Engineering Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Engineering Plastics Market is Segmented by Product Type (Fluoropolymers, Polycarbonate, Polyethylene Terephthalate, Polybutylene Terephthalate, Polyacetal/ Polyoxymethylene, Polymethyl Methacrylate, Polyphenylene Oxide, Polyphenylene Sulfide, Styrene Copolymers, Liquid Crystal Polymers, Polyether Ether Ketone, Polyimides, and Polyamides), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Electrical and Electronics, Industrial and Machinery, Packaging, and Medical), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for engineering plastics in volume (kilo tons) and revenue (USD Million) for all the above segments.

Market Snapshot

Engineering Plastics Market Overview
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

>6 %

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Market Overview

The Global Engineering Plastics market was valued at around USD 90 billion in 2020 and the market is projected to register a CAGR of more than 6% during the forecast period (2021-2026).

The market is hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions have triggered massive disruptions to global supply chain networks. The automobile and construction industry has witnessed a decline due to the halt in the activities. For instance, according to OICA, automobile production has declined by around 23% in the first nine months of 2020 compared to the same period in 2019. On the other side, this pandemic has provided new opportunities in the packaging and medical industry due to increasing health awareness and the rise in demand for protective shields, masks, and PPE kits.

  • Over the medium term, the factors driving the growth of the market are largely fuelled by engineering plastic rapidly replacing traditional plastics and other materials in several applications and growing popularity of bio-PET.
  • By product type, Polyethylene Terephthalate (PET) is the most used engineering plastic around the world. However, Polyether Ether Ketone (PEEK) is projected to register the highest CAGR during the forecast period.
  • The growing applications in the aerospace industry and the adaptation of green vehicles are expected to provide numerous opportunities for manufacturers in the market.
  • Asia-Pacific dominated the market with the largest consumption. It is also likely to register the highest CAGR during the forecast period.

Scope of the Report

Engineering plastics are a group of plastic materials that have better mechanical and thermal properties than the more widely used commodity plastics (such as polystyrene, PVC, polypropylene, and polyethylene). The engineering plastics market is segmented by product type, application, and grography. By product type, the market is segmented into Fluoropolymers, Polycarbonate, Polyethylene Terephthalate, Polybutylene Terephthalate, Polyacetal/ Polyoxymethylene, Polymethyl Methacrylate, Polyphenylene Oxide, Polyphenylene Sulfide, Styrene Copolymers, Liquid Crystal Polymers, Polyether Ether Ketone, Polyimides, and Polyamides. By application, the market is segmented into, Automotive and Transportation, Building and Construction, Consumer Goods, Electrical and Electronics, Industrial and Machinery, Packaging, and Medical. The report also covers the market size and forecasts for the engineering plastics market in 24 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons) and revenue (USD Million).

Product Type
Fluoropolymers
Polycarbonate (PC)
Polyethylene Terephthalate (PET)
Polybutylene Terephthalate (PBT)
Polyacetal/Polyoxymethylene
Polymethyl Methacrylate (PMMA)
Polyphenylene Oxide
Polyphenylene Sulfide (PPS)
Styrene Copolymers (ABS and SAN)
Liquid Crystal Polymers (LCP)
Polyether Ether Ketone (PEEK)
Polyimides (PI)
Polyamides
Application
Automotive and Transportation
Building and Construction
Consumer Goods
Electrical and Electronics
Industrial and Machinery
Packaging
Medical
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Australia and New Zealand
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Spain
Russia
Nordic Countries
Netherlands
Rest of Europe
South America
Brazil
Argentina
Colombia
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Qatar
Rest of Middle-East and Africa

