Engineering plastics are polymers that exhibit superior mechanical and/or thermal properties relative to commodity plastics like polyethylene (PE) and polyvinyl chloride (PVC). They are commonly used for machine components, electrical & electronics parts, tubes & pipes, films & sheets and profiles & rods. The increasing demand for lightweight and durable materials in the automotive industry has fueled the consumption of engineering plastics as they provide design flexibility and impact resistance.
The global engineering plastics market is estimated to be valued at US$ 150.55 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing usage of engineering plastics in the automotive industry is one of the major trends driving the Global engineering plastics market size. With growing environmental regulations mandating reduction in vehicle weight to improve fuel efficiency and control emissions, automakers are extensively utilizing engineering plastics to manufacture lightweight components like instrument panels, door panels, bumpers and under-hood components. Engineering plastics provide superior properties like heat resistance, durability and strength making them an ideal choice for replacing traditional metals in automotive applications. The rising demand for lightweight vehicles will continue fueling consumption of engineering plastics during the forecast period.
Strength: Engineering plastics have superior properties such as high strength, stiffness and heat resistance which make them suitable for manufacturing complex components used in the automotive and electronics industries.
Weakness: Higher production costs compared to traditional plastics limit their use in low-cost applications. Dependence on crude oil prices for raw material inputs results in price volatility.
Opportunity: Growing demand for lightweight and durable materials from end-use industries along with stringent environmental regulations will boost market growth over the forecast period.
Threats: Availability of substitutes such as metals and high performance alloys pose competition in applications requiring high strength and temperature resistance.
The global engineering plastics market is expected to witness high growth over the forecast period. The global engineering plastics market is estimated to be valued at US$ 150.55 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Asia Pacific region currently dominates the market and is expected to maintain its lead through 2031. Rising disposable incomes, growing population and rapid industrialization are driving demand for engineering plastics from end-use industries such as automotive and electronics in the region.
Key players operating in the engineering plastics market are Eli Lilly and Company, Sanofi S.A., Cadila Healthcare Limited, Cipla Limited, Castle Biosciences, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Vidac Pharma, LEO Pharma A/S, Regeneron Pharmaceuticals, Inc., Merck Sharp & Dohme, and Amgen Inc. These companies are focused on investing in R&D to develop novel drugs and expanding their product portfolios as well as geographic footprint to strengthen market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it