Engineering Plastics Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Engineering plastics are high-performance synthetic resins with high durability and heat resistance that have better mechanical and thermal properties. These resins are a class of plastic polymers that offer superior qualities over the more popular commodity plastics. The engineering plastics have the ability to withstand adverse mechanical and environmental conditions.

Sizing and Forecast
The engineering plastics market size has grown strongly in recent years. It will grow from <b>$103.88 billion in 2023 to $113.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. </b> The growth in the historic period can be attributed to substitution for traditional materials, electrical and electronics boom, increased focus on sustainability, expansion in construction, medical device growth.

The engineering plastics market size is expected to see strong growth in the next few years. It will grow to <b>$161.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. </b> The growth in the forecast period can be attributed to 3d printing and additive manufacturing, infrastructure modernization, aerospace applications, evolving consumer electronics sector, circular economy initiatives. Major trends in the forecast period include high-performance thermoplastics, miniaturization in electronics, smart and functional materials, customization and tailored solutions, health and safety compliance.

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Segmentation & Regional Insights
The engineering plastics market covered in this report is segmented –

1) By Type: Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, Other Types
2) By Performance Parameter: High Performance, Low Performance
3) By End-Use Industry: Automotive And Transportation, Consumer Appliances, Electrical And Electronics, Industrial And Machinery, Packaging, Other End-Use Industries

<b>Asia-Pacific was</b> the largest region in the engineering plastics market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the engineering plastics market during the forecast period. The regions covered in the engineering plastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
The growth in the electronics and electrical industries is expected to propel the growth of the engineering plastics market going forward. The electronics industry produces consumer electronics, electrical equipment, and electrical components for a variety of products. Engineering plastics are used in the manufacturing of various electronic goods such as computers, communication equipment, switchgear, storage batteries, and switchboards. For instance, according to the Ministry of Electronics and Information Technology, an India-based government agency, the electronics manufacturing industry is expected to grow from USD 75 billion in 2022 to USD 300 billion by 2026. Therefore, the growth in the electronics and electrical industries is driving the demand for the engineering plastics market.

Key Industry Players
Major companies operating in the engineering plastics market include <b> Covestro AG, DuPont de Nemours Inc., LG Chem Ltd., Evonik Industries AG, Mitsubishi Chemical Engineering Corporation, BASF SE, Celanese Corporation, Solvay S.A., Dow Chemical Company, Saudi Basic Industries Corporation, LANXESS AG, Bayer AG, Asahi Kasei Corporation, DSM Engineering Plastics, Polyplastics Co. Ltd., Teijin Limited, Toray Industries Inc., Arkema S.A., Chi Mei Corporation, Daicel Corporation, Eastman Chemical Company, EMS-Chemie Holding AG, Formosa Plastics Corporation, Huntsman Corporation, INEOS Styrolution Group GmbH, JSR Corporation, KOLON Industries Inc., Kuraray Co. Ltd., Mitsui Chemicals Inc, Nilit Ltd., Radici Group, RTP Company, Sumitomo Chemical Co. Ltd., Techno Polymer Co. Ltd., Tosoh Corporation, Ube Industries Ltd., Victrex plc, Zhejiang NHU Special Materials Co. Ltd. </b>

The engineering plastics market report table of contents includes:

1. Executive Summary

2. Engineering Plastics Market Characteristics

3. Engineering Plastics Market Trends And Strategies

4. Engineering Plastics Market – Macro Economic Scenario

5. Global Engineering Plastics Market Size and Growth
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31. Global Engineering Plastics Market Competitive Benchmarking

32. Global Engineering Plastics Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Engineering Plastics Market

34. Engineering Plastics Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Covestro AG

DuPont de Nemours Inc

LG Chem Ltd

Mitsubishi Chemical Engineering Corporation

BASF SE

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