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The engineering plastics market has witnessed robust growth, surging from $103.88 billion in 2023 to an estimated $113.38 billion in 2024, with a compound annual growth rate (CAGR) of 9.1%. This upward trajectory is fueled by various factors, including the substitution for traditional materials, the boom in electrical and electronics, heightened focus on sustainability, and the expansion in the construction and medical device sectors.

Current Market Dynamics:

Automobile Boom Fuels Demand

The surge in demand for automobiles plays a pivotal role in propelling the growth of the engineering plastics market. Engineering plastics are integral to the automotive industry, offering solutions for lightweight construction, durability, and resistance to chemical and thermal stress in vehicle components. Notably, the US witnessed a substantial increase in car and light truck sales, indicating the market’s robust potential.

• Automobile demand driving engineering plastics market growth
• Lightweight and durable properties of engineering plastics enhance fuel efficiency
• Sales of passenger cars and light trucks increasing in key markets

Key Players in the Market

Major companies contributing to the growth of the engineering plastics market include Covestro AG, DuPont de Nemours Inc., LG Chem Ltd., and Evonik Industries AG. These industry leaders are instrumental in shaping the market landscape and driving innovation in materials and applications.

• Covestro AG
• DuPont de Nemours Inc.
• LG Chem Ltd.
• Evonik Industries AG

Future Growth:

Anticipating Strong Momentum

The engineering plastics market is poised for continued growth, with projections indicating a substantial increase to $161.88 billion by 2028 at a CAGR of 9.3%. This growth is attributed to emerging trends and factors such as 3D printing and additive manufacturing, infrastructure modernization, aerospace applications, the evolving consumer electronics sector, and circular economy initiatives.

• Projections foresee market growth to $161.88 billion by 2028
• Factors contributing to growth include 3D printing and additive manufacturing
• Emerging trends shaping the market landscape

Major Trends Shaping the Future

Looking ahead, key trends in the engineering plastics market include the adoption of high-performance thermoplastics, miniaturization in electronics, utilization of smart and functional materials, customization and tailored solutions, and a strong focus on health and safety compliance.

• Adoption of high-performance thermoplastics
• Miniaturization trends in electronics
• Embracing smart and functional materials
• Customization and tailored solutions on the rise
• Strong focus on health and safety compliance

Read The Full Engineering Plastics Market Report Here:

https://www.thebusinessresearchcompany.com/report/engineering-plastics-global-market-report

Innovations and Strategic Moves:

Combination of Materials for a Competitive Edge

Major players in the engineering plastics market are increasingly focusing on introducing products produced from a combination of materials to gain a competitive edge. For instance, the combination of cyclic olefin copolymers (COCs) with polypropylene (PP) enhances material properties, providing improved transparency, chemical resistance, and heat stability for various applications.

• Emphasis on developing products from a combination of materials
• Unique processes to enhance material properties
• Introduction of Stelora by Borealis AG – an eco-friendly engineering polymer

Strategic Acquisition: Radicigroup and Ester Industries

In May 2022, RadiciGroup acquired Ester Industries Ltd.’s engineering plastics business for $37 million. This strategic move enhances RadiciGroup’s commercial presence in the Indian market and strengthens its position as a leading manufacturer and supplier of engineering polymers.

• RadiciGroup’s acquisition of Ester Industries Ltd.
• Strengthening commercial presence in the Indian market
• Enhancing capabilities in the engineering plastics sector

Market Segmentation: A Comprehensive Breakdown

The engineering plastics market is segmented based on various parameters:

1. By Type:
   • Acrylonitrile Butadiene Styrene
   • Polyamide
   • Polycarbonate
   • Thermoplastic Polyester
   • Polyacetal
   • Fluoropolymer
   • Other Types
2. By Performance Parameter:
   • High Performance
   • Low Performance
3. By End-Use Industry:
   • Automotive And Transportation
   • Consumer Appliances
   • Electrical And Electronics
   • Industrial And Machinery
   • Packaging
   • Other End-Use Industries

Regional Insights:

Asia-Pacific Dominates, Continues to Grow

In 2023, Asia-Pacific emerged as the largest region in the engineering plastics market, and the region is expected to maintain its position as the fastest-growing market during the forecast period. Factors such as industrialization, infrastructure development, and a burgeoning manufacturing sector contribute to the region’s dominance in the engineering plastics market.

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The Engineering Plastics Global Market Report 2024  provides an overview of the engineering plastics market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The engineering plastics market forecast analyzes engineering plastics market size, engineering plastics market share, leading competitor and their market positions.

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