ENGINEERING PLASTICS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Engineering Plastics Market is segmented by Product Type (Fluoropolymers, Polycarbonate, Thermoplastic Polyesters, Polyoxymethylene, Polymethyl Methacrylate, Styrene Copolymers, Polyamides and Polyether Ether Ketone), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Electrical and Electronics, Packaging, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). For each segment, the market sizing and forecasts have been done on the basis of volume (kilo metric ton) and revenue (USD million).

Market Overview

The engineering plastics market was valued at around USD 90 billion in 2020, and the market is projected to register a CAGR of more than 6% during the forecast period (2022-2027).

The market is hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions have triggered massive disruptions to global supply chain networks. The automobile and construction industry has witnessed a decline due to the halt in the activities, however the market registered posive growth in 2021. according to OCIA the automobile projction registered sligh growth rate 8.4 % in the first nine months of 2021 compared to the same period in 2020.On the other side, this demand for engineering plastics in the packaging and medical industries increasing due to health awareness and the rise in demand for protective shields, masks, and PPE kits.

• Over the medium term, the factors driving the growth of the market are largely fueled by engineering plastic rapidly replacing traditional plastics and other materials in several applications and the growing popularity of bio-PET.
• By product type, polyethylene terephthalate (PET) is the most used engineering plastic around the world. However, polyether ether ketone (PEEK) is projected to register the highest CAGR during the forecast period.
• The growing applications in the aerospace industry and the adaptation of green vehicles are expected to provide numerous opportunities for manufacturers in the market.
• Asia-Pacific dominated the market with the largest consumption. It is also likely to register the highest CAGR during the forecast period.

Scope of the Report

Engineering plastics are a group of plastic materials that have better mechanical and thermal properties than the more widely used commodity plastics (such as polystyrene, PVC, polypropylene, and polyethylene). The engineering plastics market is segmented by product type, application, and geography. By product type, the market is segmented into Fluoropolymers, Polycarbonate, Thermoplastic Polyesters, Polyoxymethylene, Polymethyl Methacrylate, Styrene Copolymers, Polyamides and Polyether Ether Ketone. By application, the market is segmented into automotive and transportation, building and construction, consumer goods, electrical and electronics, packaging, and Others (industrial and machinery, medical). The report also covers the market size and forecasts for the engineering plastics market in 24 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo metric ton) and revenue (USD million).

Key Market Trends

The Automotive and Transportation Segment to Dominate the Market

• Engineering plastics find application in automotive in interior and exterior furnishings, power trains, chassis, electrical components, and under the hood parts. It is employed in the dashboard, bumpers seats, body panels, fuel systems, interior trim, under-bonnet components, lighting, exterior trim, liquid reservoirs, and upholstery.
• The increase in demand for lightweight engineering plastic is expected to boost the market growth of the market studied due to current environmental and economic concerns. Automobile manufacturers are now incorporating more advanced plastic materials so as to reduce weight and make the vehicles more fuel-efficient. According to a recent study, every 10% reduction in vehicle weight reduces fuel usage by 6-8%.
• Currently, there are about 30,000 parts in a vehicle, out of which 1/3 are made of plastic. In total, about 39 different types of basic plastics and polymers are used to make an automobile.
• According to OCIA the Global production capacity of Light Commercial Vehicles increased from 11,843,185 units in 2020 to 13,721,531 units in 2021. The Light Commercial Vehicles production increased by 16% in 2021.Thus increase in the production of automobile units likely to increase market for engineering plastics.
• The growing demand for electric vehicles is another factor driving the growth of the market. More than 10 million electric cars were on the world’s roads in 2020 with battery electric models driving the expansion. China, with 4.5 million electric cars, has the largest fleet, though in 2020 Europe had the largest annual increase to reach 3.2?million.The need for lightweight material in these vehicles to enhance energy efficiency acts as a major impetus for the adoption of engineering plastics.
• Thus, all these factors are expected to show a significant impact on the market during the forecast period.

Engineering Plastics Market Players Perspective:

Some of the major companies profiled in this business intelligence report operating in the global engineering plastic market are BASF SE, Solvay S.A., DowDuPont, SABIC, and DSM. BASF SE is offering engineering plastics to support autonomous driving and increase driving comfort. In order to allow automotive manufacturers to achieve the optimum combination of lightweight construction, and vibration damping, BASF is providing noise, vibration, harshness solutions.

Engineering Plastics Market Research Scope:

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the engineering plastics market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the engineering plastics market, and their specific applications in different types of industries.?

Engineering Plastics Market Report: Industry Coverage

Types of Engineering Plastic:?ABS, PA, PC, POM, PMMA, PEEK, PET, PBT, Cast Nylon

Types of End-User:?Aerospace, Building & Construction, Food, Mechanical, Medical, Others

Types of Applications:?CD/DVD, Medical implants, advanced batteries, Shoes, others

The Engineering Plastics Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia?

Key Questions Addressed in the Engineering Plastics Market Report

1.?Is the market for Engineering Plastics growing? How long will it continue to grow and at what rate??

2.?Which type of plastic presents the major growth opportunities??

3.?Is there a possibility for change in the market structure over time??

4.?Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands??

5.?Do the key vendors look for partnerships to expand their businesses with respect to geography or product??

6.?What are the short-term, long-term, and medium-term growth drivers for the market??

7.?What are the short-term, medium-term, and long-term challenges for the market??

8.?What are the short-term, medium-term, and long-term opportunities for the market?

9.?Who are the top players/companies of the market??

10.?What are the recent innovations in the market??

11.?How many patents have been filed by the leading players??

12.?What are the types of patents filed by the leading players??

13.?What is our Vision 2030 for plastics in Engineering Plastics Market??

A few focus points of this Research are given below:

• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future engineering plastics during the forecast 2018–2023
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures

Reference:

[1]https://www.worldsteel.org/steel-by-topic/steel-markets/automotive.html

[2]https://www.ice.org.uk/ICEDevelopmentWebPortal/media/Documents/News/ICE%20News/Global-Construction-press-release.pdf