The Engineering Plastics Market is estimated to be valued at US$ 130.68 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Engineering plastics are used in a variety of applications where high performance plastics are required. Some key advantages of engineering plastics include high strength, heat resistance, dimensional stability and versatility. They are widely used in automotive components, electrical & electronics goods, construction materials and consumer appliances due to their superior properties compared to commodities plastics.

Market key trends:

One of the major trends driving growth in the Engineering Plastics Market Size is increasing demand from the automotive industry. The usage of engineering plastics in automotive industry has significantly increased over the years as a substitute for metals. Engineering plastics provide advantages such as reduction in vehicle weight, better performance, innovative designs and lower cost. This has resulted in higher consumption of engineering plastics in exterior and interior automotive components. According to studies, the average use of engineering plastics per vehicle is expected to increase from 22 kgs currently to around 30 kgs by 2030 globally.

Porter's Analysis

hreat of new entrants: New entrants face high investment barriers due to the capital-intensive nature of the engineering plastics market. Additionally, established players enjoy advantages of economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute materials. However, engineering plastics have superior properties that provide value to end-use applications.
Bargaining power of suppliers: A large number of raw material suppliers exist, reducing dependence on any single supplier.
Threat of new substitutes: New substitute materials pose threats, but engineering plastics have strong brand recognition and customer loyalty due to their performance advantages.
Competitive rivalry: Intense competition exists among major players to capture market share.

SWOT Analysis

Strengths: Engineering plastics have properties like heat resistance, toughness and durability making them suitable for diverse applications.
Weaknesses: Higher costs compared to traditional materials limit their use in cost-sensitive applications. Processing of some grades requires specialized techniques.
Opportunities: Growing end-use industries like automotive and electronics will drive demand. Developing regions offer new markets for penetration.
Threats: Economic slowdowns impact demand while regulations regarding emissions can increase production costs.

Key Takeaways
The global engineering plastics market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from the automotive industry. Engineering plastics find widespread use in automotive applications owing to properties like corrosion resistance, high strength-to-weight ratio and durability.
Regionally, Asia Pacific dominates the global market and is expected to continue its lead, growing at over 6.0% CAGR till 2030. This can be attributed to rapid industrialization and growing automotive and electronics industries in China and India.

Key players operating in the engineering plastics market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. Major players are focusing on new product development and capacity expansions to better serve the growing demand.

Read Our More Blogs : https://www.dailyprbulletin.com/engineering-plastics-market-forecast-outlook-trend-2023-2030/