Market Size of europe engineering plastics Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 23.90 Billion |
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Market Size (2029) | USD 31.69 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 5.80 % |
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Largest Share by Country | Germany |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Europe Engineering Plastics Market Analysis
The Europe Engineering Plastics Market size is estimated at 23.90 billion USD in 2024, and is expected to reach 31.69 billion USD by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
23.90 Billion
Market Size in 2024 (USD)
31.69 Billion
Market Size in 2029 (USD)
3.40 %
CAGR (2017-2023)
5.80 %
CAGR (2024-2029)
Largest Market by End-user Industry
24.48 %
value share, Packaging, 2023
Due to the wide range of applications, including bottles, jars, and containers, specifically in the food and beverage industry, the packaging segment occupied the major share.
Fastest Growing Market by End-user Industry
7.49 %
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
22.48 %
value share, Polyethylene Terephthalate (PET), 2023
With widespread applications in the packaging industry and the rising demand for PET sheets and films, PET resin has occupied the largest share in the market.
Largest Market by Country
19.97 %
value share, Germany, 2023
Owing to the high demand for engineering plastics in major industries, including automotive, industrial machinery, and packaging, Germany captured the largest market share across the region.
Leading Market Player
17.31 %
market share, Indorama Ventures Public Company Limited, 2022
In 2022, with the largest production capacity of around 1.8 million tons per year of PET resin in the European region, the company held the largest market share. Indorama offers various grades for bottles, sheets, and films.
Packaging to dominate the market during the forecast period
- Engineering plastics have endless applications today and tend to have better mechanical and thermal properties than common or commodity plastics. The European engineering plastics consumption volume witnessed a growth of 5.1% from 2017 to 2019 due to increasing demand from the packaging and electrical and electronics segments.
- The packaging segment consumes most of the engineering plastics in the region due to the large-scale production of plastic bottles used in packaging beverages, drinking water, personal care, household care, etc. Due to disruptions in the global supply chain, all industries' combined consumption volume fell by 6.2% in the pandemic year 2020 compared to the previous year. However, the market recovered in 2021 and continued to grow steadily, increasing by 4.6% in 2022.
- Because of the large number of vehicles produced in Europe, the automotive segment is the second largest consumer of engineering plastics after the packaging segment. Vehicle production dropped significantly in 2020 due to lockdowns, travel restrictions, and the closure of automotive factories, resulting in a 22.69% decrease in consumption volume from the previous year in the automotive segment.
- The European aerospace segment is expected to be the fastest growing in terms of consumption value during the forecast period (2023-2029) with a CAGR of 7.78%, owing to the production of aircraft components in response to the increasing demand for lighter and more fuel-efficient aircraft.
Understand The Key Trends Shaping This Market
Germany to dominate the market over the coming years
- Engineering plastics play the role of an important polymer in Europe for various end-user industries, including packaging, electrical and electronics, automotive, aerospace, and industrial and machinery.
- Germany is the largest consumer of engineering plastics in the region owing to its growing packaging, construction, electrical and electronics, and automotive industries. In 2022, the German packaging industry held a share of 18.7% by revenue compared to the entire Europe. In Germany, plastic packaging production reached 4.46 million tons in 2022 from 4.37 million tons in 2021.
- Italy is the second-largest consumer of engineering plastics in the region. The country held a share of 12% by revenue of the overall resin market in Europe in 2022 due to its rapidly growing construction and electrical industries. The new floor area in the country reached 188.5 million sq. ft in 2022 from 167.2 million sq. ft in 2021. The rising construction industry is projected to drive the demand for engineering plastic in Italy in the future.
- The United Kingdom is the fastest-growing country in the European engineering plastics market, which is expected to register a CAGR of 6.70% in terms of value during the forecast period (2023-2029). The aerospace industry in the United Kingdom is the second-largest in the world. In 2021, the UK civil aerospace turnover totaled approximately USD 32 billion. The government of the United Kingdom is planning to increase its R&D spending to 2.4% of GDP by 2027. The increasing production and investment in the aerospace industry are projected to drive the demand for engineering plastics in the country during the forecast period.
