The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Engineering Plastics Market.
JERSEY CITY, N.J., Jan. 11, 2023 /PRNewswire/ — Verified Market Research® recently published a report, “Engineering Plastics Market” By Type (Thermoplastic Polyester, Polycarbonate (PC), Polyamide (PA)), By End-User (Automotive & Transportation, Electrical & Electronics), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Engineering Plastics Market size was valued at USD 85.50 Billion in 2020 and is projected to reach USD 139.10 Billion by 2028, growing at a CAGR of 6.18% from 2021 to 2028.
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Browse in-depth TOC on “Engineering Plastics Market“
202 – Pages
126 – Tables
37 – Figures
Global Engineering Plastics Market Overview
High-quality polymers called engineering plastics are used to enhance the mechanical and thermal properties of plastic to meet more stringent requirements. Engineering plastics have already taken the place of conventional building materials like metal and wood. Additionally, it is used in applications that need it for dimensional stability, structural stability, and resistance to chemicals and wear. Engineering plastics are used in a variety of industries, including electronics, transportation, automotive, food, and manufacturing.
The growing trend of lowering weight and improving fuel efficiency in the automotive industry, metal substitution in the construction and electrical & electronics industries, are some of the key factors driving the market. Engineering plastics are adaptable plastic materials with excellent physical and electrical features such as stability, chemical resistance, heat resistance, abrasion resistance, and barrier properties. As a result of these traits, they have become one of the plastics industry’s fastest-growing segments. Because of ongoing innovations in the plastics industry, metals and glass are gradually being replaced by lighter materials. In many cases, engineering plastics serve as an excellent alternative to metals, glass, or even ceramics.
The expansion of the automobile industry has resulted in more engineering plastics opportunities. With more stringent regulations and changing consumer habits driving demand for more affordable, lightweight, and fuel-efficient vehicles, demand for plastic in the design and manufacturing of automotive vehicles has increased in recent years. Rising fuel prices and stricter environmental regulations have made fuel efficiency one of the most important features in automotive vehicle design. This, combined with the high demand for automotive vehicles as well as rising disposable income in emerging countries is expected to continue to drive demand for plastics in the automotive industry. In addition, the emergence and rapid growth of electric vehicles are further expected to boost demand for plastic in the automotive industry.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Engineering Plastics Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
The “Global Engineering Plastics Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Covestro AG, Dowdupont, LG Chem, Evonik Industries AG, Mitsubishi Engineering -Plastic Corporation, BASF SE, Celanese Corporation, Solvay S.A, SABIC, LANXESS.
Based on the research, Verified Market Research® has segmented the global Engineering Plastics Market into Type, End-User, and Geography.
- Engineering Plastics Market, by Type
- Thermoplastic polyester
- Polycarbonate (PC)
- Polyamide (PA)
- Acrylonitrile Butadiene Styrene (ABS)
- Engineering Plastics Market, by End-User
- Automotive & transportation
- Electrical & electronics
- Industrial & machinery
- Engineering Plastics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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