26% of the global engineering plastics market revenue, while the electrical and electronics sector led with a 33% share.

The packaging industry’s growth is being driven by accelerating urbanization, evolving household dynamics, and the increasing demand for advanced packaging solutions. This sector is forecasted to dominate as the top end-user segment in the coming years.

The aerospace sector is emerging as a major growth area, with a projected CAGR of 8.56%. This growth is attributed to the rising need for engineering plastics that offer superior lightweight properties, impact resistance, and chemical durability, essential for advanced aerospace applications.

Global Market Dynamics for Engineering Plastics: Key Trends and Forecast

In 2022, the global engineering plastics market reached USD 105 billion, reflecting the material's extensive applications across automotive, packaging, and electrical and electronics industries.

Regional Insights:

• Asia-Pacific: Dominating global consumption, this region held a significant 55.62% share in 2022, driven by a 7.18% increase in value year-over-year. The growth is primarily attributed to the packaging and electrical and electronics sectors, which commanded 18.52% and 42.25% of the market share, respectively. The rising demand for convenience foods and increased electronics consumption, due to remote work and home office setups, have bolstered the use of engineering plastics.
• Africa: The fastest-growing region, Africa saw a 7.39% rise in engineering plastics consumption value in 2022. The building and construction industry is a key growth driver, projected to expand at a CAGR of 6.56% by volume during the forecast period. South Africa is expected to add approximately 88.17 million sq. ft of new floor area in 2023, with growth expected to reach 101.69 million sq. ft by 2029, significantly increasing demand for engineering plastics.

Global Engineering Plastics Market: Emerging Trends Driven by Technological Advancements

Technological Innovation and Growth
The engineering plastics market is set to benefit from the rapid technological advancements in the electronics industry, which is driving a steady demand for new, high-performance electronic products. In 2022, the global electrical and electronics market generated USD 5,807 billion, with Asia-Pacific dominating with a 74% market share, followed by Europe with a 13% share. The market is anticipated to grow at a CAGR of 6.61% during the forecast period.

Impact of Economic and Global Events
The Asia-Pacific region, which experienced robust economic growth in 2018 due to industrialization across China, South Korea, Japan, India, and ASEAN nations, faced a slowdown in 2020. The COVID-19 pandemic led to a significant disruption in global electrical and electronics production, primarily due to chip shortages and supply chain inefficiencies. Despite this, there was a minor growth rate of 0.1% driven by increased demand for consumer electronics for remote work and home entertainment during lockdowns.

Future Demand for Advanced Technologies
Looking ahead, the market is poised for substantial growth driven by the increasing adoption of advanced technologies. The demand for innovations such as digitalization, robotics, virtual and augmented reality, Internet of Things (IoT), and 5G connectivity is expected to rise significantly. Global electrical and electronics production is projected to expand at a rate of 5.9% by 2027. The consumer electronics sector is also expected to see significant growth, with revenue projected to reach approximately USD 904.6 billion by 2027, up from USD 719.1 billion in 2023. These advancements are anticipated to be key drivers of demand for engineering plastics during the forecast period.

Report Link Click Here: https://exactitudeconsultancy.com/reports/16411/engineering-plastics-market/

Key Industry Trends in the Global Engineering Plastics Market

1. Expanding Aviation Industry Driving Market Growth The aviation sector's rapid expansion, coupled with a surge in aircraft contracts, is expected to fuel significant growth in the engineering plastics market.

2. Urbanization and Investment Surge in Asia-Pacific Accelerating urbanization and increased investment in infrastructure across the Asia-Pacific region are anticipated to significantly boost the engineering plastics industry.

3. China Leading Fluoropolymer Trade China is poised to dominate the global import and export market for fluoropolymers, solidifying its position as a key player in the industry.

4. South Korea Emerging as a Key Polycarbonate Exporter Alongside China, South Korea is expected to become a major exporter of polycarbonate, contributing to the global supply chain.

5. Automotive Industry Growth Bolstering PMMA Trade The growth of the automotive sector is set to drive increased trade in Polymethyl Methacrylate (PMMA), reflecting the material's importance in vehicle manufacturing.

6. Rising Demand for ABS and SAN in Automotive Applications The automotive industry's demand for Acrylonitrile Butadiene Styrene (ABS) and Styrene Acrylonitrile (SAN) is projected to boost global trade in these engineering plastics.

