ENGINEERING PLASTICS MARKET ANALYSIS

Engineering Plastics Market Size and Trends

Global engineering plastics market is estimated to be valued at USD 119.32 Bn  in 2024 and is expected to reach USD 173.57 Bn  by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

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Rising adoption of engineering plastics across automotive, electronics, and construction industries due to beneficial properties such as lightweight, durability and resistance to heat and corrosion can drive the market growth. Rapid urbanization and growth in developed economies coupled with infrastructure development projects can boost consumption of engineering plastics. The stringent regulations regarding fuel efficiency and emission control can boost adoption of lightweight materials like engineering plastics in automotive industry. However, availability of substitutes at lower costs can hamper the market growth.

Growing Demand from the Automotive Industry

The automotive industry is always at the forefront of adopting new materials to reduce weight and improve fuel efficiency of vehicles. Engineering plastics are increasingly becoming materials of choice for various auto components due to their high strength-to-weight ratio as compared to metals. As regulations around the world become stricter for automakers to achieve certain mileage targets and reduce emissions, there is a renewed focus on substituting heavier metal parts with lightweight plastics. Engineering thermoplastics like polycarbonate, polyamide, acrylonitrile butadiene styrene, and polyoxymethylene allow automakers to shed valuable pounds from an average car that helps in fuel consumption. Engineering plastics provide designers greater flexibility to optimize part performance. For example, polyamides are finding more applications in under-the-hood components like air intake manifolds and fluid connector assemblies because of their fuel and oil resistance combined with fatigue and impact resistance. On the body exterior, polycarbonate usage is growing for applications ranging from daytime running lamp covers to side view mirror housing. These parts previously used coated metals but plastics reduce not just weight but part complexity and assembly costs. As automotive technology becomes more advanced with trends like hybrid and electric vehicles gaining traction, there has been huge demand for high performance plastics from auto OEMs and their suppliers in the near future.

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Growing consumer products industry can drive the market growth. Nowadays consumer expects high-tech devices and appliances that are lightweight, durable, and packed with features. This pushes OEMs to utilize materials like polycarbonate, polyamide, acrylic, and modified polyphenylene oxide in devices ranging from smartphones, laptops, and TVs to washing machines, refrigerators, and blenders. Engineering thermoplastics allow thinner and more compact designs without compromising on strength. Forexample, , polycarbonate is the material of choice for parts like phone casings, tablet covers, and appliance exterior panels due to its impact resistance and ability to be molded into complex shapes. Polyamides are used as structural components, drawers, and fasteners where their self-lubricating nature prevents wear and tear.