Engineering Plastics Market To Reach $230.64 Billion By 2030

Engineering Plastics Market Growth & Trends

The global engineering plastics market size is anticipated to reach USD 230.64 billion by 2030, registering a CAGR of 7.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The use of engineering plastics in automotive parts helps reduce fuel consumption due to their low weight compared to traditional materials, such as rubber or metals. Increasing awareness about consumer safety and health risks across various industries, such as electronics, consumer goods, construction, healthcare, and automobile, is expected to boost the global product demand.

Factors, such as reduction in overall vehicular weight to lessen fuel consumption and carbon emissions, have been instrumental in driving the product demand in the automotive industry. The product is widely used in automotive applications, such as instrument panels, engine encapsulation, seating, exterior panels, and dashboards, as an alternative to metals. Increasing efforts to reduce post-consumer waste of plastics globally has resulted in the development of new bio-based engineering plastics and advanced recycling technologies by market players. For instance, in August 2023, Polyplastics Group launched its DURACIRCLE (TM) initiative, which aims to achieve a 100% recycling rate of engineering plastics.

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Engineering Plastics Market Report Highlights

• The styrene copolymers (ABS and SAN) resin type segment held the largest share of 33.7% of the overall revenue in 2023

• The automotive & transportation end-use segment dominated the market and accounted for the largest revenue share of over 34.85% in 2023

• Asia Pacific led the global market in 2023 due to the rapid growth of the industrial, electronics, automotive, and construction industries, especially in countries, such as India, Indonesia, Thailand, Bangladesh, and Vietnam

• Germany was the leading manufacturer of engineering plastics in Europe and captured around 34% share of the revenue

Engineering Plastics Market Segmentation

Grand View Research has segmented the global engineering plastics market on the basis of resin type, end-use, and region:

Engineering Plastics Resin Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Styrene Copolymers (ABS and SAN)

• Fluoropolymer

  • Ethylene Tetrafluoroethylene (ETFE)

  • Fluorinated Ethylene-propylene (FEP)

  • Polytetrafluoroethylene (PTFE)

  • Polyvinyl Fluoride (PVF)

  • Polyvinylidene Fluoride (PVDF)

• Liquid Crystal Polymer (LCP)

• Polyamide (PA)

  • 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)

Engineering Plastics End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive & Transportation

• Electrical & Electronics

• Building & Construction

• Consumer Goods & Appliances

• Industrial

• Aerospace

• Medical

• Others

Engineering Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

• Central & South America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

List of Key Players in Engineering Plastics Market

• Grand Pacific Petrochemical Corporation

• Mitsubishi Engineering-Plastics Corporation

• Wittenburg Group

• Piper Plastics Corp.

• Chevron Phillips Chemical Company LLC

• Daicel Corporation

• Evonik Industries AG

• Eastman Chemical Company

• Ascend Performance Materials

• Ravago

• Teknor Apex

• Trinseo LLC

• Polyplastics Co., Ltd.

• Ngai Hong Kong Company Ltd.

• Ginar Technology Co., Ltd.