Engineering plastics are increasingly being used as an alternative to metals in automobiles due to their superior properties such as lightweight, high heat resistance, durability and reduced maintenance costs. Engineering plastics find major application in manufacturing automotive interior and exterior components, such as door panels, instrument panels, bumpers, lighting and others. The growing automotive industry worldwide is expected to drive the demand for engineering plastics during the forecast period. With the rising environmental concerns, plastic components help reduce vehicle weight and increase fuel efficiency, which is a major factor for their growing popularity.
The global Engineering Plastics Market is estimated to be valued at US$ 150.55 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing use of engineering plastics in the automotive industry has accelerated the market growth over the past few years. Many automakers are focusing on developing fuel-efficient and lightweight vehicles by replacing conventional materials such as metals with engineering plastics. For instance, around 30% of plastics are currently being used in a mid-sized passenger vehicle and this adoption rate is expected to grow further in the coming years owing to stringent environmental regulations and rising customer demand for high-performance yet affordable vehicles. The superior properties of engineering plastics like polyamide, polycarbonate and others makes them a suitable replacement for metals in various exterior and interior automotive applications. This rising replacement of metals with plastics is expected to drive the demand for engineering plastics during the forecast period.
Segment Analysis
The Global engineering plastics market size can be segmented based on type into acrylonitrile butadiene styrene (ABS), polyamide, polycarbonate, thermoplastic polyesters, polyacetals (POM), fluoropolymers, polyphenylene oxide, and others. The polycarbonate segment currently dominates the market due to its widespread usage in various end-use industries including automotive, electrical & electronics, and construction. Polycarbonate resins exhibits high strength and other mechanical properties, along with optical clarity and dimensional stability.
Key Takeaways
Regional analysis comprises: North America currently dominates the global engineering plastics market. Availability of wide product portfolio by key manufacturers and increasing production of automobiles are driving the market growth in this region. Asia Pacific engineering plastics market is expected to grow at highest CAGR during the forecast period owing to rising construction activities and increasing demand for consumer electronics from developing countries like China and India.
Key players related content comprises: Key players operating in the engineering plastics market 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.
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