Market Size of united states engineering plastics Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 14.96 Billion |
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Market Size (2029) | USD 20.47 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 6.48 % |
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Fastest Growing by End User Industry | Electrical and Electronics |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
United States Engineering Plastics Market Analysis
The United States Engineering Plastics Market size is estimated at 14.96 billion USD in 2024, and is expected to reach 20.47 billion USD by 2029, growing at a CAGR of 6.48% during the forecast period (2024-2029).
14.96 Billion
Market Size in 2024 (USD)
20.47 Billion
Market Size in 2029 (USD)
4.01 %
CAGR (2017-2023)
6.48 %
CAGR (2024-2029)
Largest Market by End-user Industry
34.40 %
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
8.25 %
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
32.44 %
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 country.
Fastest Growing Market by Resin Type
8.83 %
Projected CAGR, Liquid Crystal Polymer (LCP), 2024-2029
Owing to the rising demand for high-performance, smaller, and thinner electrical components, LCP resin is projected to witness the fastest growth during the forecast period.
Leading Market Player
23.52 %
market share, Alfa S.A.B. de C.V., 2022
In 2022, with the largest production capacity of around 1.5 million tons per year of PET resin in the United States, the company held the largest market share. The company offers various grades, mainly for packaging applications.
Rising adoption of advanced materials to drive the demand for engineering plastics
- Engineering plastics have applications ranging from interior wall panels and doors in aerospace to rigid and flexible packaging. Engineering plastics are popular in many industries due to their lightweight and high quality in terms of strength, low fatigue, and low flammability. The US engineering plastics market is led by industries such as packaging, electrical and electronics, and automotive.
- In the United States, the packaging industry holds the largest market revenue share, which is expected to grow by 5.93% over the forecast period. The demand for plastic packaging is increasing mainly from the food and beverages industry. Moreover, increasing demand for ready-to-eat meals, online food purchasing, etc., has triggered the packaging industry in the country. United States plastic packaging production had a volume of 178 thousand tons in 2022. The demand for engineering plastics in the packaging industry increased at a rate of 7.71% by value in 2022 compared to 2021.
- The electrical and electronics industry in the United States is the second most promising market for engineering plastics, with an expected CAGR of 8.41% by value during the forecast period (2023-2029). This is due to the wider use of consumer electronics products such as smart home devices, wearable health monitors, and entertainment devices to facilitate remote interaction, entertainment, and productivity.
- The rise in demand for electric vehicles and positive changes in trade policies are expected to be the biggest driving factors in the growth of the market for US automotive engineering plastics. The demand for engineering plastic from the automotive industry is expected to record a CAGR of 5.31% by value during the forecast period.
Understand The Key Trends Shaping This Market