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Key Market Trends

Automotive and Transportation Sector to Witness Slow Growth

  • Engineering plastics find application in automotive in interior & exterior furnishings, power trains, chassis, electrical components, and under the hood parts. It is employed in the dashboard, bumpers seats, body panels, fuel systems, interior trim, under-bonnet components, lighting, exterior trim, liquid reservoirs, and upholstery.
  • The increase in demand for lightweight engineering plastic is likely to drive the market growth of the market studied due to current environmental and economic concerns, automobile manufacturers are now incorporating more advanced plastic materials so as to reduce weight and make the vehicles more fuel-efficient. According to a recent study, every 10% reduction in vehicle weight, reduces fuel usage by 6 to 8%.
  • The high absorption properties of plastics also allow the vehicle to meet stricter safety standards, while the use of engineering plastics allows for minimization of the mass of parts used in vehicles as they offer more design freedom compared to metals. Currently, there are about 30,000 parts in a vehicle, out of which 1/3 are made of plastic. In total, about 39 different types of basic plastics and polymers are used to make an automobile.
  • Further moderate growth in the coming years is supported by the ongoing strength of key economies, a solid labor market, rising disposable income of people, low-interest rates, etc. The Asia-Pacific is one the fastest growing markets for the automotive sector. India and China are the two fastest-growing markets in the Asia-Pacific region.
  • Due to global economic slowdown after 2018, the automobile production have witnessed a declining trend. Vehicle production has witnessed a decline of 5.2% in 2019 and 15.8% in 2020. The trend is expected to continue and negatively affect the market in the coming few years.
  • By 2030, globally, the number of light vehicles is expected to rise to about 1.6 billion with an estimated 18% of the fleet (290 million cars) being electric. The increasing production and sales of light-duty vehicles are estimated to have a direct impact on engineering plastic consumption, which, in turn, is anticipated to drive the demand for engineering plastic over the long term during the forecast period.
  • The growing demand for lightweight materials in the automotive industry, in order to provide increased efficiency and design flexibility, is primarily responsible for the growth of the engineering plastics market. High-performance engineering plastics offer manufacturers the advantages of design and comparable strength of steel, which helps in reducing the overall weight and controlling greenhouse gas emissions.
  • Growing demand for electric vehicles is another factor driving the growth of the market. The need for lightweight material in these vehicles, to enhance energy efficiency, acts as a major impetus for the adoption of engineering plastics.
  • Thus, all these factors are expected to show significant impact on the market during the forecast period.
Engineering Plastics Market Revenue Share

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Asia-Pacific Region to Dominate the Market

  • Asia-Pacific accounted for the largest share of the market due to increased consumption of engineering plastics in various industries, including automotive, packaging, building, and construction in rapidly growing countries such as China, India, and Japan. China alone consuming a share of around 35% of the overall market.
  • China is the largest producer and consumer of engineering plastics in the region. The abundant availability of raw materials and low production cost has been supporting the production growth of the country's engineering plastics market for the past few years.
  • Also, China is one of the largest global consumers of PET. The abundant availability of raw materials and the low cost of production have been supporting the production growth of engineering plastics, such as PET, in the country for the past few years.
  • China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately ~50% of the GDP.
  • China is promoting and undergoing a process of continuous urbanization, with a target of 60% in 2020. The increased living spaces required in the urban areas resulting from urbanization and the desire of middle-class urban residents to improve their living conditions may have a profound effect on the housing market and thereby increase the residential construction in the country.
  • The USD 118 billion automobile industry in India is expected to reach USD 300 billion by 2026. India's annual production was 4.52 million units in 2019 and 3.39 million units in 2020 witnessing a decline by 25%. India is expected to emerge as the world’s third-largest passenger vehicle market by 2021.
  • All the aforementioned factors, in turn, are projected to show a significant impact on the market during the forecast period.
Engineering Plastics Market Growth By Region

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Competitive Landscape

The engineering plastics market is fragmented in nature, with the top five players accounting for less than 15% of the global market. Most market leaders are vertically integrated, i.e., they produce their own raw materials required for the manufacturing of engineering plastics, and are also engaged in the manufacturing of various engineering plastic products. The prominent players in the market include BASF SE, DuPont, SABIC, Solvay, DSM, and Covestro AG, among others.

