The latest report by IMARC Group, titled “Engineering Plastics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the engineering plastics market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global engineering plastics market size reached US$ 121.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 218.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.6% during 2024-2032.
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Engineering Plastics Market Trends:
The increasing demand in the automotive industry due to their lightweight and high-performance properties is driving the global market. The electronics and electrical sectors significantly contribute to market growth as engineering plastics provide excellent insulation and heat resistance. The packaging industry's shift towards sustainable and durable materials also fuels demand. Moreover, the construction industry's adoption of engineering plastics for their durability and corrosion resistance further propels the market growth. The medical sector's requirement for high-strength, biocompatible plastics stimulates the market as well.
Additionally, continual advancements in polymer technology and increasing research and development activities enhance product applications. Furthermore, the trend towards miniaturization in various industries propels the demand for engineering plastics. Besides, stringent environmental regulations drive the shift from conventional materials to engineering plastics due to their recyclability and lower environmental impact.
Engineering Plastics Market Scope and Growth Analysis:
The market scope is expanding due to a wide range of applications across various industries, including automotive, aerospace, electronics, construction, and medical. The market is poised for significant growth due to the increasing adoption of advanced plastics in manufacturing and production processes. Additionally, the aerospace industry's continuous innovations in lightweight materials for improved fuel efficiency and performance expand the market's potential. The electronics industry's demand for high-performance, heat-resistant plastics for components such as connectors and housings further enhance the market's scope.
In the medical field, the increasing use of engineering plastics in devices and equipment due to their biocompatibility and ease of sterilization supports market scope. The construction industry's preference for durable, weather-resistant materials also contributes to the market's expansion. Moreover, the growing trend of miniaturization in electronics and advancements in 3D printing technologies create new opportunities for engineering plastics. The market analysis indicates that the increasing environmental focus on sustainable and recyclable materials further broadens the market scope, encouraging the development and adoption of eco-friendly engineering plastics.
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players operating in the market.
- 3M Company
- AdvanSix
- Arkema S.A.
- Avient Corporation
- BASF SE
- Celanese Corporation
- Daicel Corporation
- DuPont de Nemours Inc.
- Eastman Chemical Company
- Ineos Limited
- LANXESS Aktiengesellschaft
- Solvay S.A.
Engineering Plastics Market Segmentation:
Our report has categorized the market based on type, performance parameter and application.
Breakup by Type:
- Polyamide
- ABS
- Thermoplastic Polyesters
- Polycarbonates
- Polyacetals
- Fluoropolymers
- Others
Breakup by Performance Parameter:
- High Performance
- Low Performance
Breakup by Application:
- Packaging
- Building and Construction
- Electrical and Electronics
- Automotive
- Consumer Products
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, South Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About US:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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