According to estimates, the engineering plastic industry will be worth US$ 1,08,000.92 million by 2023. The valuation was US$ 1,01,000.57 million in US dollars in 2022. From 2023 to 2033, the market is anticipated to grow at a compound annual growth rate of 7.2%. By 2033, the market is expected to grow to US$ 2,16,458.83 million.
The rise of the engineering plastic market is linked with the rise of industrialization. Industries like automotive, residential, and food & beverage are all making use of engineering plastics. With the rise of incomes all over the world and developing lifestyles, the demand for products like packaged food and cars is increasing. Thus, the rapidly evolving industries are shaping the engineering plastic market.
Engineering plastic is also being used at the forefront of technology. As technology reaches new frontiers, the use of engineering plastic in the electric and electronics industry is expanding. The use of engineering plastic in such advanced fields as robotics, 5G technology, and spacecraft drives the market forward.
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The popularity of engineering plastic is due to several benefits provided by the product to manufacturers. Toughness, durability, and chemical resistance are some of the factors that make engineering plastic popular among industry players. The product is easy to handle as well as being lightweight, is also endearing to manufacturers. Companies in the market are investing in research and development to further bolster the qualities of engineering plastic as well as to come up with new products.
“Industry players are working on improving the unsustainable qualities of plastic. Companies are coming up with recyclable products. Government initiatives are also encouraging companies to take up the making of sustainable products. Thus, sustainable plastic production represents an opportunity for the market players,” says an Analyst at Future Market Insights (FMI).
Key Takeaways from the Engineering Plastic Market
- The engineering plastic market is estimated to be worth US$ 1,08,000.92 million in 2023.
- Acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN) is the most common product type. ABS and SAN are expected to account for 28.6% of the market share in 2023 by product type.
- Engineering plastic is most commonly applied in the electric and electronic industries. Electrical and electronics application is anticipated to hold 36% of the market share in 2023.
- India and China are two promising Asian countries for the market. For the forecast period from 2023 to 2033, the market is expected to progress at a CAGR of 9.8% and 9.7% in India and China, respectively.
- The United States and Canada lead the way in North America. For the forecast period, the United States and Canada are predicted to grow at a CAGR of 7.5% and 6.5%, respectively.
- France is projected to have one of the fastest growth rates in Europe. For the forecast period, the CAGR for the market in France is pegged at 6.1%.
Competition Analysis of the Engineering Plastic Market
The market is fragmented, with a lot of competitors jostling for space. Investment in research and development is common. Some of the prominent companies in the market include Arkema Group, Asahi Kasei Corporation, BASF SE, and Celanese Corporation.
Recent Developments in the Engineering Plastic Market
- In October 2023, Flambeau Medical inked a partnership with Two Styx Capital (TSC). The expertise in the medical equipment of both brands can be leveraged using the partnership.
- In February 2023, Covestro AG introduced the Makrolon 3638 polycarbonate. Medical devices such as wearable devices and single-use containers are manufactured with the use of the product.
- In July 2022, BASF SE’s new production facility was launched in China, further improving the foothold of the company in the country.
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Key Companies in the Engineering Plastic Market
- Arkema Group
- Asahi Kasei Corporation
- BASF SE
- Celanese Corporation
- Covestro
- DSM N.V
- DuPont
- Lanxess
- LG Chem
- Mitsubishi Engineering-Plastics Corporation
- Saudi Basic Industries Corporation (SABIC)
- Solvay SA
- Teijin Limited
- Toray Industries
- Victrex PLC
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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