Engineering Plastics Market Insights: 2023, Development Demand, Industry Growth, and Business Strategies to 2030

Posted by Pearl Smith on March 27th, 2023

Engineering plastics are a group of plastic materials that have superior mechanical and thermal properties than commodity plastics such as polyethylene or polypropylene. They are often used in demanding applications where traditional plastics cannot perform adequately, such as in automotive, aerospace, medical, and electronics industries.

Some common types of engineering plastics include:

Acetal (Polyoxymethylene or POM)
Polyamide (Nylon)
Polycarbonate (PC)
Polyetheretherketone (PEEK)
Polyphenylene oxide (PPO)
Polysulfone (PSU)
Polyetherimide (PEI)
Polyphenylene sulfide (PPS)

Engineering plastics have a range of desirable properties, such as high strength, stiffness, and toughness; resistance to heat, chemicals, and UV radiation; and excellent electrical and thermal insulation properties. They can also be easily processed using techniques such as injection molding, extrusion, and thermoforming.

Major players operating in the global engineering plastics market include Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc.

The engineering plastics market refers to the segment of the plastics industry that produces high-performance materials that offer superior mechanical, thermal, electrical, and chemical properties compared to commodity plastics. These materials are used in a wide range of applications, including automotive, aerospace, electrical and electronics, consumer goods, and industrial manufacturing.

The global engineering plastics market is expected to grow at a steady pace in the coming years, driven by increasing demand from end-use industries such as automotive and electrical and electronics. The Asia-Pacific region is the largest consumer of engineering plastics due to its rapid industrialization and urbanization, followed by North America and Europe. However, the market is also facing challenges such as stringent government regulations regarding the use of plastics and fluctuating prices of raw materials.

The engineering plastics market is expected to witness steady growth in the coming years due to several factors. One of the major drivers of growth is the increasing demand from end-use industries such as automotive, aerospace, electrical and electronics, and consumer goods. Engineering plastics are preferred in these industries due to their superior mechanical, thermal, and electrical properties, as well as their lightweight nature and cost-effectiveness.

Another factor contributing to the growth of the engineering plastics market is the increasing focus on sustainability and the need to reduce the carbon footprint of industries. Engineering plastics can help in this regard as they are recyclable and can be used as a replacement for traditional materials such as metal and glass.

Furthermore, technological advancements in the manufacturing processes of engineering plastics are expected to drive growth in the market. The development of new and innovative materials, as well as the improvement of existing materials, will enable the engineering plastics market to offer even better performance and cost-effectiveness to end-users.

Engineering plastics are widely used in various industries due to their superior mechanical, thermal, electrical, and chemical properties. Some of the major applications of engineering plastics include:

1. Automotive: Engineering plastics are extensively used in the automotive industry for various applications such as interior and exterior parts, engine components, and electrical systems. They offer benefits such as lightweight, durability, and improved fuel efficiency.

2. Electrical and Electronics: Engineering plastics are used in the electrical and electronics industry for applications such as insulators, connectors, and housings for electronic devices. They offer excellent electrical insulation, thermal stability, and resistance to chemicals.

3. Aerospace: Engineering plastics are used in the aerospace industry for applications such as interior and exterior components, electrical systems, and structural components. They offer benefits such as lightweight, high strength, and resistance to extreme temperatures and chemicals.

4. Consumer Goods: Engineering plastics are used in the production of various consumer goods such as appliances, furniture, and toys. They offer benefits such as durability, aesthetics, and ease of processing.

5. Industrial Manufacturing: Engineering plastics are used in various industrial manufacturing applications such as machinery components, conveyor belts, and industrial filters. They offer benefits such as high strength, wear resistance, and chemical resistance.

Engineering plastics offer several benefits over traditional materials, which has led to their widespread adoption in various industries. Some of the major benefits of engineering plastics include:

✦ Lightweight: Engineering plastics are lighter than traditional materials such as metal and glass, making them an ideal choice for applications that require weight reduction. This property is particularly beneficial in the automotive and aerospace industries, where reducing weight is critical for improving fuel efficiency and reducing emissions.

✦ Durability: Engineering plastics are highly durable and can withstand extreme temperatures, chemicals, and physical stress. They are resistant to wear and tear, making them ideal for applications that require long-lasting performance.

✦ Cost-effective: Engineering plastics offer a cost-effective alternative to traditional materials, as they are easier to process and require less energy and resources to manufacture. They also offer a longer lifespan than traditional materials, reducing maintenance and replacement costs.

✦ Customizable: Engineering plastics can be easily customized to meet specific requirements, such as strength, stiffness, and resistance to chemicals and temperature. This property allows manufacturers to create tailor-made solutions for their customers.

✦ Recyclable: Many engineering plastics are recyclable, making them an environmentally-friendly alternative to traditional materials. They can be reused in the production of new materials, reducing waste and the carbon footprint of industries.

In conclusion, engineering plastics offer several benefits over traditional materials, making them an ideal choice for various applications in industries such as automotive, aerospace, electrical and electronics, consumer goods, and industrial manufacturing. As technology advances, the potential for new and innovative applications of engineering plastics is expected to increase, leading to further growth in the market.