The global Engineering plastics market size is projected to grow from USD 107.2 billion in 2022 to USD 140.9 billion by 2027, at a CAGR of 5.6% during the forecast period. The growing demand for engineering plastics is from end-use industries, such as automotive & transportation, electrical & electronics, industrial & machinery, packaging, consumer appliances, and others, which drives the market. Also, the increasing usage of engineering plastics in countries including China, India, and Mexico is expected to drive the market.
The engineering plastics market in the Asia Pacific is estimated to witness a high CAGR, in terms of value, between 2022 and 2027, due to an increase in the demand for acrylonitrile butadiene styrene consumption. The rapid growth of the automotive & transportation industries in the region makes the Asia Pacific an attractive market for the manufacturers of engineering plastics.
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There are different players that operate in the engineering plastics market. The major market players include BASF (Germany), Covestro (Germany), Celanese Corporation (US), Solvay (Belgium), LG Chem (South Korea), and SABIC (Saudi Arabia) among others. Various strategies, such as new product launch, expansion, and product development are adopted by several players to gain a competitive edge to increase their global footprint and sustain growth in the engineering plastics market.
BASF is a chemical company operating in more than 80 countries. The company operates through six business segments: chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The companys products are used in many sectors, such as agriculture, chemicals, construction, energy & resources, home care, I&I cleaning, paints & coatings, personal care & hygiene, and pulp & paper. The company operates through its network of manufacturing facilities across the world. It has a presence in Europe, Asia Pacific, South America, Africa, the Middle East, and North America.
Celanese Corporation is involved in the manufacturing and distribution of specialty and intermediate chemical products. The company is operating through four business segments: consumer specialties, advanced engineered materials, industrial specialties, and acetyl intermediates. The company produces engineering plastics through its engineered materials segment. Celanese Corporations engineered materials segment develops, produces, and supplies a portfolio of specialty polymers for application in automotive, electronics, and other consumer and industrial applications.
Engineering Plastics Market by Type (Polycarbonate, Polyamide, ABS, PET & PBT, POM, Fluoropolymer), End-use Industry (Automotive & Transport, Electrical & Electronics, Industrial & Machinery, Packaging) and Region - Global Forecast to 2027
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