The Engineering Plastic Market is expected to be worth USD 1,08,000.92 million in 2023. The valuation was USD 1,01,000.57 million in 2022. The market is predicted to progress with a CAGR of 7.2% over the forecast period. By 2033, the market is projected to reach USD 2,16,458.83 million.
| Attributes | Details |
|---|---|
| Engineering Plastic Market Value for 2023 | USD 1,08,000.92 million |
| Projected Market Value for 2033 | USD 2,16,458.83 million |
| Value-based CAGR (2023 to 2033) | 7.2% |
Consumption Analysis in the Engineering Plastic Market
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The engineering plastic market size was USD 77,052.85 million in 2018. The market progressed at a strong CAGR of 7% during the historical period from 2018 to 2022.
As the industrial sector continued to gain prominence during the historical period, the engineering plastic market benefitted. However, the pandemic resulted in many manufacturing units closing down.
There was thus a stop in the need for packaging material in areas where manufacturing was badly hit. However, with manufacturing units re-opening, the market was back in swing. By the end of the historical period in 2022, the market size reached USD 1,01,000.57 million.
| Attributes | Details |
|---|---|
| Engineering Plastic Market Value in 2018 | USD 77,052.85 million |
| Historical Period CAGR (2018 to 2022) | 7.0% |
| Market Valuation in 2022 | USD 1,01,000.57 million |
Long-term Analysis of the Engineering Plastic Market from 2023 to 2033
The engineering plastic market size is estimated to be USD 1,08,000.92 million in 2023. The market is expected to grow at a CAGR of 7.2% over the forecast period from 2023 to 2033.
The rise of the engineering plastic market goes hand in hand with the rise of industrialization. The number of industrial units is increasing, leading to a rise in demand for engineering equipment. The need for packaging material, too, is expected to grow over the forecast period.
Industries such as construction, food & beverage, and electronics play key roles in the sale of engineering plastic. As there is a boom in the industries, the demand for packaging material is expected to grow exponentially. By the end of the forecast period, the market is expected to reach USD 2,16,458.83 million.
The engineering plastic market can be separated into two segments: product type and application. By looking at the segments, the type of material most popularly used in engineering plastic becomes clear.
Acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN) are the most popular product types in engineering plastics. ABS and SAN are expected to account for 28.6% of the market share in 2023.
ABS and SAN have benefits like rigidness, high heat deflection temperature, and toughness which makes the products highly popular over alternatives. The products are used in the making of toys, musical instruments, electric and electronic products, and much more.
| Attributes | Details |
|---|---|
| Top Product Type | Acrylonitrile butadiene styrene (ABS) and Styrene Acrylonitrile (SAN) |
| Market Share in 2023 | 28.6% |
Engineering plastic finds overwhelming applications in the electric and electronic industries. For 2023, electrical and electronics applications contribute to 36% of the market share.
The electrics and electronics industry plays a key role in the engineering plastic market. With the advancements in technologies like robotics, Virtual Reality (VR), and the Internet of Things (IoT), there is expected to be rapid development in the electrics and electronics field. The development of the electric and electronic industries is contributing to the growth of the engineering plastic market.
| Attributes | Details |
|---|---|
| Top Application | Electrical and Electronics |
| Market Share in 2023 | 36% |
The Asia Pacific is expected to fastest growing region in the market. The rise of industries like automotive and aviation are suggested to be key factors for the rise of the market in the Asia Pacific. Other regions expected to show significant growth in the market include North America, Europe, and Africa.
| Countries | CAGR (2023 to 2023) |
|---|---|
| China | 9.7% |
| India | 9.8% |
| United States | 7.5% |
| Canada | 6.5% |
| France | 6.1% |
India is set to be one of the most promising markets for engineering plastic. For the forecast period from 2023 to 2033, the CAGR for the Indian market is expected to be 9.8%.
There has been rapid development in various industrial sectors in India, such as electrics & electronics, automotive, and packaged food industries. A number of companies are present in India to supply the need for engineering plastics. Among the companies in India are APPL Industries Ltd., Ester, and Shaily.
China is an Asian country with bright prospects for the engineering plastic market. The Chinese market is expected to progress at a CAGR of 9.7% over the forecast period.
China’s defense apparatus is mainly manufactured domestically. Engineering plastic is used in many defense apparatus products, such as military aircraft and missiles. Further, spending on defense is expected to increase in China. Thus, after a lull induced by the pandemic, the market is expected to prosper in China during the forecast period.
The United States holds promise for the engineering plastic market. For the forecast period from 2023 to 2033, the CAGR for the United States is anticipated to be 7.5%.
The popularity of packaged food continues unabated in the United States. As engineering plastic continues to be adopted into the packaging industry, packaged food, too, is making use of the product. Thus, the market has a bright future in the United States.
Canada is another North American country with potential for market growth. The CAGR for the Canadian market is expected to be 6.5% during the forecast period.
There is a rising focus in Canada on producing sustainable material, which extends to engineering plastic. For example, Canadian companies like PlasCred Circular Innovations Inc. and Plastonix, are concentrated on managing plastic waste. Thus, players in Canada are increasingly being presented with options for recyclable plastic.
France is one of the rapidly developing European countries in the market. The CAGR for the market in France is anticipated to be 6.1% through 2033.
Increasing production of aircraft is leading to growth in the sale of engineering plastic in France. With the rise in aircraft production, demand for components of aircraft is also rising, where engineering plastic plays a key role. Further, in June 2023, the French government announced its intent to decarbonize the aviation sector, which is further expected to boost market growth.
The engineering plastic market is highly fragmented. Few dominant players exist in the global market, and there is room for enterprises of all scales.
Players in the market are investing heavily in research and development activities to come up with innovations. The production of recyclable materials is one of the key areas of focus for research.
Recent Developments in the Engineering Plastic Market
Polyamides (PA), Polycarbonates (PC), Acrylonitrile butadiene styrene (ABS), and Styrene Acrylonitrile (SAN) are some examples of engineering plastic.
The engineering plastic market is estimated to be USD 1,08,000.92 million in 2023.
The engineering plastic market is expected to progress at a CAGR of 7.2% over the forecast period from 2023 to 2033.
Arkema Group, Asahi Kasei Corporation, BASF SE, and Celanese Corporation are some of the leading companies in the market.
The engineering plastic market is expected to progress at a notable CAGR of 9.8% in India from 2023 to 2033.
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Engineering Plastic Market
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