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Asia-pacific Engineering Plastics Market Size

The Asia-Pacific engineering plastics market is experiencing significant growth, driven by its extensive applications across various industries such as packaging, electrical and electronics, and automotive. The market's expansion is particularly notable in China, which is the largest consumer in the region, followed by Japan. The increasing demand for smart electronic devices, electric vehicles, and advanced technologies is propelling the market size, with the electrical and electronics sector showing promising growth prospects. Despite past disruptions in the global supply chain, the market has rebounded and continues to grow steadily, reflecting the region's robust industrial development and urbanization trends.

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Market Size of asia-pacific engineering plastics Industry

Asia-pacific Engineering Plastics Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 68.86 Billion
svg icon Market Size (2029) USD 97.70 Billion
svg icon Largest Share by End User Industry Electrical and Electronics
svg icon CAGR (2024 - 2029) 7.25 %
svg icon Largest Share by Country China
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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APAC Engineering Plastics Market Analysis

The Asia-pacific Engineering Plastics Market size is estimated at 68.86 billion USD in 2024, and is expected to reach 97.70 billion USD by 2029, growing at a CAGR of 7.25% during the forecast period (2024-2029).

68.86 Billion

Market Size in 2024 (USD)

97.70 Billion

Market Size in 2029 (USD)

5.11 %

CAGR (2017-2023)

7.25 %

CAGR (2024-2029)

Largest Market by End-user Industry

42.39 %

value share, Electrical and Electronics, 2023

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The electronics segment occupied the highest market share due to the widespread applications of engineering plastics like ABS/SAN, PC, and PA in advanced and smart electrical devices.

Fastest Growing Market by End-user Industry

8.15 %

Projected CAGR, Electrical and Electronics, 2024-2029

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The electronics industry is expected to witness the fastest growth due to the properties of engineering plastics such as lightweight, higher flexibility, and good fire resistivity.

Largest Market by Resin Type

29.66 %

value share, Styrene Copolymers (ABS and SAN), 2023

Styrene copolymers have wide applications in the automotive, aerospace, and electronics industries, and they accounted for the largest share in 2022.

Largest Market by Country

62.64 %

value share, China, 2023

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China dominated the market due to the high demand for engineering plastics in industries, including packaging, electrical and electronics, and automotive, along with strong economic growth in recent years.

Leading Market Player

6.22 %

market share, CHIMEI, 2022

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In 2022, with the largest production capacity of around 2.9 million tons per year of polymers, such as styrene copolymers, PMMA, and polycarbonate, in the Asia-Pacific region, the company held the largest market share.

Packaging industry to lose its volume share to electrical and electronics industry

  • Engineering plastics are versatile, finding applications in everything from interior wall panels and doors in aerospace to rigid and flexible packaging. The Asia-Pacific engineering plastics market is primarily driven by the packaging, electrical and electronics, and automotive industries. In 2022, packaging and electrical and electronics accounted for approximately 43.80% and 31.32% of the total engineering plastics market volume, respectively.
  • In 2020, the combined consumption revenue across all industries fell by 6.02% compared to the previous year due to disruptions in the global supply chain. However, the market recovered in 2021 and continued to grow steadily, increasing by 7.18% in 2022.
  • The packaging industry is the largest end-user industry in the region in terms of volume share. However, according to revenue data, the electrical and electronics industry holds the largest share in the region due to the relatively low price of PET, among other engineering plastics, which are widely used in packaging applications. Significant changes in urbanization and family demographics have increased the demand for functional, prepackaged, and convenient food products. For instance, Asia-Pacific plastic packaging production reached a volume of 68 million tons in 2022, accounting for 51% of the global total.
  • The electrical and electronic industry is the most promising market, with an expected CAGR of 8.21% by revenue during the forecast period (2023-2029). Electronics component production revenue in the region is projected to reach USD 6.74 trillion by 2029, driven by the increasing demand for smart electronic devices, the growing demand for electric vehicles, autonomous robots, and advanced defense technologies.
Asia-pacific Engineering Plastics Market

