The global engineering plastics market was valued at USD 133.62 billion in 2023 and is projected to reach USD 230.64 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2030. Market growth is primarily fueled by the rising demand across a wide range of end-use industries, including packaging, automotive, and construction. Engineering plastics are increasingly preferred over conventional materials due to their lightweight properties, exceptional durability, and cost-effectiveness, which contribute to reduced production costs and improved product performance.

Engineering plastics differ from commodity plastics in that they offer superior mechanical and thermal properties, making them suitable for applications that require high strength, chemical resistance, and long-term performance. This makes them ideal for manufacturing automotive components, electronic housings, high-performance packaging materials, and construction parts.

The market remains slightly concentrated, with several prominent players holding significant shares. Leading companies include Eastman Chemical Company, Chevron Phillips Chemical Company LLC, Evonik Industries AG, and Mitsubishi Engineering-Plastics Corp. These players continuously invest in product innovation and portfolio expansion to meet the growing demand for specific polymer types, such as Polyethylene Terephthalate (PET) and Polybutylene Terephthalate (PBT).

An example of such innovation occurred in February 2023, when Polyplastics Co., Ltd., a leading engineering plastics manufacturer, launched DURANEX 201EB PBT resin, an electrically conductive grade PBT designed specifically for millimeter wave radar applications in the automotive industry. This reflects the growing importance of specialized engineering plastics in advanced automotive safety systems and the broader electric and autonomous vehicle sector.

Key Market Trends & Insights:

• Asia Pacific led the global engineering plastics market in 2023, accounting for 45% of total revenue. This dominance is supported by the region’s large-scale manufacturing base, rapid industrialization, and expanding automotive and electronics industries in countries such as China, Japan, and India.
• North America accounted for over 32% of global revenue in 2023, with the U.S. market projected to grow at a CAGR of 6.5% from 2024 to 2030. Growth in the region is supported by technological advancements, high demand from the automotive sector, and the push for sustainable, recyclable plastic solutions.
• The styrene copolymers segment including Acrylonitrile Butadiene Styrene (ABS) and Styrene Acrylonitrile (SAN) held the largest share at 33.7% in 2023, owing to their widespread use in consumer electronics, automotive interiors, and household goods.
• The automotive & transportation segment was the largest consumer of engineering plastics in 2023, accounting for over 34.85% of total demand. This is driven by the need for lightweight components to improve fuel efficiency and reduce carbon emissions, as well as the growing adoption of electric vehicles. The electrical & electronics segment is expected to record significant growth from 2024 to 2030, propelled by the rising demand for high-performance, heat-resistant materials in devices, appliances, and circuit components.

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Market Size & Forecast:

• 2023 Market Size: USD 133.62 Billion
• 2030 Projected Market Size: USD 230.64 Billion
• CAGR (2024-2030): 7.8%
• Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights:

To strengthen their market position and capture emerging opportunities, major players are employing both organic and inorganic growth strategies, including mergers & acquisitions, new product launches, capacity expansions, and joint ventures.

• In November 2023, Celanese Corp. announced the global commercial launch of two new polyamide compounds Frianyl PA W-Series and Celanyl PA B3 GF30 E—designed specifically for electric vehicle powertrain components and battery systems, highlighting the critical role of engineering plastics in the EV industry.
• In May 2023, Borealis, a leading provider of advanced and circular plastic solutions, and a European leader in base chemicals and mechanical recycling, launched Stelora, a sustainable engineering polymer. This innovation reflects the industry’s shift toward eco-friendly, high-performance materials that meet both functional and environmental requirements.

Key Players

• Grand Pacific Petrochemical Corporation
• Mitsubishi Engineering-Plastics Corporation
• Wittenburg Group
• Piper Plastics Corp.
• Chevron Phillips Chemical Company LLC
• Daicel Corporation
• Evonik Industries AG
• Eastman Chemical Company
• Ascend Performance Materials
• Ravago
• Teknor Apex
• Trinseo LLC
• Polyplastics Co., Ltd.
• Ngai Hong Kong Company Ltd.
• Ginar Technology Co., Ltd.

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Conclusion:

The global engineering plastics market is set for strong growth, driven by rising demand from automotive, packaging, and construction industries, along with the shift toward lightweight, durable, and cost-effective materials. With Asia Pacific leading in consumption and North America showing steady expansion, ongoing product innovations particularly for electric vehicles and sustainable solutions will play a key role in shaping market dynamics through 2030.