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South Korea Engineering Plastics Market Size

The South Korea engineering plastics market is anticipated to experience significant growth, driven by its expanding application in industries such as electrical and electronics, automotive, and packaging. The market's expansion is largely attributed to the increasing demand for lightweight and high-strength materials in consumer electronics, spurred by technological advancements like IoT and 5G connectivity. As a result, the market's scale is expected to rise, reflecting the country's position within the broader Asia-Pacific region.

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Market Size of south korea engineering plastics Industry

South Korea Engineering Plastics Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 4.82 Billion
svg icon Market Size (2029) USD 6.79 Billion
svg icon Largest Share by End User Industry Electrical and Electronics
svg icon CAGR (2024 - 2029) 7.11 %
svg icon Fastest Growing by End User Industry Electrical and Electronics
svg icon Market Concentration High

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

Key Players

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South Korea Engineering Plastics Market Analysis

The South Korea Engineering Plastics Market size is estimated at 4.82 billion USD in 2024, and is expected to reach 6.79 billion USD by 2029, growing at a CAGR of 7.11% during the forecast period (2024-2029).

4.82 Billion

Market Size in 2024 (USD)

6.79 Billion

Market Size in 2029 (USD)

6.07 %

CAGR (2017-2023)

7.11 %

CAGR (2024-2029)

Largest Market by End-user Industry

56.65 %

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

8.26 %

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

33.80 %

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.

Fastest Growing Market by Resin Type

8.31 %

Projected CAGR, Polyether Ether Ketone (PEEK), 2024-2029

PEEK resin is expected to witness the fastest growth due to the rapid adoption of lightweight and high-impact resistance materials in industrial applications to replace traditional metal parts.

Leading Market Player

33.87 %

market share, Lotte Chemical, 2022

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In 2022, with the largest production capacity of around 1.5 million tons per year of polymers in South Korea, the company held the largest share. Lotte Chemical offers major resins, including polycarbonate and styrene copolymers.

Electrical and electronics industry to dominate the market demand

  • South Korea’s engineering plastics market accounted for around 6.8%, by value, of the Asia-Pacific engineering plastics market in 2022. Engineering plastics are used in interior wall panels and doors in aerospace, packaging, and other applications due to their lightweight nature and high-quality strength, low fatigue, and low flammability. The increased use of resins in the electrical and electronics, automotive, and packaging industries is the primary market driver.
  • The electrical and electronics industry is among the market's largest industries, accounting for 4.6% in 2022 compared to the previous year. The demand for consumer electronics is expected to rise in the future due to technological advancements, such as digitalization, robotics, IoT (Internet of Things), and 5G connectivity. The sales of consumer electronics in South Korea are projected to reach USD 17.55 billion in 2027 from USD 16.20 billion in 2023. Electrical and electronic production is projected to reach USD 598 billion in 2029 from USD 400 billion in 2023. Due to the increasing electrical and electronic production, the demand for engineering plastics in the country is projected to grow in the coming years.
  • The electrical and electronics industry is the country's fastest-growing consumer of engineering plastics, with a projected CAGR of 8.58% in revenue during the forecast period. Due to the increasing demand for consumer electronics with the advent of IoT, electronics production is also increasing. Thus, the demand for engineering plastics in the country is projected to increase during the forecast period.
South Korea Engineering Plastics Market

South Korea 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.

  • South Korea’s engineering plastics market accounted for around 6.8%, by value, of the Asia-Pacific engineering plastics market in 2022. Engineering plastics are used in interior wall panels and doors in aerospace, packaging, and other applications due to their lightweight nature and high-quality strength, low fatigue, and low flammability. The increased use of resins in the electrical and electronics, automotive, and packaging industries is the primary market driver.
  • The electrical and electronics industry is among the market's largest industries, accounting for 4.6% in 2022 compared to the previous year. The demand for consumer electronics is expected to rise in the future due to technological advancements, such as digitalization, robotics, IoT (Internet of Things), and 5G connectivity. The sales of consumer electronics in South Korea are projected to reach USD 17.55 billion in 2027 from USD 16.20 billion in 2023. Electrical and electronic production is projected to reach USD 598 billion in 2029 from USD 400 billion in 2023. Due to the increasing electrical and electronic production, the demand for engineering plastics in the country is projected to grow in the coming years.
  • The electrical and electronics industry is the country's fastest-growing consumer of engineering plastics, with a projected CAGR of 8.58% in revenue during the forecast period. Due to the increasing demand for consumer electronics with the advent of IoT, electronics production is also increasing. Thus, the demand for engineering plastics in the country is projected to increase during the forecast period.
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)
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South Korea Engineering Plastics Market Size Summary

The South Korea engineering plastics market is poised for significant growth, driven by its strategic importance in the Asia-Pacific region. Engineering plastics are increasingly utilized in various sectors such as aerospace, packaging, and automotive, owing to their lightweight, high-strength, and low-flammability properties. The market is primarily propelled by the burgeoning demand in the electrical and electronics industry, which is the largest consumer of engineering plastics in the country. This demand is further fueled by advancements in technology, including digitalization, IoT, and 5G connectivity, which are expected to enhance the production and consumption of consumer electronics. The presence of major global players like Samsung Electronics and LG Electronics has also positively influenced the market dynamics, contributing to the robust growth trajectory anticipated over the forecast period.

The market landscape is fairly consolidated, with a few key players dominating the scene, including INEOS, Kumho Petrochemical, LG Chem, Lotte Chemical, and SK Chemicals. These companies are actively innovating and expanding their product offerings to meet the evolving demands of various industries. Recent developments, such as BASF SE's introduction of sustainable POM products and INEOS's extension of its Novodur line, highlight the industry's focus on sustainability and performance. The integration of virtual reality into consumer electronics and the rising trend of gaming and entertainment products are further driving the demand for engineering plastics. As South Korea continues to invest in technologically advanced consumer electronics, the engineering plastics market is expected to experience steady growth, supported by ongoing technological advancements and increasing production capacities.

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South Korea 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)

South Korea Engineering Plastics Market Size FAQs

The South Korea Engineering Plastics Market size is expected to reach USD 4.82 billion in 2024 and grow at a CAGR of 7.11% to reach USD 6.79 billion by 2029.

In 2024, the South Korea Engineering Plastics Market size is expected to reach USD 4.82 billion.

South Korea Engineering Plastics Market Report Snapshots

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