Engineering plastics are synthetic materials that exhibit superior engineering and technological properties than traditional plastics and metals. Some key properties of engineering plastics include corrosion resistance, fatigue resistance, strength to weight ratio, dimensional stability under heat, and precision molding capability. These properties make engineering plastics suitable for use in automotive components, electrical appliances, consumer durables, industrial equipment, and construction materials.
The global engineering plastics market is estimated to be valued at US$ 130.68 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The growing global automotive industry has been a key factor driving the demand for engineering plastics. Engineering plastics find wide application in automotive components such as interior and exterior body parts, electrical components, engine parts, and under-the-hood components due to properties such as durability, heat resistance, and lightweight. The rising vehicle production across countries such as China, India, Mexico, Brazil is translating into increased demand for advanced plastic components. For instance, polyamides or nylons are increasingly being used in under-the-hood components such as intake manifolds due to their heat and chemical resistance. This rising uptake of engineering plastics in the automotive industry is expected to continue during the forecast period.
Strength: Engineering Plastics Market Share have superior properties compared to traditional plastics such as metal, wood or glass making them suitable for a variety of applications. Their properties include high strength, hardness, stiffness, resistance to heat and good electrical insulation.
Weakness: Engineering plastics are more expensive than commodity plastics and therefore requires higher capital investments. Research & development of new grades are lengthy and capital intensive processes.
Opportunity: Growing demand from end-use industries like automotive, aerospace, healthcare and electronics is expected to boost market growth over the forecast period. Increasing the replacement of conventional materials by engineering plastics will offer new opportunities.
Threats: Volatility in raw material prices poses threat to stable supplies and profits. Additionally, stringent environmental regulations around the world limit the usage of certain engineering plastics.
The global Engineering Plastics market is expected to witness high growth.
Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period owing to early technology adoption in countries like the US and Canada. Asia Pacific is expected to emerge as the fastest growing market led by countries like China, India and South Korea due to increasing investments in end-use industries.
Key players: 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. The engineering plastics market is competitive in nature due to presence of many global and regional players. Major players are focusing on new product development and expansion in emerging markets to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it