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Engineering Plastics Market Size

The engineering plastics market is projected to experience significant growth, driven by its expanding applications across various industries such as packaging, electrical and electronics, and automotive. The market's expansion is largely attributed to the increasing demand for lightweight, durable materials in sectors like aerospace and the rising need for packaging solutions due to urbanization and changing consumer preferences. The Asia-Pacific region leads in market share, fueled by the packaging and electronics industries, while Africa shows the fastest growth, particularly in building and construction. Overall, the market is set to grow steadily, with advancements in materials and manufacturing processes acting as key growth drivers.

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Market Size of engineering plastics Industry

Engineering Plastics Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 122.81 Billion
svg icon Market Size (2029) USD 171.45 Billion
svg icon Largest Share by End User Industry Electrical and Electronics
svg icon CAGR (2024 - 2029) 6.90 %
svg icon Largest Share by Region Asia-Pacific
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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Engineering Plastics Market Analysis

The Engineering Plastics Market size is estimated at 122.81 billion USD in 2024, and is expected to reach 171.45 billion USD by 2029, growing at a CAGR of 6.90% during the forecast period (2024-2029).

122.81 Billion

Market Size in 2024 (USD)

171.45 Billion

Market Size in 2029 (USD)

4.65 %

CAGR (2017-2023)

6.90 %

CAGR (2024-2029)

Largest Market by End-user Industry

31.14 %

value share, Electrical and Electronics, 2023

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The segment occupied the major market share due to the widespread applications of engineering plastics, mostly styrene copolymers, PC, and PA in advanced and smart electrical devices.

Fastest Growing Market by End-user Industry

8.03 %

Projected CAGR, Electrical and Electronics, 2024-2029

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

Largest Market by Resin Type

23.28 %

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

Styrene copolymers have wide applications in major industries, including automotive, aerospace, and electronics, and they accounted for the largest share in 2022. The high usage of blended ABS resins in industrial applications expanded the segment.

Largest Market by Region

55.80 %

value share, Asia-Pacific, 2023

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Asia-Pacific dominates the market due to the rapid growth of industries, including packaging, electrical and electronics, and automotive, along with strong economic growth in leading countries such as India and China.

Leading Market Player

6.18 %

market share, Indorama Ventures Public Company Limited, 2022

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In 2022, the company held the largest share due to its production capacity of around 4.4 million tons per year of PET resin. Indorama offers various grades for applications in bottles, sheets, and films.

Packaging to dominate the volume share in the market

  • Engineering plastics have applications ranging from interior wall panels and doors in the aerospace industry to rigid and flexible packaging. The packaging, electrical and electronics, and automotive industries drive the growth of the global engineering plastics market. Packaging and electrical and electronics accounted for around 24.07% and 30.93%, respectively, of the overall engineering plastics market revenue in 2022.
  • As a result of factors such as urbanization and changing family demographics, the packaging industry is the world's largest end-user industry in terms of volume, in line with the growing demand for functional, prepackaged, and convenient food products. Global plastic packaging production witnessed a volume of 134 million tons in 2022, 4.17% higher compared to 2021. The demand for engineering plastics globally increased owing to the increasing consumer demand for packaged food and beverages.
  • The electrical and electronics industry is the second-largest and fastest-growing end-user industry globally. The industry generated a revenue of USD 32.6 billion in 2022 in the engineering plastics market. In the United States, the growing demand for electrical and electronics products and the entry of electric vehicles, autonomous robots, and top-secret defense technologies in the market are expected to increase the demand for electrical and electronics products at a CAGR of 8.09% during the forecast period (2023-2029).
  • The aerospace industry is the second fastest-growing industry by revenue, with a CAGR of 7.71%. The application of engineering plastics is growing due to the need for lightweight composite materials with properties like impact and chemical resistance.
Global Engineering Plastics Market

Africa emerging as a greater market owing to government initiatives

  • Engineering plastics find applications in various industries, such as automotive, packaging, and electrical and electronics. Engineering plastics at the global level had a revenue of USD 105 billion in 2022.
  • Engineering plastic consumption in Asia-Pacific witnessed a growth of 7.18%, by value, in 2022 compared to 2021 and had the largest share of 55.62%. This was attributed to the packaging and electrical and electronics industries, which held 18.52% and 42.25% of the market shares, respectively, by value. With the rising demand for ready-to-eat convenience food, the consumption of packaging materials has increased, bolstering the sales of engineering plastics in the region. The surge in demand for electronic devices is a consequence of companies adopting work-from-home models and people setting up home offices.
  • Africa is the fastest-growing region for the consumption of engineering plastics, and it witnessed a growth of 7.39% in terms of value in 2022 compared to 2021, led by the building and construction industry, which is expected to record a CAGR of 6.56%, by volume, during the forecast period. South Africa is expected to have around 88.17 million sq. ft of new floor area in 2023, and it is forecast to reach 101.69 million sq. ft by 2029, thereby increasing the demand for engineering plastics in the country during the forecast period.
  • The market is expected to record a CAGR of 6.96% during the forecast period (2023-2029), with the electrical and electronics industry reporting the highest CAGR of 8.09% by value. Using advanced materials, organic electronics, and plastic composites may enable smart manufacturing practices and work as growth drivers for the industry.

