Engineering Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Engineering Plastics Market is segmented by Product Type (Fluoropolymers, Polycarbonate, Thermoplastic Polyesters, Polyoxymethylene, Polymethyl Methacrylate, Styrene Copolymers, Polyamides, and Polyether Ether Ketone), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Electrical and Electronics, Packaging, and Other Applications), 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 metric tons) and revenue (USD million) for all the above segments.

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Engineering Plastics Market Size

Engineering Plastics Market Summary
Study Period: 2017-2027
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 5 %

Major Players

Engineering Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Engineering Plastics Market Analysis

The engineering plastics market is projected to register a CAGR of more than 6% during the forecast period.

The market was hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. The automobile and construction industry declined due to the activity halt earlier in 2021. However, the industries registered positive growth in the latter half of 2021, which spiked the demand for engineering plastics. Notably, this demand for engineering plastics in the packaging and medical industries remained buoyed throughout the pandemic and after its retraction due to increasing health awareness leading to the need for protective shields, masks, and PPE kits.

  • Over the medium term, the factors driving the market's growth typically include the growing popularity of bio-PET and increasing preference for engineering plastics over traditional plastics for several applications, such as in the building and construction sector.
  • Conversely, increasing regulations against plastic usage and high competition from other plastic materials will likely hinder the market's growth.
  • 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 most significant consumption. It is also likely to register the highest CAGR during the forecast period.

Engineering Plastics Industry Segmentation

Engineering plastics are a group of plastic materials with better mechanical and thermal properties than the more widely used commodity plastics (such as polystyrene, PVC, polypropylene, and polyethylene). They are used in applications that demand high performance, impact and chemical resistance, and dimensional stability. The engineering plastics market is segmented by product type, application, and geography. By product type, the market is segmented into fluoropolymers, polycarbonate (PC), thermoplastic polyesters (PBT and PET), polyoxymethylene (POM), polymethyl methacrylate (PMMA), styrene copolymers (ABS and SAN), polyamides, and polyether ether ketone (PEEK). By application, the market is segmented into automotive and transportation, building and construction, consumer goods, electrical and electronics, packaging, and other applications (industrial and machinery, medical). The report also covers the market size and forecasts for engineering plastics in 22 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo metric tons) and revenue (USD million).

Product Type
Fluoropolymers
Liquid Crystal Polymers
Polycarbonate (PC)
Thermoplastic Polyesters (PET, PBT)
Polyoxymethylene (POM)
Polymethyl Methacrylate (PMMA)
Styrene Copolymers (ABS and SAN)
Polyamides
Polyether Ether Ketone (PEEK)
Polyimides
Application
Automotive and Transportation
Building and Construction
Consumer Goods
Electrical and Electronics
Packaging
Other Applications (Healthcare, Industrial and Machinery)
Geography
Asia-Pacific
China
India
Japan
South Korea
Australia and New Zealand
ASEAN countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Russia
Netherlands
Nordic Countries
Spain
Rest of Europe
South America
Brazil
Argentina
Columbia
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Qatar
Rest of Middle-East and Africa

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Engineering Plastics Market Trends

This section covers the major market trends shaping the Engineering Plastics Market according to our research experts:

The Automotive and Transportation Segment to Dominate the Market

  • Engineering plastics find application in automotive interior and 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.
  • Automobile manufacturers are now incorporating more advanced plastic materials to reduce weight and make vehicles more fuel-efficient. According to a recent study, every 10% reduction in vehicle weight reduces fuel usage by 6-8%. The growth in automobile production directly impacts the engineering plastic market growth.
  • According to OCIA, the Global production capacity of Light Commercial Vehicles increased from 11,843,185 units in 2020 to 13,721,531 units in 2021. The Light Commercial Vehicles production will increase by 16% in 2021. Thus, the output of automobile units is likely to increase the market for engineering plastics.
  • China is the largest manufacturer of automobiles in the world. The automobile industry in China is witnessing switching trends as the consumer inclination toward battery-operated vehicles is on the higher side. Moreover, the government of China estimates a 20% penetration rate of electric vehicle production by 2025.
  • The United States is the second largest automotive manufacturing country globally, falling only behind China. According to OICA, automotive production in 2021 accounted for 9,167,214 units, an increase of 4% compared to the show in 2020, which was reported to be 8,822,399 units. The National Automobile Dealers Association (NADA) predicts that new US light-vehicle sales will likely increase by 3.4% to 15.5 million units in 2022.​ The production of automobiles is anticipated to ascend in the future owing to the rising popularity and affordability of vehicles.
  • Thus, these factors are expected to impact the market during the forecast period significantly.
Engineering Plastics Market: Automotive Production, in million units, Global, 2017-2021

