Engineered Plastics Market Trends and Forecast
The future of the global engineered plastics market looks promising with opportunities in the medical, packaging, transportation & automotive, consumer appliance, electrical & electronic, and industrial & machinery markets. The global engineered plastics market is expected to grow with a CAGR of 6.5% from 2024 to 2030. The major drivers for this market are growing adoption in electronics for improved performance and miniaturization and increasing demand from the automotive and aerospace industries for lightweight and durable materials.
• Lucintel forecasts that polyethylene terephthalate (PET) will remain the largest segment over the forecast period as it is a widely used engineered plastic known for its exceptional moisture barrier properties and strength.
• Within this market, consumer appliances will remain the largest segment due to its combination of aesthetics, durability, and lightweight characteristics renders it appealing for consumer-focused products.
• North America will remain the largest region over the forecast period.
Country Wise Outlook for the Engineered Plastics Market
• Germany: BASF and Covestro have announced initiatives to develop high-performance engineered plastics for the automotive and electronics sectors. Government targets include promoting sustainable manufacturing practices under the German Federal Ministry for Economic Affairs and Energy.
• China: SABIC and Kingfa Science & Technology are focusing on expanding production capacities for engineered plastics to meet domestic demand. The Chinese governmentÄX%$%Xs targets include fostering innovation and upgrading industrial capabilities in the plastics sector as part of the 14th Five-Year Plan.
• United States: Dow and DuPont are investing in research for lightweight and recyclable plastics for packaging and consumer electronics. The U.S. government has initiatives promoting advanced manufacturing and materials innovation through agencies like the National Institute of Standards and Technology (NIST).
• Japan: Mitsubishi Engineering-Plastics Corporation and Toray Industries are developing engineered plastics for the automotive and industrial applications. The Japanese government aims to support innovation in materials science and technology through programs by the Ministry of Economy, Trade and Industry (METI).
• Brazil: Braskem and Randon Implementos are focusing on producing sustainable engineered plastics for the automotive and packaging sectors. The Brazilian government targets include promoting sustainable development and supporting technological advancements in the plastics industry through agencies like the Brazilian Development Bank (BNDES).
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Engineered Plastics Market by Segment
The study includes a forecast for the global engineered plastics market by type, end use, and region.
Engineered Plastics Market by Type [Value from 2018 to 2030]:
• Polyamides
• Acrylonitrile Butadiene Styrene (ABS)
• Thermoplastic Polyester
• Polycarbonates
• Fluoropolymers
• Polyacetales
• Polymethyl Methacrylate (PMMA)
• Polyethylene Terephthalate (PET)
• Others
Engineered Plastics Market by End Use [Value from 2018 to 2030]:
• Medical
• Packaging
• Transportation & Automotive
• Consumer Appliances
• Electrical & Electronics
• Industrial & Machinery
• Others
Engineered Plastics Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Engineered Plastics Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies engineered plastics companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the engineered plastics companies profiled in this report include-
• Covestro
• BASF
• Celanese
• Dow
• DSM
• Solvay
• LG Chem
• LyondellBasell
• ElringKlinger
• LANXESS
Recent Development in the Engineered Plastics Market
• Polyplastics has introduced a new line of high-performance engineering plastics with enhanced heat resistance and mechanical properties for the automotive and electronics applications, aiming to capture a larger market share in Asia-Pacific.
• Evonik has launched bio-based polyamide materials, catering to the increasing demand for sustainable engineered plastics in Europe, aligning with EU directives on reducing carbon footprint.
• Solvay has partnered with aerospace manufacturers to develop lightweight composite materials using advanced polymers for aircraft interiors, enhancing fuel efficiency and reducing emissions.
• Formosa Plastics has expanded its production capacity for polyvinyl chloride (PVC) and polyethylene terephthalate (PET) plastics, supporting infrastructure and construction projects across Asia-Pacific.
Features of the Global Engineered Plastics Market
Market Size Estimates: Engineered plastics market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Engineered plastics market size by type, end use, and region in terms of value ($B).
Regional Analysis: Engineered plastics market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, end uses, and regions for the engineered plastics market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the engineered plastics market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for engineered plastics market?
Answer: The global engineered plastics market is expected to grow with a CAGR of 6.5% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the engineered plastics market?
Answer: The major drivers for this market are growing adoption in electronics for improved performance and miniaturization and increasing demand from the automotive and aerospace industries for lightweight and durable materials.
Q3. What are the major segments for engineered plastics market?
Answer: The future of the engineered plastics market looks promising with opportunities in the medical, packaging, transportation & automotive, consumer appliance, electrical & electronic, and industrial & machinery markets.
Q4. Who are the key engineered plastics market companies?
Answer: Some of the key engineered plastics companies are as follows:
• Covestro
• BASF
• Celanese
• Dow
• DSM
• Solvay
• LG Chem
• LyondellBasell
• ElringKlinger
• LANXESS
Q5. Which engineered plastics market segment will be the largest in future?
Answer: Lucintel forecasts that polyethylene terephthalate (PET) will remain the largest segment over the forecast period as it is a widely used engineered plastic known for its exceptional moisture barrier properties and strength.
Q6. In engineered plastics market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the engineered plastics market by type (polyamides, acrylonitrile butadiene styrene (ABS), thermoplastic polyester, polycarbonates, fluoropolymers, polyacetales, polymethyl methacrylate (PMMA), polyethylene terephthalate (PET), and others), end use (medical, packaging, transportation & automotive, consumer appliances, electrical & electronics, industrial & machinery, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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