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. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

  • Engineering plastics have applications ranging from interior wall panels and doors in the aerospace industry to rigid and flexible packaging. The packaging, electrical and electronics, and automotive industries drive the growth of the global engineering plastics market. Packaging and electrical and electronics accounted for around 24.07% and 30.93%, respectively, of the overall engineering plastics market revenue in 2022.
  • As a result of factors such as urbanization and changing family demographics, the packaging industry is the world's largest end-user industry in terms of volume, in line with the growing demand for functional, prepackaged, and convenient food products. Global plastic packaging production witnessed a volume of 134 million tons in 2022, 4.17% higher compared to 2021. The demand for engineering plastics globally increased owing to the increasing consumer demand for packaged food and beverages.
  • The electrical and electronics industry is the second-largest and fastest-growing end-user industry globally. The industry generated a revenue of USD 32.6 billion in 2022 in the engineering plastics market. In the United States, the growing demand for electrical and electronics products and the entry of electric vehicles, autonomous robots, and top-secret defense technologies in the market are expected to increase the demand for electrical and electronics products at a CAGR of 8.09% during the forecast period (2023-2029).
  • The aerospace industry is the second fastest-growing industry by revenue, with a CAGR of 7.71%. The application of engineering plastics is growing due to the need for lightweight composite materials with properties like impact and chemical resistance.
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)
Region
Africa
By Country
Nigeria
South Africa
Rest of Africa
Asia-Pacific
By Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
Europe
By Country
France
Germany
Italy
Russia
United Kingdom
Rest of Europe
Middle East
By Country
Saudi Arabia
United Arab Emirates
Rest of Middle East
North America
By Country
Canada
Mexico
United States
South America
By Country
Argentina
Brazil
Rest of South America
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Engineering Plastics Market Size Summary

The engineering plastics market is poised for significant growth, driven by its diverse applications across various industries such as packaging, electrical and electronics, and automotive. These materials are increasingly utilized in sectors like aerospace for their lightweight and durable properties, which are essential for modern manufacturing demands. The packaging industry, in particular, stands out as the largest end-user, fueled by urbanization and the rising demand for convenient food products. The electrical and electronics sector is also experiencing rapid expansion, with advancements in technology and the proliferation of smart devices contributing to the increased consumption of engineering plastics. This market is characterized by its fragmented nature, with major players like Alfa S.A.B. de C.V., CHIMEI, and SABIC leading the charge in innovation and market share.

Regionally, Asia-Pacific dominates the engineering plastics market, benefiting from robust industrialization and a surge in demand for electronic devices and packaging materials. The region's growth is supported by the burgeoning consumer electronics market and the shift towards digitalization and smart manufacturing practices. Africa is emerging as the fastest-growing region, driven by the building and construction industry, which is expected to see substantial growth in the coming years. The market's expansion is further bolstered by technological advancements and the increasing adoption of advanced materials in various applications, ensuring a promising outlook for engineering plastics globally.

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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 Region

      1. 1.3.1 Africa

        1. 1.3.1.1 By Country

          1. 1.3.1.1.1 Nigeria

          2. 1.3.1.1.2 South Africa

          3. 1.3.1.1.3 Rest of Africa

      2. 1.3.2 Asia-Pacific

        1. 1.3.2.1 By Country

          1. 1.3.2.1.1 Australia

          2. 1.3.2.1.2 China

          3. 1.3.2.1.3 India

          4. 1.3.2.1.4 Japan

          5. 1.3.2.1.5 Malaysia

          6. 1.3.2.1.6 South Korea

          7. 1.3.2.1.7 Rest of Asia-Pacific

      3. 1.3.3 Europe

        1. 1.3.3.1 By Country

          1. 1.3.3.1.1 France

          2. 1.3.3.1.2 Germany

          3. 1.3.3.1.3 Italy

          4. 1.3.3.1.4 Russia

          5. 1.3.3.1.5 United Kingdom

          6. 1.3.3.1.6 Rest of Europe

      4. 1.3.4 Middle East

        1. 1.3.4.1 By Country

          1. 1.3.4.1.1 Saudi Arabia

          2. 1.3.4.1.2 United Arab Emirates

          3. 1.3.4.1.3 Rest of Middle East

      5. 1.3.5 North America

        1. 1.3.5.1 By Country

          1. 1.3.5.1.1 Canada

          2. 1.3.5.1.2 Mexico

          3. 1.3.5.1.3 United States

      6. 1.3.6 South America

        1. 1.3.6.1 By Country

          1. 1.3.6.1.1 Argentina

          2. 1.3.6.1.2 Brazil

          3. 1.3.6.1.3 Rest of South America

Engineering Plastics Market Size FAQs

The Global Engineering Plastics Market size is expected to reach USD 122.81 billion in 2024 and grow at a CAGR of 6.90% to reach USD 171.45 billion by 2029.

In 2024, the Global Engineering Plastics Market size is expected to reach USD 122.81 billion.

Engineering Plastic Market Report Snapshots

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