Engineering plastics market worth $140.9 billion by 2027

CHICAGO, July 13, 2022 /PRNewswire/ — According to the new market research report “Engineering plastics market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymer), End-Use Industry (Automotive & Transportation, Electrical & Electronics, Industrial & Machinery, Packaging) & Region – Global Forecast to 2027″published by MarketsandMarkets™, the global engineering plastics market size is expected to grow from $107.2 billion in 2022 at $140.9 billion by 2027, at a CAGR of 5.6% from 2022 to 2027. With the rapid increase in demand for engineering plastics and their new applications, many players are operating in this market. There are a growing number of global and local players in every country. This increased competition and the level of fragmentation in the engineering plastics market underlines the attractiveness of the market. Investments increase in emerging markets Asia, Africaand Latin America in the form of new research facilities or capacity expansions. In 2020, the engineering plastics market was strongly impacted by the COVID-19 pandemic, with a substantial decline in its CAGR. However, a recovery has been observed with a positive impact on the engineering plastics market due to the demand in the construction sector in 2021.

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Polyamide is the second largest type of engineering plastics

Polyamides (nylon) are semi-crystalline polymers and are widely used in a variety of applications in several industries. Nylon 6 and Nylon 66 are the main polyamides used as engineering plastics. Polyamides have good mechanical properties, strength, toughness, dimensional stability and resistance to high temperatures, chemicals, flames and abrasion. In recent years, the growth of Asia Pacificabove all China in terms of durable goods production has significantly boosted the demand for nylon engineering resin. Nylon engineering resins are widely used in the automotive industry, sportswear, carpets, fabrics, electrical and electronic components, industrial and recreational components, and films for food packaging.

Nylon 6 is increasingly used in applications requiring a combination of high temperature strength and stiffness and low temperature toughness. It is also finding new automotive applications such as air intake manifolds, and its use in the automotive industry, particularly for underhood applications, is expected to grow significantly. Both Nylon 6 and Nylon 66 are used in many different markets and applications due to their high strength, hardness, stiffness, toughness and wear resistance. Other polyamide grades used for engineering plastics applications include nylon-11 and nylon-12. Nylon 11 is a bio-based engineering plastic and Nylon 12 is a synthetic polyamide made from petroleum sources.

The automotive and transportation segment will be the largest end-use industry in the engineering plastics market

Automotive and transportation is the largest end-use industry for engineering plastics. These plastics are widely used in the automotive and transportation industry for applications such as connectors and housing, underhood components, wheel arch, lighting and components (structural housings, headlights and fog lights, reflectors and light sockets). They are used in all types of vehicles, from high-performance track cars to five-door sedans and trucks. Demand from the automotive industry is expected to increase significantly as the industry is currently moving towards reduced vehicle weight and increased fuel efficiency due to government standards and regulations. Engineering plastics are preferred materials in the automotive industry due to their low weight and high performance. Automakers are also eagerly awaiting engineering plastics as an alternative to metals and glass, as these plastics offer them the ideal combination of price and performance.

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Europe is the second largest market for engineering plastics

Europe represented a market share of 26.4%, in value, in 2021. Germany is the leading engineering plastics market in Europe. It has the largest plastic production. In 2021, more than a quarter of Europe engineering plastic production came from Germany. The main driver of engineering plastics is their application in the automotive industry. In Europearound 16.3 million automobiles were produced in 2021, which is expected to increase further in the coming years, especially the production of electric vehicles.

Industrial expansion and technological developments in the region are driving the consumption of engineering plastics for passenger cars. Market growth is also expected to be supported by improving global economy and growing demand for light vehicles. The focus on reducing greenhouse gas emissions is also expected to boost the market for engineering plastics for passenger cars. The automotive industry plays an important role in generating income and creating jobs in the region. According to the Association of European Automobile Manufacturers, the region saw a 22.3% decline in passenger car production between 2019 and 2020 due to the COVID-19 pandemic. However, the demand for engineering plastics for passenger cars is expected to increase with the ongoing developments in the automotive industry and the expansion of the distribution network.

Europe is a growing market for electric vehicles. The main factors driving the demand for electric cars in the region are the growing number of affordable and long-range electric cars, convenient and easy access to charging points, and strict emission standards. Growing demand for electric cars will also drive the automotive engineering plastics market over the forecast period. Some of the major players present in Europe are BASF SE (Germany), Covestro AG (Germany), Solvay SA (Belgium), LANXESS (Germany) and Evonik Industries AG (Germany). These players are focusing on R&D to produce more innovative products to meet the growing demand from OEMs and automakers.

The engineering plastics market includes leading solution providers, BASF SE (Germany), Covestro AG (Germany), Solvay SA (Belgium), Celanese Corporation (USA), The Dow Chemical Company (USA), LG Chem Ltd. (South Korea), SABIC (Saudi Arabia), Evonik Industries SA (Germany), LANXESS AG (Germany) and Mitsubishi Chemical Holdings Corporation (Japan) among others. The study includes an in-depth competitive analysis of these key players in the engineering plastics market, along with their company profiles and key market strategies.

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