Market Overview
The global engineering plastics market reached a value of USD 129.9 Billion in 2024 and is expected to grow to USD 230.7 Billion by 2033, exhibiting a CAGR of 6.26% during the forecast period 2025–2033. Market growth is driven by rising demand for high-performance materials, increasing focus on sustainability through lightweight and eco-friendly plastics, and continuous technological advancements that enhance thermal, mechanical, and chemical properties.
Study Assumption Years
• Base Year: 2024
• Historical Years: 2019–2024
• Forecast Period: 2025–2033
Engineering Plastics Market Key Takeaways
• The global engineering plastics market size reached USD 129.9 Billion in 2024
• The market is expected to grow at a CAGR of 6.26% during 2025–2033
• The forecast period spans from 2025 to 2033
• Market growth is driven by rising demand for high-performance materials across multiple industries
• Technological advancements improving thermal stability and mechanical strength are expanding applications
• Automotive and electronics industries are major demand drivers due to lightweighting and advanced component needs
• Sustainability trends and regulatory pressures are accelerating adoption of eco-friendly engineering plastics
Sample Request Link
https://www.imarcgroup.com/engineering-plastics-market/requestsample
Market Growth Factors
The driving force for the engineering plastics market is the increase in demand for high-performance materials with superior strength, durability, heat and chemical resistivity. Engineering plastics are replacing metals and ceramics in various automotive, mechanical, packaging, and industrial applications due to their lightweight, low cost, ease of processing and design flexibility. This will promote market growth.
Owing to advances in polymer science, the thermal resistance, chemical resistance, and mechanical properties of engineering plastics allow molding applications to be used in hostile environments such as high temperature and corrosive chemical exposures. Lightweight and sustainable recyclable plastics continue to be a preferred choice in the automotive, electrical, electronics, and construction industries, owing to carbon and fuel reduction benefits.
The automobile and electronics industries continue to be important growth drivers for engineering plastics. Weight reduction is important to improve fuel economy and emissions, and engineering plastics are widely used in automotive engine parts, trim, and exterior components. In electronics, they are used for insulation, housings, connectors and switches, made possible by miniaturization, electrification and growth of electric vehicles and high-tech consumer electronics.
Market Segmentation
By Type
• Polyamide
• ABS
• Thermoplastic Polyesters
• Polycarbonates
• Polyacetals
• Fluoropolymers
By Performance Parameter
• High Performance
• Low Performance
By Application
• Packaging
• Building and Construction
• Electrical and Electronics
• Automotive
• Consumer Products
Regional Insights
Asia Pacific dominates the engineering plastics market, supported by rapid industrialization and manufacturing growth in China, India, and Japan. Strong demand from automotive, electronics, and construction sectors, along with cost-advantaged manufacturing and raw material availability, reinforces regional leadership. North America follows, driven by advanced automotive and electronics industries and the presence of major market players. Europe emphasizes sustainability and strict environmental regulations, supported by strong R&D and automotive capabilities. Latin America and the Middle East and Africa are emerging markets fueled by expanding construction, automotive, and infrastructure development.
Recent Developments and News
In October 2023, 3M Company announced accelerated environmental initiatives with a commitment to achieve carbon neutrality by 2050, supported by long-term investments. In July 2023, Avient Corporation launched thermoplastic elastomers with recycled content for vehicle interiors, addressing sustainability demands. In the same month, Arkema S.A. collaborated with partners to develop self-sufficient potable water filtration systems, highlighting innovation and sustainability focus within the industry.
Key Players
• AdvanSix
• Arkema
• Avient Corporation
• BASF SE
• Celanese Corporation
• CHIMEI
• Daicel Corporation
• Eastman Chemical Company
• LG Chem
• Polyplastics Co., Ltd.
• SABIC
• Teknor Apex
• Wittenburg Group
Customization Note
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
Request For Customization:
https://www.imarcgroup.com/request?type=report&id=4860&flag=E
About Us
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers create a lasting impact. The company provides a comprehensive suite of market entry and expansion services, including market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No: (D) +91 120 433 0800
United States: +1-201971-6302
Comments (0)