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific accounted for the largest share of the market due to the 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 is the largest producer and consumer of engineering plastics in the region. China's aerospace industry is projected to return to profitability in 2022 after facing a significant decline in the previous years. The Civil Aviation Administration of China (CAAC) has estimated the aviation sector to recover domestic traffic to around 85% of pre-pandemic levels. According to the Boeing Commercial Outlook 2021-2040, in China, around 8,700 new deliveries will be made by 2040, with a market service value of USD 1,800 billion.
  • According to the OICA, In India, around 4,399,112 units of vehicles were produced in 2021, which increased by 30% in comparison to 3,381,819 units manufactured in 2020. The increasing automotive sector is expected to augment the market during the forecast period. Moreover, the government's reforms, such as “Aatma Nirbhar Bharat” and “Make in India” programs, are likely to boost the automotive industry.
  • The electric vehicle industry in South Korea is expected to grow at a rapid rate. In 2021, nearly 71,000 units of electric vehicles were sold in the country. South Korean sales of electric vehicles surged by 96% to 71,006 units in the first nine months of 2021, according to data collected by the Korea Automotive Technology Institute (KAII). The sales figure is expected to increase with the growing demand from the importing economies in Europe, Asia-Pacific, and the Americas.
  • According to the Philippine Statistics Authority, GDP from the country's construction sector reached PHP 413,485 million (USD 7,409 million) in Q2 2022, up from the Q1 2022 GDP share which stood at PHP 256,394 million (USD 4,594 million). The construction sector is expected to grow further because of infrastructure projects.
  • All the aforementioned factors, in turn, are projected to show a significant impact on the market during the forecast period.
Engineering Plastics Market: Growth Rate by Region, 2022-2027

Engineering Plastics Industry Overview

The engineering plastics market is fragmented in nature. Some of the market's major players (not in any particular order) include BASF SE, DuPont, SABIC, Solvay, and DSM.

Engineering Plastics Market Leaders

  1. SABIC

  2. Solvay

  3. DSM

  4. DuPont

*Disclaimer: Major Players sorted in no particular order

Engineering Plastics Market Concentration

Engineering Plastics Market News

  • In August 2022, SABIC expanded its product portfolio in engineering plastics by launching new chemically resistant LNP CRX polycarbonate (PC) copolymer resins with four new grades.
  • In July 2022, BASF SE opened up new manufacturing facilities for engineering plastics in the Zhanjiang Verbund site in the province of Guangdong in South China, with an annual capacity of 60,000 metric tons.
  • In September 2021, Solvay announced the installation completion of its new thermoplastic composites (TPC) manufacturing facility at Greenville, South Carolina. The new manufacturing facility will help the company to industrialize its TPC capacity.

Engineering Plastics Market Report - 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 Increasing demand for Engineering Plastics in Building and Construction Industry

    2. 4.2 Restraints

      1. 4.2.1 Increasing Regulations against Plastics Usage

      2. 4.2.2 Other Restraints

    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 (Market Size in Volume and Value)

    1. 5.1 Product Type

      1. 5.1.1 Fluoropolymers

      2. 5.1.2 Liquid Crystal Polymers

      3. 5.1.3 Polycarbonate (PC)

      4. 5.1.4 Thermoplastic Polyesters (PET, PBT)

      5. 5.1.5 Polyoxymethylene (POM)

      6. 5.1.6 Polymethyl Methacrylate (PMMA)

      7. 5.1.7 Styrene Copolymers (ABS and SAN)

      8. 5.1.8 Polyamides

      9. 5.1.9 Polyether Ether Ketone (PEEK)

      10. 5.1.10 Polyimides

    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 Packaging

      6. 5.2.6 Other Applications (Healthcare, Industrial and Machinery)

    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 Australia and New Zealand

        6. 5.3.1.6 ASEAN countries

        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 Russia

        6. 5.3.3.6 Netherlands

        7. 5.3.3.7 Nordic Countries

        8. 5.3.3.8 Spain

        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 Columbia

        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

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AdvanSix Inc.

      2. 6.4.2 Arkema

      3. 6.4.3 Asahi Kasei Corporation

      4. 6.4.4 BASF SE

      5. 6.4.5 Celanese Corporation

      6. 6.4.6 Chi Mei Corporation

      7. 6.4.7 Covestro AG

      8. 6.4.8 Daicel Corporation

      9. 6.4.9 DuPont

      10. 6.4.10 DSM

      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 Polyplastics Co., Ltd.

      19. 6.4.19 SABIC

      20. 6.4.20 Solvay

      21. 6.4.21 TEIJIN LIMITED

      22. 6.4.22 Trinseo

      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

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Engineering Plastics Market Research FAQs

The Engineering Plastics Market market is studied from 2017 - 2027.

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

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

Asia Pacific holds highest share in 2021.

SABIC, Solvay, DSM, DuPont are the major companies operating in Engineering Plastics Market.

Engineering Plastics Industry Report

Statistics for the 2023 Engineering Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Engineering Plastics analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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