Market Size of engineering plastics Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 122.81 Billion |
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Market Size (2029) | USD 171.45 Billion |
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Largest Share by End User Industry | Electrical and Electronics |
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CAGR (2024 - 2029) | 6.90 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Engineering Plastics Market Analysis
The Engineering Plastics Market size is estimated at 122.81 billion USD in 2024, and is expected to reach 171.45 billion USD by 2029, growing at a CAGR of 6.90% during the forecast period (2024-2029).
122.81 Billion
Market Size in 2024 (USD)
171.45 Billion
Market Size in 2029 (USD)
4.65 %
CAGR (2017-2023)
6.90 %
CAGR (2024-2029)
Largest Market by End-user Industry
31.14 %
value share, Electrical and Electronics, 2023
The segment occupied the major market share due to the widespread applications of engineering plastics, mostly styrene copolymers, PC, and PA in advanced and smart electrical devices.
Fastest Growing Market by End-user Industry
8.03 %
Projected CAGR, Electrical and Electronics, 2024-2029
The electronics segment is expected to witness the fastest growth due to the superior properties of engineering plastics, such as lightweight, good impact resistance, higher flexibility, and fire resistivity.
Largest Market by Resin Type
23.28 %
value share, Styrene Copolymers (ABS and SAN), 2023
Styrene copolymers have wide applications in major industries, including automotive, aerospace, and electronics, and they accounted for the largest share in 2022. The high usage of blended ABS resins in industrial applications expanded the segment.
Largest Market by Region
55.80 %
value share, Asia-Pacific, 2023
Asia-Pacific dominates the market due to the rapid growth of industries, including packaging, electrical and electronics, and automotive, along with strong economic growth in leading countries such as India and China.
Leading Market Player
6.18 %
market share, Indorama Ventures Public Company Limited, 2022
In 2022, the company held the largest share due to its production capacity of around 4.4 million tons per year of PET resin. Indorama offers various grades for applications in bottles, sheets, and films.
Packaging to dominate the volume share in the market
- Engineering plastics have applications ranging from interior wall panels and doors in the aerospace industry to rigid and flexible packaging. The packaging, electrical and electronics, and automotive industries drive the growth of the global engineering plastics market. Packaging and electrical and electronics accounted for around 24.07% and 30.93%, respectively, of the overall engineering plastics market revenue in 2022.
- As a result of factors such as urbanization and changing family demographics, the packaging industry is the world's largest end-user industry in terms of volume, in line with the growing demand for functional, prepackaged, and convenient food products. Global plastic packaging production witnessed a volume of 134 million tons in 2022, 4.17% higher compared to 2021. The demand for engineering plastics globally increased owing to the increasing consumer demand for packaged food and beverages.
- The electrical and electronics industry is the second-largest and fastest-growing end-user industry globally. The industry generated a revenue of USD 32.6 billion in 2022 in the engineering plastics market. In the United States, the growing demand for electrical and electronics products and the entry of electric vehicles, autonomous robots, and top-secret defense technologies in the market are expected to increase the demand for electrical and electronics products at a CAGR of 8.09% during the forecast period (2023-2029).
- The aerospace industry is the second fastest-growing industry by revenue, with a CAGR of 7.71%. The application of engineering plastics is growing due to the need for lightweight composite materials with properties like impact and chemical resistance.
Understand The Key Trends Shaping This Market
Africa emerging as a greater market owing to government initiatives
- Engineering plastics find applications in various industries, such as automotive, packaging, and electrical and electronics. Engineering plastics at the global level had a revenue of USD 105 billion in 2022.
- Engineering plastic consumption in Asia-Pacific witnessed a growth of 7.18%, by value, in 2022 compared to 2021 and had the largest share of 55.62%. This was attributed to the packaging and electrical and electronics industries, which held 18.52% and 42.25% of the market shares, respectively, by value. With the rising demand for ready-to-eat convenience food, the consumption of packaging materials has increased, bolstering the sales of engineering plastics in the region. The surge in demand for electronic devices is a consequence of companies adopting work-from-home models and people setting up home offices.
- Africa is the fastest-growing region for the consumption of engineering plastics, and it witnessed a growth of 7.39% in terms of value in 2022 compared to 2021, led by the building and construction industry, which is expected to record a CAGR of 6.56%, by volume, during the forecast period. South Africa is expected to have around 88.17 million sq. ft of new floor area in 2023, and it is forecast to reach 101.69 million sq. ft by 2029, thereby increasing the demand for engineering plastics in the country during the forecast period.
- The market is expected to record a CAGR of 6.96% during the forecast period (2023-2029), with the electrical and electronics industry reporting the highest CAGR of 8.09% by value. Using advanced materials, organic electronics, and plastic composites may enable smart manufacturing practices and work as growth drivers for the industry.
