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 & Transport, Electrical & Electronics, Industrial & Machinery, Packaging) and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global Engineering Plastics Market size is projected to grow from USD 107.2 billion in 2022 to USD 140.9 billion by 2027, at a CAGR of 5.6% from 2022 to 2027. With the rapidly increasing demand for engineering plastics and their new applications, there are many players operating in this market. There is an increasing number of global and local players in every country. This increase in competition and the level of market fragmentation for engineering plastics highlights the attractiveness of the market. Investments are growing in the emerging markets of Asia, Africa, and Latin America in the form of new research facilities or capacity expansions. In 2020, the engineering plastics market was significantly impacted by the COVID-19 pandemic, with a substantial decline in its CAGR. However, recovery was witnessed with a positive impact on the engineering plastics market because of 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 major polyamides used as engineering plastics. Polyamides possess good mechanical capability, strength, toughness, dimensional stability, and high temperature, chemical, flame, and abrasion resistance. In the past years, the growth of Asia Pacific, especially China in terms of durable goods production has boosted the demand for nylon engineering resin significantly. Nylon engineering resins are widely used in the automotive industry, sportswear, carpeting, fabric, electrical & electronics, industrial and recreational components, and films for food packaging.
Nylon 6 is increasingly used in applications requiring a combination of strength and stiffness at high temperatures and toughness at low temperatures. It is also finding new applications in automotive such as air intake manifolds, and its use in the automotive industry, especially for under-the-hood applications, is expected to grow significantly. Both Nylon 6 and Nylon 66 are used in many different markets and applications due to their high mechanical strength, hardness, rigidity, tenacity, 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 manufactured using petroleum sources.
Automotive & transportation segment to be the largest end-use industry in engineering plastics market
Automotive & transportation is the largest end-use industry of engineering plastics. These plastics are extensively used in the automotive & transportation industry for applications such as connectors & housing, under-the-hood components, wheel well, and lighting & components (structural housings, headlamps & fog lamps, and reflectors & lighting sockets). They are used in all types of vehicles, from high-performance track cars to five-door sedans and trucks. The demand from the automotive industry is expected to increase substantially as the industry is currently moving toward vehicle weight reduction and increased fuel efficiency driven by government norms and regulations. Engineering plastics are the preferred materials for the automotive industry due to their low weight and high performance. Automobile manufacturers are also looking forward to engineering plastics as an alternative to metals and glass as these plastics provide them with the ideal combination of price and performance.
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Europe is the second-largest market for engineering plastics
Europe accounted for a market share of 26.4%, in terms of value, in 2021. Germany is the major market for engineering plastics in Europe. It has the largest plastic production. In 2021, more than a quarter of Europe’s engineering plastic production was from Germany. The prime driver for engineering plastics is its application in the automotive industry. In Europe, approximately 16.3 million automobiles were produced in 2021, which is expected to further increase in the coming years, especially EV production.
Industrial expansion and technological developments in the region are driving the consumption of engineering plastics for passenger cars. The growth of the market is also expected to be supported by the improving global economy and rising demand for lightweight vehicles. Focus on reducing greenhouse gas emissions is also expected to drive the engineering plastics market for passenger cars. The automotive industry plays an important role in generating revenue and providing employment in the region. According to the European Automobile Manufacturers Association, the region witnessed a decline of 22.3% 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 widening distribution network.
Europe is a growing market for electric vehicles. The major factors driving the demand for electric cars in the region are the increasing number of affordable and long-range electric cars to choose from, convenient and easy access to charging locations, and stringent emission standards. The growing demand for electric cars will also drive the engineering plastics market for cars during the forecast period. Some of the key players present in Europe are BASF SE (Germany), Covestro AG (Germany), Solvay S.A. (Belgium), LANXESS (Germany), and Evonik Industries AG (Germany). These players focus on R&D to produce more innovative products to meet the rising demand from component and car manufacturers.
The engineering plastics market comprises major solution providers, BASF SE (Germany), Covestro AG (Germany), Solvay S.A. (Belgium), Celanese Corporation (US), The Dow Chemical Company (US), LG Chem Ltd. (South Korea), SABIC (Saudi Arabia), Evonik Industries AG (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, with their company profiles, and key market strategies.
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