Recent Developments

  • In Feb 2020, DSM is futureproofing and expanding the capacity of its high-performance materials compounding plant in Evansville, IN. The project will help to meet increased regional demand for materials such as Akulon polyamide (PA) 6 and 66, Arnite PET/PBT, Arnitel thermoplastic copolyester (TPC), EcoPaXX PA 410, ForTii PA 4T/PPA and Stanyl PA 46.
  • In May 2019, BASF began operations at its expanded compounding plant in Altamira, Mexico. With an increased capacity of up to 15,000 tons per year, the company is providing local production of its Ultradur (PBT: polybutylene terephthalate) and Ultramid (PA: polyamide) product lines. This expansion addresses the increasing global demand for engineering plastics and supports the growing market in Mexico.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Popularity of Bio-based PET

      2. 4.1.2 Engineering Plastics Replacing Traditional Materials

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Declining Automobile Industry

      2. 4.2.2 Impact of COVID-19 on the Market

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Patent Analysis

    6. 4.6 Policies and Regulations

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Fluoropolymers

      2. 5.1.2 Polycarbonate (PC)

      3. 5.1.3 Polyethylene Terephthalate (PET)

      4. 5.1.4 Polybutylene Terephthalate (PBT)

      5. 5.1.5 Polyacetal/Polyoxymethylene

      6. 5.1.6 Polymethyl Methacrylate (PMMA)

      7. 5.1.7 Polyphenylene Oxide

      8. 5.1.8 Polyphenylene Sulfide (PPS)

      9. 5.1.9 Styrene Copolymers (ABS and SAN)

      10. 5.1.10 Liquid Crystal Polymers (LCP)

      11. 5.1.11 Polyether Ether Ketone (PEEK)

      12. 5.1.12 Polyimides (PI)

      13. 5.1.13 Polyamides

    2. 5.2 Application

      1. 5.2.1 Automotive and Transportation

      2. 5.2.2 Building and Construction

      3. 5.2.3 Consumer Goods

      4. 5.2.4 Electrical and Electronics

      5. 5.2.5 Industrial and Machinery

      6. 5.2.6 Packaging

      7. 5.2.7 Medical

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Australia and New Zealand

        7. 5.3.1.7 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Russia

        7. 5.3.3.7 Nordic Countries

        8. 5.3.3.8 Netherlands

        9. 5.3.3.9 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Colombia

        4. 5.3.4.4 Chile

        5. 5.3.4.5 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Qatar

        4. 5.3.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AdvanSix

      2. 6.4.2 Arkema

      3. 6.4.3 Asahi Kasei Advance Corporation

      4. 6.4.4 BASF SE

      5. 6.4.5 Celanese Corporation

      6. 6.4.6 CHIMEI

      7. 6.4.7 Covestro AG

      8. 6.4.8 Daicel Corporation

      9. 6.4.9 DuPont

      10. 6.4.10 3M

      11. 6.4.11 Eastman Chemical Company

      12. 6.4.12 Evonik Industries AG

      13. 6.4.13 GRAND PACIFIC PETROCHEMICAL Corporation

      14. 6.4.14 INEOS

      15. 6.4.15 LANXESS

      16. 6.4.16 LG Chem

      17. 6.4.17 Mitsubishi Engineering-Plastics Corporation

      18. 6.4.18 Avient

      19. 6.4.19 Polyplastics Co., Ltd.

      20. 6.4.20 Rochling

      21. 6.4.21 DSM

      22. 6.4.22 SABIC

      23. 6.4.23 Solvay

      24. 6.4.24 Trinseo

      25. 6.4.25 TEIJIN LIMITED

      26. 6.4.26 LyondellBasell Industries Holdings B.V.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Use in the Aerospace Industry

    2. 7.2 Growing Demand for Green Vehicles

**Subject to Availability

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Frequently Asked Questions

The Engineering Plastics Market market is studied from 2016 - 2026.

The Engineering Plastics Market is growing at a CAGR of >6% over the next 5 years.

The Engineering Plastics Market is valued at 90 Billion USD in 2016.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • BASF SE
  • SABIC
  • Solvay
  • DSM
  • DuPont

Are the major companies operating in Engineering Plastics Market.

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