ENGINEERING PLASTIC MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Engineering plastics find applications in various industries, such as automotive, packaging, and electrical and electronics. Engineering plastics at the global level had a revenue of USD 105 billion in 2022.

Engineering plastic consumption in Asia-Pacific witnessed a growth of 7.18%, by value, in 2022 compared to 2021 and had the largest share of 55.62%. This was attributed to the packaging and electrical and electronics industries, which held 18.52% and 42.25% of the market shares, respectively, by value. With the rising demand for ready-to-eat convenience food, the consumption of packaging materials has increased, bolstering the sales of engineering plastics in the region. The surge in demand for electronic devices is a consequence of companies adopting work-from-home models and people setting up home offices.

Africa is the fastest-growing region for the consumption of engineering plastics, and it witnessed a growth of 7.39% in terms of value in 2022 compared to 2021, led by the building and construction industry, which is expected to record a CAGR of 6.56%, by volume, during the forecast period. South Africa is expected to have around 88.17 million sq. ft of new floor area in 2023, and it is forecast to reach 101.69 million sq. ft by 2029, thereby increasing the demand for engineering plastics in the country during the forecast period.

The Engineering Plastics Market is projected to register a CAGR of 6.96% Electrical and Electronics is the Largest End User Industry. The segment occupied the major market share due to the widespread applications of engineering plastics, mostly styrene copolymers, PC, and PA in advanced and smart electrical devices. Electrical and Electronics is the Fastest-growing End User Industry. The electronics segment is expected to witness the fastest growth due to the superior properties of engineering plastics, such as lightweight, good impact resistance, higher flexibility, and fire resistivity.

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