7. Increasing Recycling Rates Due to Government Regulations Government initiatives and regulations are expected to significantly enhance recycling rates for engineering plastics worldwide, particularly in response to environmental concerns.

8. Global PET Recycling Capacity and Waste Management The global production capacity for recycled PET (Polyethylene Terephthalate) is around 30 million tons, while PET waste is estimated at 141.2 million tons, highlighting the need for improved recycling efforts.

9. Electric Vehicle Demand Driving Automotive Industry Growth The growing popularity of electric vehicles is set to stimulate growth in the automotive sector, increasing demand for engineering plastics used in EV manufacturing.

10. Flexible Packaging Demand from Food & Beverage Sector The food and beverage industry's increasing demand for flexible packaging solutions is expected to drive growth in the engineering plastics market.

To know an additional revised 2024 list of market players, request a sample report:

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Engineering Plastics Industry Key Players

• Alfa S.A.B. de C.V.
• BASF SE
• Celanese Corporation
• CHIMEI
• Covestro AG
• Dongyue Group
• DuPont
• Far Eastern New Century Corporation
• Indorama Ventures Public Company Limited
• LG Chem
• Mitsubishi Chemical Corporation
• SABIC
• Solvay
• Toray Industries, Inc.
• Victrex

Engineering Plastics Market Recent Developments

Company	Development	Impact
Solvay S.A.	Solvay S.A. launched a new high-performance polyetheretherketone (PEEK) compound, AvaSpire®, designed for demanding aerospace and automotive applications, offering enhanced thermal and mechanical properties.	High
BASF SE	BASF SE announced the expansion of its Ultramid® Advanced N series, introducing new high-performance polyphthalamide (PPA) grades that cater to the needs of the automotive and electrical industries, especially in e-mobility and miniaturization.	Moderate
SABIC	SABIC unveiled a new portfolio of high-heat polycarbonate copolymers under the Lexan™ brand, designed for applications in healthcare devices, providing better flow and processing efficiencies.	Moderate
DuPont	DuPont launched Delrin® 300TE, a new acetal homopolymer designed for the food and beverage industry, featuring improved wear resistance and compliance with global food contact regulations.	High
Lanxess AG	Lanxess AG introduced Pocan® E, a new flame-retardant polybutylene terephthalate (PBT) compound aimed at enhancing the safety of electric vehicle components, particularly battery housings and connectors.	Moderate
Evonik Industries AG	Evonik Industries AG announced the development of VESTAMID® polyamide 12 for additive manufacturing, specifically targeting the healthcare sector for the production of custom-made implants and medical devices.	Moderate

Engineering Plastics Market Segmentation

By Type:

• Acrylics
  • Poly(methyl methacrylate) (PMMA)
• Polycarbonates (PC)
• Polyamides (PA)
  • Nylon 6
  • Nylon 6,6
  • Others
• Polybutylene Terephthalate (PBT)
• Polyphenylene Oxide (PPO)
• Polyetheretherketone (PEEK)
• Polyimides (PI)
• Others

By Application:

• Automotive
  • Engine Components
  • Interior & Exterior Parts
  • Electrical Systems
• Aerospace
  • Aircraft Components
  • Structural Parts
• Electronics & Electrical
  • Insulation
  • Connectors
  • Circuit Boards
• Industrial
  • Machinery Components
  • Bearings and Bushings
• Consumer Goods
  • Household Appliances
  • Sporting Goods
• Medical
  • Diagnostic Equipment
  • Surgical Instruments
• Construction
  • Pipes and Fittings
  • Panels and Sheets

By End-Use Industry:

• Automotive
• Aerospace
• Electrical & Electronics
• Industrial Machinery
• Medical Devices
• Consumer Goods
• Construction

By Form:

• Sheets
• Films
• Plates
• Powders
• Granules

By Manufacturing Process:

• Injection Molding
• Extrusion
• Blow Molding
• Compression Molding
• Thermoforming

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Quantitative Analysis -

- Market size, estimates, and forecasts from 2024 - 2032

- Market size and revenue estimates for products up to 2032

- Market revenue estimates for application up to 2032

- Market revenue estimates for type up to 2032

- Regional market size and forecast up to 2032

For More Findings: https://bulletin.exactitudeconsultancy.com/ 

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