Engineering plastics are synthetic materials that exhibit superior strength, durability and toughness compared to commodity plastics. Engineering plastics are primarily used in high strength applications like automotive components, electrical & electronics and construction. The excellent balance of properties like impact resistance, flame retardancy and dimensional stability meets the stringent demands of these industries.
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 increasing demand from the automotive industry has been a key trend driving the growth of the engineering plastics market. Automakers are continuously striving to make vehicles lighter while maintaining safety and performance standards. Engineering plastics help reduce the weight of vehicles, thereby enhancing fuel efficiency. They are increasingly being used to manufacture car parts that were traditionally made of metal, such as interior panels, door handles and seat frames. The superior properties of engineering plastics allow intricate part design and consolidation of multiple components into single parts, resulting in lower production costs for automakers. As environmental regulations become more stringent globally, the use of engineering plastics in the automotive industry is expected to grow substantially over the forecast period.
Segment Analysis
The global engineering plastics market is dominated by transportation segment owing to extensive use of engineering plastics like polyamide, polycarbonate and acrylonitrile butadiene styrene in automotive parts manufacturing. Within transportation sub-segment, automotive accounts for the largest share as engineering plastics help reduce weight and performs well in high temperature operations.
Key Takeaways
The global Engineering Plastics Market Share is expected to witness high growth over the forecast period supported by increasing demand from fast growing industries like transportation, electronics and healthcare.
Regional analysis: Asia Pacific currently dominates the global market and is expected to maintain its leading position during the forecast period with China, India, Japan and South Korea being the major markets. Growing automotive production and rising income levels in developing Asian countries is driving the growth of engineering plastics 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.
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