Engineering Plastics Market By Product Type (Ultra High Molecular Weight Polyethylene, Acrylonitrile Butadiene Styrene, Fluoropolymers, Polybutylene Terephthalate, Polymethyl Methacrylate, Polyethylene Terephthalate, Polyamide, Polycarbonate, Polyoxymethylene, Liquid Crystal Polymers, Polyimides, Polyether Ether Ketone, Polyphenylene Oxide, and Others), By Application (Automotive and Transportation, Construction, Consumer Goods, Electrical and Electronics, Industrial and Machinery, Packaging, and Medical ), and By Region - Trends, Analysis and Forecast till 2030

Engineering Plastics Market accounted for USD 89.95 Billion in 2020 and is estimated to be USD 161.93 Billion by 2030 and is anticipated to register a CAGR of 6.1%.

Engineering plastics is group of the plastics having better mechanical as well as thermal properties over the traditional plastic materials. Engineering plastics are thermoplastics with the excellent specified properties and are available in the various forms. For instance, motorcycle helmets are primarily manufactured by using polycarbonates engineering plastic owing to its properties of highly resistant to impact and thud. Increasing use of the engineering plastics by industries in order to replace conventional materials such as metals, glass, and alloys by it across the globe is major factors expected to drive growth of the engineering plastics market, in the near future. However, stringent environment regulation associated with CO2 emissions, coupled with changing crude oil prices are major factors expected to hamper growth of the engineering plastics market over the forecast period.

Revolutionizing automotive sector

The rapidly revolutionizing automotive sector with a growing trend for lightweight vehicles, and efforts to match up with the 'light-weighting' trend is the factor boosting the demand for engineering plastics in several automotive parts. Additionally, rising demand for connected vehicles and growing awareness to reduce the vehicular emissions are driving the target market growth various end-use industry.

Rise in acceptance and demand from construction

Additionally the rising acceptance and demand from construction for engendering plastic owing to its versatility, strength-to-weight ratio, durability, corrosion resistance, and so on. Also, they have a wide range of end-use industry in the construction industry such as into pipes, cables, coverings, panels, films, sheets and so on, such factor propel the growth for the target market. However, the high competition from other polymers and material such factor hamper market growth. Furthermore, the rising demand for engineering plastic and research and development aim to identify new end-use industry in emerging provide an excellent opportunity for the engineering plastics market.

Engineering Plastics market is segmented based on By Type, by End-use Industry, and region.

By Type, the Engineering Plastics market is classified into Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymers. By End-use industry, the Engineering Plastics market is classified automotive & transport, electrical & electronics, industrial & machinery, packaging, consumer appliances. Automotive & transportation is expected to dominate the market segment Owing to increased awareness for reducing vehicle weight and improving fuel efficiency. Numerous End-use industry in this end-user sector such factor drives the growth for the target market segment.

Regional Insights:

For detailed understanding of market dynamics, the Engineering Plastics Market is analyzed across key regions viz North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the global market. By region, Asia Pacific is expected to show the highest CAGR over the forecast period.  Due to the increasing demand from countries such as China, Japan, and India. Due to the growth in the automotive and electrical & electronics industries. For instance, according to IBEF org India Is the fourth-largest auto market in 2018 with sales growing 8.3 per cent year-on-year to 3.99 million units. Additionally, India was the seventh-largest manufacturer of commercial vehicles in 2018. Additionally the growing demand from other industry such as semiconductor manufacturing, and consumer appliances which boost the growth for the target market in the region.  The markets in North America and Europe are expected to register high growth rate, owing to the presence of key players in the countries of the region such as E. I. du Pont de Nemours and Company, BASF SE, and Evonik Industries AG, coupled with their initiatives in order to expand business to gain high revenue in the region, over the forecast period.

Detailed Segmentation:

Engineering Plastics Market, By Type:

• Polycarbonate
• Polyamide
• ABS
• PET & PBT
• POM
• Fluoropolymers

Engineering Plastics Market, By End-use industry:

• Automotive & Transport
• Electrical & Electronics
• Industrial & Machinery
• Packaging
• Consumer Appliances

Engineering Plastics Market, By Region:

• North America
  • Middle East & Africa
    • Middle East & Africa Engineering Plastics  Market, By Type
    • Middle East & Africa Engineering Plastics  Market, By End-use industry
    • Middle East & Africa Engineering Plastics  Market, By Country
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • Latin America Engineering Plastics  Market, By Type
    • Latin America Engineering Plastics  Market, By End-use industry
    • Latin America Engineering Plastics  Market, By Country
      • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • Asia Pacific Engineering Plastics  Market, By Type
    • Asia Pacific Engineering Plastics  Market, By End-use industry
    • Asia Pacific Engineering Plastics  Market, By Country
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • Europe Engineering Plastics  Market, By Type
    • Europe Engineering Plastics  Market, By End-use industry
    • Europe Engineering Plastics  Market, By Country
      • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • North America Engineering Plastics  Market, By Type
  • North America Engineering Plastics  Market, By End-use industry
  • North America Engineering Plastics  Market, By Country
    • U.S.
    • Canada

Some of the prominent players operating in the Engineering Plastics Market include The key players operating the engineering plastics market includes A. Schulman Inc., AdvanSix Inc., Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Chi Mei Corporation, Covestro AG, Daicel Corporation, and DuPont de Nemours, Inc. The key players in the market are focusing on merger and acquisition strategy. For example, In August 2018 LyondellBasell (one of the major plastics, chemicals and refining companies in the world) Completes Acquisition of A. Schulman, Inc. (a leading global supplier of high-performance plastic compounds, composites and powders.)E. I. du Pont de Nemours and Company, BASF SE, Solvay S.A., Saudi Basic Industries Corporation, Mitsubishi Engineering-Plastics Corporation, Covestro AG, Lanxess AG, Evonik Industries AG, Celanese Corporation, and others.

• ABB Limited
• A. Schulman Inc.
•  AdvanSix Inc.
•  Arkema Group
• Asahi Kasei Corporation
• BASF SE
• Celanese Corporation
• Chi Mei Corporation
• Covestro AG
• Daicel Corporation
• DuPont de Nemours, Inc