Engineering Plastics Market is Estimated to Witness High Growth Owing to Increasing Demand from Automotive Industry

 
Engineering Plastics Market Demand 

Engineering plastics are synthetic polymers that have better mechanical and thermal properties than commodity plastics and are designed for engineering applications. They have superior properties such as high strength, ductility, chemical resistance, heat resistance and dimensional stability. These properties make them suitable for use in various industries including automotive, aerospace, electronics, consumer goods and medical devices. The global demand for engineering plastics is driven by growth in the automotive industry owing to their use in manufacture of under bonnet components, electrical components, interiors and exteriors of vehicles.

The Global Engineering Plastics Market is estimated to be valued at US$ 150.55 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Engineering Plastics are Eli Lilly and Company, Sanofi S.A., Cadila Healthcare Limited, Cipla Limited, Castle Biosciences, Regeneron Pharmaceuticals, Inc., Merck & Co., Inc., Vidac Pharma, LEO Pharma A/S, Regeneron Pharmaceuticals, Inc., Merck Sharp & Dohme, and Amgen Inc. These players are focusing on new product launches, partnerships and expansions to increase their market share.

The key opportunities in the Engineering Plastics Market Demand  include increasing demand from electrical and electronics industry owing to miniaturization of devices and growing need for lightweight materials. 3D printing is another opportunity area as engineering plastics find application in additive manufacturing processes due to their superior properties.

Globally, the demand for engineering plastics is highest in Asia Pacific region led by China, followed by North America and Europe. The market players are investing in emerging economies like India and Brazil to capitalize on opportunities arising from growing automotive and electronics manufacturing base.

Market Drivers

Increasing stringent regulations regarding vehicle weight reduction and fuel emissions are major drivers for engineering plastics market. Their usage helps automotive OEMs to reduce vehicle weight by 10-15% and get better mileage without compromising on performance which leads to reduced carbon emissions. This has further accelerated demand from automotive industry globally.

PEST Analysis:

Political: The engineering plastics market is dependent on government regulations and trade policies. More stringent environmental regulations have increased the usage of engineering plastics which are recyclable compared to conventional plastics.

Economic: Economic growth has been the key driver for the engineering plastics market. Improving economic conditions have increased spending on various sectors like automotive, electronics and consumer goods which utilizes engineering plastics.

Social: Changing lifestyle and consumer preferences have influenced demand for engineering plastics. Increased preference for lightweight vehicles, smaller and portable electronics have boosted usage of engineering plastics.

Technological: Advancements in material science has facilitated development of high performance plastics that can replace metals in various applications. Ongoing research in polymer chemistry, nanotechnology and 3D printing will likely expand scope of engineering plastics usage.

Geographical concentration: Asia Pacific currently accounts for the largest share of the global Engineering Plastics Market Regional Analysis. in terms of value. China leads demand for engineering plastics due to large automotive and electronics manufacturing base in the country. Other major Asian countries contributing to regional growth include India, Japan, South Korea and Taiwan.

Fastest growing region: Demand for engineering plastics is expected to grow substantially in Central and Eastern Europe over the forecast period. Automotive production is increasing rapidly in countries like Poland, Czech Republic, Hungary and Romania. Stringent government regulations aimed at reducing vehicle weight will drive plastics demand from automakers in the region.

Get More Insights on- Engineering Plastics Market

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)



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