Market Size of australia engineering plastics Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 532.59 Million |
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Market Size (2029) | USD 706.15 Million |
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Largest Share by End User Industry | Electrical and Electronics |
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CAGR (2024 - 2029) | 5.80 % |
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Fastest Growing by End User Industry | Aerospace |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Australia Engineering Plastics Market Analysis
The Australia Engineering Plastics Market size is estimated at 532.59 million USD in 2024, and is expected to reach 706.15 million USD by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
532.59 Million
Market Size in 2024 (USD)
706.15 Million
Market Size in 2029 (USD)
6.55 %
CAGR (2017-2023)
5.80 %
CAGR (2024-2029)
Largest Market by End-user Industry
42.99 %
value share, Electrical and Electronics, 2023
The electronics segment occupied the highest market share due to the widespread applications of engineering plastics like ABS/SAN, PC, and PA in advanced and smart electrical devices.
Fastest Growing Market by End-user Industry
8.92 %
Projected CAGR, Aerospace, 2024-2029
The aerospace industry is expected to witness the fastest growth due to the rapid adoption of lightweight and high-impact resistant engineering plastics to replace traditional metal parts.
Largest Market by Resin Type
30.99 %
value share, Polycarbonate (PC), 2023
Polycarbonate resin has occupied the largest share owing to its notable usage in electronics as a good electrical insulator with flame-retardant properties. The resin has widespread applications in the automotive and machinery industries.
Fastest Growing Market by Resin Type
7.06 %
Projected CAGR, Polyether Ether Ketone (PEEK), 2024-2029
PEEK resin is expected to witness the fastest growth due to the rapid adoption of lightweight and high-impact resistance materials in industrial applications to replace traditional metal parts.
Leading Market Player
45.18 %
market share, SABIC, 2022
SABIC is the largest provider of engineering plastic resins in Australia, and it has a wide range of product grades for use by different end users.
Packaging industry to remain dominant with high volume share
- Engineering plastics are a class of synthetic resins that, compared to other conventional plastics, offer high-performance capabilities and improved plastic properties. They remain stable over a broad temperature range and withstand significant mechanical stress and climatic and chemical changes.
- Packaging is the largest industry, and it accounted for 46% of the total volume share in 2022. It is majorly driven by the food industry to meet the demand for single-serve and portable food packs. PET resin dominated the market with a 99% volume share in 2022. With the rising e-commerce, food exports, and demand for packaged food and beverages, the market revenue from PET is expected to increase, while recording a CAGR of 4.38% during the forecast period.
- Electrical & electronics is Australia's second-largest engineering plastics consumer industry, and it accounted for approximately 29% of the total volume of all industries combined in 2022. PET and polycarbonate are the most commonly used resin types in this industry, and they are responsible for 18% and 34% of the total volume consumed, respectively. They are used as a substitute for die-cast metals and thermosets in many applications, including electrical encapsulation, solenoids, connectors, and smartphones. Owing to the rapid growth of this industry, which is primarily driven by consumer electronics, market revenue is expected to record a CAGR of 6.25% during the forecast period.
- Aerospace is the fastest-growing market in the country, and it is expected to record a CAGR of 9.12%, by value, during the forecast (2023-2029). This is anticipated to be influenced by the increasing local production of aircraft parts, which increased by 8.16% in revenue in 2022 over 2021. PMMA is the most used resin type, and it had a 50.33% volume share in 2022.
Understand The Key Trends Shaping This Market
