by The engineering plastics market consists of a wide range of synthetic thermoplastic and thermosetting materials that exhibit excellent mechanical and thermal properties along with good chemical resistance. Engineering plastics are manufactured using monomers such as polycarbonate, polyamide, acrylonitrile butadiene styrene, polyacetal, and polyphenylene sulfide. These plastics provide advantages like high strength, high impact resistance, dimensional stability, inherent flame retardancy, and heat resistance compared to traditional plastics. They are used extensively in applications requiring durability, high performance, safety, and reliability like automotive components, electrical & electronics, power tools, medical devices, pipes, and fittings.
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. The growing demand from the automotive industry due to stringent regulations regarding reduction of vehicle weight and emissions is fueling market growth.
The increasing usage of Engineering Plastics Market Demand in electrical & electronics industry owing to their property to withstand higher temperatures without loss of physical integrity is propelling market revenues.
The market is witnessing rapid expansion in the Asia Pacific region on account of rising industrialization, growing automotive production, and increasing foreign investments in manufacturing sector of China, India, and other developing Asian countries.
Market Key Trends
The increased focus on lightweight and durable materials for petroleum-based transport has boosted the replacement of conventional plastics with engineering plastics in the automotive sector. Engineering plastics provide automotive parts & components mechanical strength, dimensional stability, and thermal resistance required for high temperature applications. This trend of substituting metals with engineering plastics is expected to continue and drive the market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low Capital requirements and the presence of well-established players makes it difficult for new players to enter the Engineering Plastics Market Regional Analysis.
Bargaining power of buyers: Large buyer base leads to better bargaining power. However, customized requirement from OEMs mitigates the bargaining power.
Bargaining power of suppliers: Suppliers include raw material producers and machinery manufacturers. Supplier concentration is moderate leading to balanced bargaining power.
Threat of new substitutes: Well established Engineering Plastics Market have limited threat of substitution in the short run. However, newer bio-based and recycled plastics pose a medium threat in the long run.
Competitive rivalry: High as major players compete on pricing, customization, and innovation.
Geographical Regions
North America dominated the market and accounted for over 35% of the global share in 2024 owing to surging demand from automotive and construction industries in the US and Canada.
Asia Pacific is expected to witness the fastest CAGR through 2031 led by rapid industrialization and rising middle-class income in major countries including China, India. Growing electrical & electronics industry will particularly accelerate the engineering plastics consumption.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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