The engineering plastics market is influenced by various factors such as the growing demand from end-use industries such as automotive, electrical & electronics, and construction. The need for high-performance materials with improved mechanical, thermal, and chemical properties has led to the increasing adoption of engineering plastics. Technological advancements and innovations in the manufacturing process have also propelled the market growth. However, the volatility in raw material prices and the strict environmental regulations imposed by the government may hinder the market growth. The Asia Pacific region dominates the market owing to the increasing demand from emerging economies such as China and India. The key players in the market include BASF SE, DowDuPont Inc., SABIC, Covestro AG, and LG Chem Ltd.
Global Engineering Plastics Market was valued at US$ 115.0 Billion in 2021 in terms of revenue, exhibiting a CAGR of 6.6% during the forecast period (2022 to 2030).
Major Players in the Engineering Plastics Industry:
1. Arkema Group
Founded in 2004, Arkema Group is a French chemical company headquartered in Colombes, France. It operates in over 50 countries and employs approximately 20,000 people. In the field of engineering plastics, in September 2021, Arkema announced that it has launched a new range of high-performance thermoplastic polymers under the brand name Elium. The new range of polymers is designed to meet the growing demand for sustainable, lightweight materials in various industries, including automotive, aerospace, and consumer goods.
2. Asahi Kasei Corporation
Asahi Kasei Corporation is a Japanese chemical company founded in 1922 and headquartered in Tokyo, Japan. It operates in over 30 countries and has approximately 40,000 employees. In the field of engineering plastics, in July 2021, Asahi Kasei announced that it has started the construction of a new plant in China for the production of its Leona engineering plastic. The new plant, which is scheduled to start operation in 2023, will increase Asahi Kasei's production capacity for Leona by 5,000 tons per year.
3. BASF SE
BASF SE is a German chemical company founded in 1865 and headquartered in Ludwigshafen, Germany. It operates in over 80 countries and has approximately 110,000 employees. In the field of engineering plastics, in September 2021, BASF announced that it has launched a new high-performance polyamide under the brand name Ultramid Advanced N. The new polyamide is designed to meet the growing demand for lightweight, high-strength materials in the automotive and aerospace industries.
4. Covestro
Covestro is a German-based company that was founded in 2015 as a spin-off from Bayer. The company has its headquarters in Leverkusen, Germany and operates in over 30 countries. Covestro is a leading manufacturer of high-performance polymers and engineering plastics, including polycarbonate, polyurethane, and thermoplastic polyurethane. In February 2023, Covestro announced that it has developed a new grade of polycarbonate that can withstand temperatures up to 200°C. This new polycarbonate grade is intended for use in high-temperature applications, such as automotive and electronics.
5. DSM N.V.
DSM is a Dutch-based company that was founded in 1902. The company has its headquarters in Heerlen, Netherlands and operates in over 50 countries. DSM is a global science-based company that produces a range of products, including engineering plastics. In November 2022, DSM announced that it has developed a new range of engineering plastics that are made from renewable feedstocks. These plastics are intended for use in a variety of applications, including automotive, electronics, and packaging.
6. Dupont
Dupont is an American-based company that was founded in 1802. The company has its headquarters in Wilmington, Delaware, USA and operates in over 70 countries. Dupont is a leading manufacturer of a range of products, including engineering plastics. In June 2022, Dupont announced that it has developed a new grade of high-performance engineering plastic that is specifically designed for use in the automotive industry. This new plastic is intended to replace metal in a range of automotive applications, such as engine components and transmission parts.
7. Lanxess
Lanxess is a German-based company that was founded in 2004. The company has its headquarters in Cologne, Germany and operates in over 30 countries. Lanxess is a leading manufacturer of specialty chemicals and engineering plastics. In September 2022, Lanxess announced that it has developed a new range of polyamide compounds that are designed for use in high-performance applications, such as automotive and electronics.
8. LG Chem.
LG Chem is a South Korean-based company that was founded in 1947. The company has its headquarters in Seoul, South Korea and operates in over 80 countries. LG Chem is a leading manufacturer of a range of products, including engineering plastics. In January 2023, LG Chem announced that it has developed a new range of thermoplastic polyurethane (TPU) resins that are designed for use in high-performance applications, such as automotive and electronics.
9. Mitsubishi Engineering-Plastics Corporation
Mitsubishi Engineering-Plastics Corporation is a Japanese-based company that was founded in 1994. The company has its headquarters in Tokyo, Japan and operates in over 20 countries. Mitsubishi Engineering-Plastics Corporation is a leading manufacturer of high-performance engineering plastics. In August 2022, Mitsubishi Engineering-Plastics Corporation announced that it has developed a new range of polyphenylene sulfide (PPS) compounds that are designed for use in high-temperature applications, such as automotive and aerospace.
10. Saudi Basic Industries Corporation (Sabic)
Sabic is a Saudi Arabian-based company that was founded in 1976. The company has its headquarters in Riyadh, Saudi Arabia and operates in over 50 countries. Sabic is a leading manufacturer of a range of products, including engineering plastics. In April 2022, Sabic announced that it has developed a new range of polyetherimide (PEI) resins that are designed for use in high-performance applications, such as automotive and aerospace.
11. Celanese Corporation
Celanese Corporation is an American chemical company founded in 1918 and headquartered in Irving, Texas, United States. It operates in over 30 countries and has approximately 7,700 employees. In the field of engineering plastics, in August 2021, Celanese announced that it has launched a new range of thermoplastic composites under the brand name Fortron PPS.
*Definition- Engineering plastics are a type of high-performance polymer that exhibit superior mechanical, thermal, and chemical properties. They are used in various industries, including automotive, electrical & electronics, and construction, to manufacture parts that require durability and strength.
