Global Engineering Plastics Market is estimated to be valued at US$ 115.0 Billion in 2021, according to the Global Engineering Plastics Market Report, by Product Type (Polyamides (PA), Polycarbonates (PC), Acrylonitrile butadiene styrene (ABS) and Styrene Acrylonitrile (SAN), Polyoxymethylene (POM), Polybutylene terephthalate (PBT), Fluoropolymers, Polymethyl methacrylate (PMMA), High-performance engineering plastics (include LCP, PEEK, PEI, PPO, PES, PSU), Others (includes UHMWPE/UHMW, TPI alloys, and blends, etc.)), by Application (Automotive and Transportation (Interiors and Safety, Engine and Mechanical, Exteriors and Structural, Others (include fuel systems, electrical and electronics)), Electrical and Electronics (Consumer Appliances, Others (include lighting, optical media, wire and cable, electronic components), Electronic Products), Construction (Glazing and Sky Lighting, Pipes and Fittings, Others (Wall outlets, building bricks)), Medical (Diagnostic and Drug Delivery Systems, Medical Devices, Others (include surgical instruments, orthopedic implant, and orthopedics)), Industrial and Machinery, Packaging, Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa), published by Coherent Market Insights.
Global engineering plastics market was valued at US$ 115.0 Billion in 2021. Engineering plastics market is expected to register a CAGR of 6.6% over the forecast period (2022–2030). Engineering Plastics are a group of plastic materials which have excellent thermal properties and are easy to produce. They are widely used in various applications such as automotive and transportation, electrical and electronics, construction, medical, packaging and others.
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https://www.coherentmarketinsights.com/market-insight/engineering-plastics-market-2162
Browse 50 market data tables* and 40 figures* on "Global Engineering Plastics Market” - Forecast to 2030.
Key Trends and Analysis of the Global Engineering Plastics Market:
- On the basis of Application, electrical and electronics segment dominated the global Engineering Plastics market in 2021, accounting for 35.5% share in terms of value, followed by automotive and transportation and construction respectively. These plastics are integral part of consumer electronics such as television, refrigerators, batteries and others, thereby the increase in sales of these appliances, is expected to boost the market growth.
Key Takeaways of the Global Engineering Plastics Market:
- Among region, Asia Pacific dominated the global engineering plastics market in 2021, accounting for 28.8% share, in terms of value, followed by Europe and North America.
- Asia Pacific is expected to witness significant market share during the forecast period in the global engineering plastics market, owing to increasing growth of end-use industries. These include electronics, automotive, construction, packaging and others. According to the India Brand Equity Foundation, domestic electronics production in India increased from US$ 29 billion in 2014-15 to US$ 67 billion in 2020-21.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the engineering plastics plants are key strategies adopted by players in the global engineering plastics market. For instance, in March 2022, BASF announced to increase production capacity for plastic additives in Italy and Germany and enhance security of supply to global customers.
