Engineering plastics are synthetic plastics designed to withstand high temperatures and pressures and exhibit superior strength, toughness, and stability comparing to commodity plastics. They are widely used in automotive parts, consumer electronics, medical devices and industrial applications due to their exceptional properties. Engineering plastics are replacing conventional materials in various applications owing to their lightweight and potential to decrease fuel consumption in automobiles. Some common engineering plastics include polycarbonate, acrylonitrile butadiene styrene (ABS), polyamide, and polyamide imide among others.

The global engineering plastics market is estimated to be valued at US$ 130.68 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The engineering plastics market is primarily driven by rising demand from automotive industry. Automotive manufacturers are extensively using engineering plastics to reduce weight and improve fuel efficiency of vehicles. Moreover, stringent regulations regarding carbon emission are prompting automakers to replace heavier conventional materials with lightweight engineering plastics. Another driver augmenting market growth is increasing consumption of consumer electronics. Miniaturization trend and growing demand for devices with complex designs are fueling utilization of engineering plastics in this sector.

However, volatility in raw material prices remains a key challenge for market players. Fluctuations in crude oil prices whose derivatives are used in production of engineering plastics can adversely impact manufacturing costs. Additionally, limited recyclability properties of engineering plastics compared to metals and paper pose a threat to environment and pose restraints on market expansion.

SWOT Analysis

Strength: Engineering plastics have high tensile strength and are highly durable. They are resistant to heat, chemicals, and corrosion and can withstand harsh environments. They also have good electrical insulation properties. Being lightweight, they help reduce fuel consumption and emissions.

Weakness: Engineering plastics are more expensive to produce than conventional plastics. They require specialized production processes and equipment. Development of new types of engineering plastics is a long process requiring extensive research and testing.

Opportunity: Growing automotive industry in emerging economies increases the demand for automotive components made from engineering plastics. Rising industrial automation drives the need for components that can operate reliably in different conditions. The aerospace industry adopts newer engineering plastics to make aircraft lighter and more fuel efficient.

Threats: Fluctuating crude oil prices affect the raw material costs of plastics. Stringent environmental regulations push manufacturers to develop biodegradable and recyclable alternatives to curb plastic waste. Trade wars and geo-political tensions disrupt global supply chains of engineering plastics.

Key Takeaways

The Global Engineering Plastics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 130.68 Billion by 2023 from US$ 92.57 Billion in 2018, at a CAGR of 4.5%.

Regional analysis: Asia Pacific dominates with over 35% share of the global market due to large manufacturing bases in China, India, Japan, and South Korea. Many key industries such as automotive, electronics, packaging, and construction are concentrated in the region and drive the demand for engineering plastics.

Key players operating in the Engineering Plastics market include Kitchen Magic, Rev-A-Shelf, Knape & Vogt Manufacturing Company, Enclume Design Products, Kesseböhmer Clever Storage, ShelfGenie Franchise Systems, LLC, Old Dutch International, Anchor Hocking, LLC, Blum Australia Pty Ltd, Inter IKEA Systems B.V., Flywell International Corp, Masterclass Kitchens, and Others. Kitchen Magic leads in home storage solutions while Anchor Hocking is a prominent player in the tableware market. Inter Ikea offers innovative furniture systems using engineering plastics.

Get More Insights Here

https://www.trendingwebwire.com/engineering-plastics-market-size-share-growth-outlook-2023/