China and Japan to remain as largest demand generators

  • Asia-Pacific accounted for 56.7% by volume of the consumption of engineering plastics globally in 2022. Engineering plastics exhibit versatile properties due to which they find applications in various industries, such as automotive, packaging, and electrical and electronics.
  • China is the largest consumer of engineering plastics in the region owing to its growing electrical and electronics, packaging, automotive, and other industries. In 2022, the Chinese electrical and electronics industry held a revenue share of 29.26% compared to the overall Asia-Pacific region. In China, the revenue from electrical and electronic component production accounted for USD 2.92 billion in 2022.
  • Japan is the second-largest consumer of engineering plastics in the region. The country registered a revenue share of 8.29% in 2022 due to its rapidly growing construction and electrical and electronics industries. In 2022, the new construction floor area of the Japanese building and construction industry increased at a rate of 7.47% and 4.11% in 2021 and 2022 by revenue, respectively. The rising electrical and electronics component production is projected to drive the demand for engineering plastics in the country in the future.
  • China is expected to witness the fastest growth in the Asia-Pacific engineering plastics market, with a CAGR of 7.50% in terms of value during the forecast period, owing to the rapid growth of industries like automotive and electronics. From 2022 onward, China lifted the restrictions on foreign investment in passenger car manufacturing, allowing for maximum investment in joint ventures between the Chinese government and automotive engineering companies to reach a 50:50 ratio. This change presents an opportunity for growth in the Chinese automotive industry through increased investment.

Asia-pacific Engineering Plastics Industry Segmentation APAC Engineering Plastics Industry Segmentation

Aerospace, Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Fluoropolymer, Liquid Crystal Polymer (LCP), Polyamide (PA), Polybutylene Terephthalate (PBT), Polycarbonate (PC), Polyether Ether Ketone (PEEK), Polyethylene Terephthalate (PET), Polyimide (PI), Polymethyl Methacrylate (PMMA), Polyoxymethylene (POM), Styrene Copolymers (ABS and SAN) are covered as segments by Resin Type. Australia, China, India, Japan, Malaysia, South Korea are covered as segments by Country.

  • Engineering plastics are versatile, finding applications in everything from interior wall panels and doors in aerospace to rigid and flexible packaging. The Asia-Pacific engineering plastics market is primarily driven by the packaging, electrical and electronics, and automotive industries. In 2022, packaging and electrical and electronics accounted for approximately 43.80% and 31.32% of the total engineering plastics market volume, respectively.
  • In 2020, the combined consumption revenue across all industries fell by 6.02% compared to the previous year due to disruptions in the global supply chain. However, the market recovered in 2021 and continued to grow steadily, increasing by 7.18% in 2022.
  • The packaging industry is the largest end-user industry in the region in terms of volume share. However, according to revenue data, the electrical and electronics industry holds the largest share in the region due to the relatively low price of PET, among other engineering plastics, which are widely used in packaging applications. Significant changes in urbanization and family demographics have increased the demand for functional, prepackaged, and convenient food products. For instance, Asia-Pacific plastic packaging production reached a volume of 68 million tons in 2022, accounting for 51% of the global total.
  • The electrical and electronic industry is the most promising market, with an expected CAGR of 8.21% by revenue during the forecast period (2023-2029). Electronics component production revenue in the region is projected to reach USD 6.74 trillion by 2029, driven by the increasing demand for smart electronic devices, the growing demand for electric vehicles, autonomous robots, and advanced defense technologies.
End User Industry
Aerospace
Automotive
Building and Construction
Electrical and Electronics
Industrial and Machinery
Packaging
Other End-user Industries
Resin Type
Fluoropolymer
By Sub Resin Type
Ethylenetetrafluoroethylene (ETFE)
Fluorinated Ethylene-propylene (FEP)
Polytetrafluoroethylene (PTFE)
Polyvinylfluoride (PVF)
Polyvinylidene Fluoride (PVDF)
Other Sub Resin Types
Liquid Crystal Polymer (LCP)
Polyamide (PA)
By Sub Resin Type
Aramid
Polyamide (PA) 6
Polyamide (PA) 66
Polyphthalamide
Polybutylene Terephthalate (PBT)
Polycarbonate (PC)
Polyether Ether Ketone (PEEK)
Polyethylene Terephthalate (PET)
Polyimide (PI)
Polymethyl Methacrylate (PMMA)
Polyoxymethylene (POM)
Styrene Copolymers (ABS and SAN)
Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
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Asia-pacific Engineering Plastics Market Size Summary

