Global Engineering Plastics Market Analysis And Forecast (2023-2028)

Global Engineering Plastics Market Analysis and Forecast (2023-2028)

The global engineering plastics market is expected to grow at a CAGR of 6.96% during 2023-2028, with the electrical and electronics industry being the largest end-user industry. 

Engineering plastics are used in a wide range of applications including fluoropolymers, polycarbonates, thermoplastic polyesters, polyformaldehyde, polymethylmethacrylate, styrene copolymers, polyamides, and polyether ether ketones. These materials find applications in automotive and transportation, building and construction, consumer goods, electrical and electronics, packaging, and others. Asia Pacific is the largest regional market, followed by North America, Europe, South America, and the Middle East & Africa.

In 2022, the global engineering plastics market accounted for a revenue of $105 billion. Of these, Asia Pacific dominated the market with a market share of 55.62%, mainly due to the demand from the packaging and electrical electronics industries. The packaging and electrical electronics industries accounted for 24.07% and 30.93% of the overall engineering plastics market revenue, respectively. The packaging industry has become the largest end-user industry in the world due to urbanization and changes in household demographics. The electrical and electronics industry, on the other hand, is the fastest growing end-user industry and is expected to grow at a CAGR of 8.09% during 2023-2029.

In the African region, the consumption of engineering plastics is growing rapidly, especially in the construction industry. New construction in South Africa is expected to reach about 88.17 million square feet in 2023 and 101.69 million square feet by 2029. This will further boost the demand for engineering plastics in the country. The global engineering plastics market is expected to grow at a CAGR of 6.94% during the forecast period (2023-2029), with the electrical and electronics industry registering the highest CAGR of 8.09%.

Overall, the growth of the engineering plastics market is benefiting from its application in various industries, especially in electrical and electronics, packaging, and automotive. The engineering plastics market is expected to continue to grow with the increasing demand for high performance materials.