Market Size of north america engineering plastics Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 18.54 Billion |
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Market Size (2029) | USD 25.64 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 6.70 % |
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Largest Share by Country | United States |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Engineering Plastics Market Analysis
The North America Engineering Plastics Market size is estimated at 18.54 billion USD in 2024, and is expected to reach 25.64 billion USD by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
18.54 Billion
Market Size in 2024 (USD)
25.64 Billion
Market Size in 2029 (USD)
3.85 %
CAGR (2017-2023)
6.70 %
CAGR (2024-2029)
Largest Market by End-user Industry
30.93 %
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
8.37 %
Projected CAGR, Electrical and Electronics, 2024-2029
The segment is expected to record the fastest growth due to the superior properties of engineering plastics, such as lightweight, easy-to-make complex shapes, higher flexibility, and good fire resistivity.
Largest Market by Resin Type
29.06 %
value share, Polyethylene Terephthalate (PET), 2023
With widespread applications in the packaging industry and rising demand for PET sheets and films to replace traditional metal parts, PET resin occupies the largest share in the region.
Largest Market by Country
80.87 %
value share, United States, 2023
Due to the stable economic growth and escalating demand from various industries, including packaging, electrical, and electronics, the United States has dominated the demand for engineering plastics in the region over recent years.
Leading Market Player
24.23 %
market share, Alfa S.A.B. de C.V., 2022
In 2022, the company held the largest share due to its production capacity of around 1.8 million tons per year of PET resin. Also, the company offers various grades, mainly for packaging applications.
Packaging industry to lose some of its volume share to electrical and electronics industry
- Engineering plastics have applications ranging from interior wall panels and doors in aerospace to rigid and flexible packaging. The North American engineering plastics market is led by industries such as packaging, electrical and electronics, and automotive. Packaging and electrical and electronics accounted for around 31.35% and 17.43%, respectively, of the engineering plastics market in terms of revenue in 2022.
- Packaging is the largest end-user industry in the region due to families worldwide becoming smaller and significant changes in urbanization and family demographics. These factors increase the demand for functional, prepackaged, and convenient food products. Plastic packaging production in North America had a volume of 22.4 million tons in 2022, which was 16.6% globally. The demand for engineering plastics in the region is increasing due to the increasing consumer demand for packaged food and beverages.
- The electrical and electronics sector is the second largest in the region and especially in the United States. The sector accounted for 1.6% of the GDP. It generated a revenue of USD 576.1 billion in 2022 in the region, thus increasing the demand for electrical and electronics and empowering the onset of electric vehicles, autonomous robots, and top-secret defense technologies, thereby boosting the demand for engineering plastics.
- The electrical and electronics industry is the fastest-growing in the region by revenue, with an expected CAGR of 8.54% during the forecast period (2023-2029), due to increasing applications of engineering plastics for the need of plastic composites in various electrical and electronics applications.
Understand The Key Trends Shaping This Market
Evolving consumer and industrial trends, coupled with technological innovations, may boost the demand for engineering plastics
- North America accounted for a 15% consumption share of engineering plastics globally in 2022. Engineering plastics exhibit versatile properties, thus finding applications in the automotive, packaging, and electrical and electronics industries.
- The United States recorded a growth of 7.14% by value in 2022 compared to the previous year, attributed to the packaging and electrical and electronics industries, which held 27% and 24% of the market shares, respectively, by value. With an increase in the demand for ready-to-eat convenience food products and the emerging trend of an on-the-go lifestyle, the consumption of packaging materials has increased, thus boosting the sales of engineering plastics in the region. With companies adopting work-from-home models and people setting up home offices, the demand for electronic devices also increased. Technological innovations are also creating consistent demand for electronic gadgets every year.
- Mexico is the fastest-growing market, recording a growth of 10.53% in terms of value in 2022 compared to 2021, led by the industrial machinery and equipment industry. Mexico aims to improve its highways, modernize its ports, and expand its farms by making them more mechanized, thus boosting the demand for construction and farming machinery.
- The North American engineering plastics market is expected to register a CAGR of 6.62% during the forecast period, with the electrical and electronics industry recording the highest CAGR of 8.54% by value. The use of advanced materials, organic electronics, miniaturization, and disruptive technologies like AI and the IoT may also boost the adoption of smart manufacturing practices, thus driving the industry's growth.
