As per the recently published report by MarketsandMarkets™, the “Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymer), End-use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging) and Region – Global Forecast to 2027″, size is projected to grow from USD 107.2 billion in 2022 to USD 140.9 billion by 2027, at a CAGR of 5.6% from 2022 to 2027. The global engineering plastics market is growing rapidly, and this trend is expected to continue due to increasing demand from the end–use industries such as electrical & electronics, medical, and automotive. The current industry growth is backed by high demand from Asia Pacific.
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- 344 Market data Tables
- 41 Figures
- 285 Pages and in-depth TOC on “Engineering Plastics Market – Global Forecast to 2027″
This report also provides a comprehensive analysis of the companies listed below:
The engineering plastics market comprises major solution providers, BASF SE (Germany), Covestro AG (Germany), Solvay S.A. (Belgium), Celanese Corporation (US), The Dow Chemical Company (US), LG Chem Ltd. (South Korea), SABIC (Saudi Arabia), Evonik Industries AG (Germany), LANXESS AG (Germany) and Mitsubishi Chemical Holdings Corporation (Japan) among others. The study includes an in-depth competitive analysis of these key players in the engineering plastics market, with their company profiles, and key market strategies.
Recent Developments in Engineering Plastics Market
- In 2019, BASF started a new production line of Ultroson in Korea. This new production unit added an annual capacity of 6,000 metric tons of polyarylsulfone. This expansion has helped the company to serve the growing global demand for high-performance thermoplastic in the automotive and electronics industry.
- In 2019, LG Chem purchased DuPont’s soluble Organic Light-Emitting Diodes (OLEDs) technology. According to LG Chem, the deal comprises approximately 540 patented assets as well as industrial facilities.
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Polycarbonate is the third largest type of engineering plastics in the market. Polycarbonate is a tough thermoplastic that can be easily molded, worked, and thermoformed. It is naturally transparent and a very clear polymer and exhibits exceptional physical properties such as toughness and dimensional and color stability. It is a lightweight thermoplastic with high temperature and electrical resistance, which makes it suitable for a variety of electrical & electronic equipment and automotive and sheet products. It is also used in household appliances, safety helmets and shields, aircraft and missile components, water cooler bottles, sporting goods, and lighting fixtures, among others.
Polycarbonate is available in several grades, such as UV stabilization, mold release, impact modification, flame retardant, and food grade. It is also used widely in blends with other polymers such as ABS and PBT to provide tailor-made solutions to end users in terms of performance and price. The optical media segment is expected to decline owing to the continuous replacement of DVDs and CDs with MP3 and MP4 players, USB drives, and high internet bandwidth.
The major producers of polycarbonate include Bayer Material Science (Germany), SABIC Innovative Plastics (US), Teijin Limited (Japan), Mitsubishi Engineering-Plastics Corporation (Japan), and DuPont (US).
Packaging is the third fastest growing market in the engineering plastics market. Engineering plastics offer lightweight and high-performance characteristics such as resistance to corrosion & abrasion, reduced processing costs, self-lubrication, easier assembly, and reduced finishing time & design flexibility. These properties make them suitable for a wide range of packaging and extrusion applications. Engineering plastics are continuously replacing conventional materials such as metals, rubber, and wood and are also turning out as better alternatives to many other commodity plastics. They offer flexibility and excellent dimensional stability when compared to other thermoplastics even after many re-uses. The other benefits include low weight and ease of transportation.
Extensive R&D has resulted in the advent of products in engineering plastics. New applications and different grades of engineering plastics for aerospace and defense applications are expected to develop in the industry. Manufacturers are working out new engineering plastics applications and conducting trials to test their effectiveness across verticals. Rising use of engineering plastics in the medical and automotive industries in North America is also expected to positively impact the market.