The Asia-Pacific engineering plastics market is experiencing significant growth, driven by its versatile applications across various industries such as packaging, electrical and electronics, and automotive. Engineering plastics are increasingly used in products ranging from aerospace components to packaging materials, highlighting their adaptability and demand. The packaging industry stands as the largest end-user in terms of volume, while the electrical and electronics sector leads in revenue due to the cost-effectiveness of materials like PET. The market's recovery from previous disruptions has been robust, with steady growth observed in recent years, and the region's consumption of engineering plastics represents a substantial portion of global demand.

China and Japan are key players in the region, with China leading in consumption due to its expanding industries. The Chinese market is poised for rapid growth, supported by policy changes encouraging foreign investment in automotive manufacturing. The ASEAN region also plays a crucial role, particularly in electronics production, with countries like Thailand and Malaysia contributing significantly to the sector. The market is characterized by fragmentation, with major companies like CHIMEI and LG Chem holding notable shares. Recent innovations and sustainability initiatives, such as Covestro's recycling plans, further underscore the dynamic nature of the market, catering to the evolving needs of industries like healthcare and consumer goods.

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Asia-pacific Engineering Plastics Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Aerospace

      2. 1.1.2 Automotive

      3. 1.1.3 Building and Construction

      4. 1.1.4 Electrical and Electronics

      5. 1.1.5 Industrial and Machinery

      6. 1.1.6 Packaging

      7. 1.1.7 Other End-user Industries

    2. 1.2 Resin Type

      1. 1.2.1 Fluoropolymer

        1. 1.2.1.1 By Sub Resin Type

          1. 1.2.1.1.1 Ethylenetetrafluoroethylene (ETFE)

          2. 1.2.1.1.2 Fluorinated Ethylene-propylene (FEP)

          3. 1.2.1.1.3 Polytetrafluoroethylene (PTFE)

          4. 1.2.1.1.4 Polyvinylfluoride (PVF)

          5. 1.2.1.1.5 Polyvinylidene Fluoride (PVDF)

          6. 1.2.1.1.6 Other Sub Resin Types

      2. 1.2.2 Liquid Crystal Polymer (LCP)

      3. 1.2.3 Polyamide (PA)

        1. 1.2.3.1 By Sub Resin Type

          1. 1.2.3.1.1 Aramid

          2. 1.2.3.1.2 Polyamide (PA) 6

          3. 1.2.3.1.3 Polyamide (PA) 66

          4. 1.2.3.1.4 Polyphthalamide

      4. 1.2.4 Polybutylene Terephthalate (PBT)

      5. 1.2.5 Polycarbonate (PC)

      6. 1.2.6 Polyether Ether Ketone (PEEK)

      7. 1.2.7 Polyethylene Terephthalate (PET)

      8. 1.2.8 Polyimide (PI)

      9. 1.2.9 Polymethyl Methacrylate (PMMA)

      10. 1.2.10 Polyoxymethylene (POM)

      11. 1.2.11 Styrene Copolymers (ABS and SAN)

    3. 1.3 Country

      1. 1.3.1 Australia

      2. 1.3.2 China

      3. 1.3.3 India

      4. 1.3.4 Japan

      5. 1.3.5 Malaysia

      6. 1.3.6 South Korea

      7. 1.3.7 Rest of Asia-Pacific

Asia-pacific Engineering Plastics Market Size FAQs

The Asia-pacific Engineering Plastics Market size is expected to reach USD 68.86 billion in 2024 and grow at a CAGR of 7.25% to reach USD 97.70 billion by 2029.

In 2024, the Asia-pacific Engineering Plastics Market size is expected to reach USD 68.86 billion.

APAC Engineering Plastics Market Report Snapshots

Asia-Pacific Engineering Plastics Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029