Engineered Plastics Market-Overview
The engineered plastics market is one of the keynote markets that is widely introspected based on upcoming demand from end use marketspaces. The market for engineered plastics is driven by their properties and utility in low friction components, mechanical components under high stress environment, chemical & heat resistant unit production, high light transmission applications, and several electronic parts and more.
MRFR recognizes the following companies as the key players in the global Engineered Plastics Market— Covestro (Germany), BASF SE (Germany), Celanese Corporation (US), Dow Inc. (US), DSM Corporation (Netherlands), Solvay (Belgium), LG Chem (South Korea), LyondellBasell (Netherlands), ElringKlinger AG (Germany), Lanxess AG (Germany), Evonik industries (Germany), SABIC (Saudi Arabia), Ester Industries Limited (India), Polyvisions Inc. (US), and Mitsubishi Engineered Plastics (Japan) among others.
The global engineered plastics market is projected to be valued at USD 223.98 billion by the end of 2030, registering a CAGR of around 9.7% during the forecast period.
The core advantages of using engineered plastics include their favorable chemical properties, good mechanical characteristics, high strength, self-lubrication, rigidity, fire safety, and more. Due to favorable properties of engineered plastics, they are vividly utilized across automobile producers, aerospace industry participants, packaging industry solution providers, food packaging sector, consumer appliances, electronic product manufacturers and more globally.
However, the market is also undergoing constant innovations by key plastic manufacturing companies and is highly fragmented in nature. Companies such as Solvay SA, BASF SE, LyondellBasell, Evonik Industries and more are increasing their product portfolio as well as constantly striving to enhance their market presence and reach. These companies are also observed to be diversifying their business into catering niche markets to establish sustainable business across key geographies worldwide.
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Covid Impact Analysis
The outbreak of the recent COVID-19 pandemic has resulted in various operational downshifts due to shutting down of factories as well as businesses, temporarily cancelled water and air transport routes for cross-border trades, and strict impositions of nation-wide lockdowns. These factors, as a whole, had negatively impacted the overall engineered plastics industry on a global scale. Companies operating in the global network faced substantial turbulence in terms of feedstock availability and product distribution to end use marketspaces.
During the pandemic, the drop in demand was noteworthy during the late 2019, 2020, and early 2021 quarters of the years. End use marketspaces were faced forced shutdowns to restrict the spread of the virus, wherein factories were shut and demand from automotive, packaging, construction, electronics, and other key allied sectors dropped significantly. These factors led to drop in sales volume of engineered plastics across end use markets.
However, since the second quarter of 2021, the global economies revamped their operations and are gradutally gaining traction in terms of product supply and distribution. Further, to recover from economic losses, the governments globally coupled with managements are observed to be imposing numerous monetary and fiscal policies worldwide to subside the damage caused during the recent pandemic. This in turn is expected to result in certain relief for consumers as well as product manufacturers on a global scale.
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The global engineered plastics market has been segmented on the basis of type, end use, and region. Based on engineered plastic type, the global market has been segmented into Acrylonitrile Butadiene Styrene (ABS), polyamides, polycarbonates, thermoplastic polyester, polyacetales, fluoropolymers, Polyphenylene Sulfide (PPS), Polymethyl Methacrylate (PMMA), Polyphenylene Oxide (PPO), Polyetheretherketone (PEEK), Polyethylene Terephthalate (PET), and others.
The market is anticipated to be driven by increased consumption of PET engineered plastics, due to their robust array of applications across end use markets. Further, in terms of end use markets, the engineered plastics industry has been categorized into automotive & transportation, consumer appliances, electrical & electronics, industrial & machinery, packaging, medical, and others. Increased dependency of automakers, aerospace innovators, packaging solution providers, and electronics industry participants on engineered plastic products is observed to be paving way for higher consumption of the product globally.
Continuous product innovation, process reforms and enhancement of supply chain within companies operating globally has been a key attribute to market growth. High technological advancement across end use markets including packaging, construction and more was further observed to boost market growth and development over the past years. For instance, modifications within automotive sector in order to reduce component weight with replacing heavy-weight metal parts with light-weight alternative engineered plastic components in the industry.
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