PUNE, India, May 30, 2024 /PRNewswire/ -- Engineering plastics have transformed industries by establishing themselves as superior alternatives to metals in high-strength applications. With outstanding physical and mechanical properties, they offer excellent dimensional stability, creep and fatigue resistance, and low friction coefficients.
The global engineering plastic market has experienced robust growth, primarily fueled by increasing demand from China and other Asian nations. Traditionally, economically mature regions such as North America and Western Europe have witnessed below-average growth rates, leading to a decline in their market share compared to the thriving Asia-Pacific market. Central & Eastern European demand is anticipated to grow moderately at approximately 3% in the long-term forecast, albeit from a relatively low starting point.
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Engineering Plastics Market Overview
The Central & South American region is projected to witness a CAGR of around 3.4% until 2032. However, this growth is contingent on how countries like Venezuela navigate regional political uncertainties, inflation, and other economic challenges. The Middle Eastern & African markets, starting from a small base, have exhibited the highest growth rates, with an anticipated annual average growth of 4%. Notably, new capacities are expected to be added predominantly in China and the USA during the forecast period.
In 2022, global engineering plastics market size is estimated to be 55,000 kilo tons. The consumption of engineering plastics surpasses global GDP growth, and this trend is expected to persist in the long term. High growth rates are forecasted across all regions, particularly in Asia-Pacific and Central & Eastern Europe, where the demand is projected to reach 48,542 kilo tons by 2032, growing at a rate of 4.1%.
The packaging sector dominates the engineering plastics market, constituting nearly 50% of global demand. This includes applications ranging from food and consumer uses to industrial applications, with PET being a major contributor. Following packaging, electrical and electronics, as well as automotive applications, represent significant segments for engineering plastics demand. Historically, packaging, especially PET, has witnessed rapid growth. Notably, polycarbonate applications have shown a faster growth rate due to its superior mechanical properties, providing an optimal stiffness-to-toughness balance compared to other plastics.
Market Dynamics
Drivers
- Metals Replacement Properties & tightening of emission standards
- Growth in Electric and Hybrid Vehicles Market
- 13th five Year plan in China & India's Make in India Movement
- Strong Growth for Asian Automotive Sector
- Growing Demand for Recyclable Plastics
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