Engineering Plastics Market to Reach US$ 115.0 Billion by 2021 | Key Players: Arkema Group, BASF SE, Dupont

A) Market Overview:
The global engineering plastics market is estimated to be valued at US$ 115.0 billion in 2021 and is expected to exhibit a CAGR of 6.6% over the forecast period of 2022-2030, according to a new report published by Coherent Market Insights. The market is witnessing significant growth due to increasing demand from various end-use industries such as automotive, electrical and electronics, consumer goods, and construction. Engineering plastics offer superior properties such as high strength, impact resistance, chemical resistance, low friction, and dimensional stability, which make them a suitable choice for a wide range of applications. However, the market growth is hindered by the fluctuating raw material prices and concerns related to environmental impact.

B) Market Key Trends:
One key trend in the Engineering Plastics Market is the growing demand for lightweight and fuel-efficient vehicles in the automotive industry. With increasing government regulations on emission reduction and fuel efficiency, automotive manufacturers are focusing on using lightweight materials such as engineering plastics to reduce the overall weight of vehicles. For instance, components such as interior trim, door panels, bumpers, and under-the-hood parts are now being made with engineering plastics instead of traditional metals. This not only helps in achieving weight reduction but also contributes to improved safety and enhanced design possibilities.

C) Segment Analysis:
The engineering plastics market is segmented based on the type of plastic, such as polyamides (PA), polycarbonates (PC), polyacetals (POM), polybutylene terephthalate (PBT), and others. Among these, polyamides (PA) dominate the market due to their excellent mechanical strength, heat resistance, and chemical resistance properties. PA is widely used in the automotive industry for the production of various components, including engine covers, air intake manifolds, fuel systems, and electrical connectors. The increasing demand for lightweight and high-performance materials in the automotive sector is driving the growth of the polyamides segment in the engineering plastics market.

D) Key Takeaways:
The global engineering plastics market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period. This growth can be attributed to increasing demand from end-use industries and the shift towards lightweight materials for various applications. The automotive sector, in particular, is a major driver for the market, as manufacturers are incorporating engineering plastics to achieve weight reduction and improve fuel efficiency. Additionally, the market is receiving significant traction from regions such as Asia Pacific, which is witnessing rapid industrialization and urbanization.

In terms of key players, the global engineering plastics market is highly competitive and fragmented. Some of the leading market players include Arkema Group, BASF SE, Dupont, and other prominent players such as Asahi Kasei Corporation, Celanese Corporation, Covestro, DSM N.V., Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. These companies are focusing on product innovation, strategic collaborations, and expansion of their production capacities to strengthen their market position and cater to the growing demand for engineering plastics globally.