According to a recent report by Grand View Research, Inc., the global engineering plastics market is projected to reach USD 230.64 billion by 2030, expanding at a CAGR of 7.8% from 2024 to 2030. The growing use of engineering plastics in the automotive sector is primarily driven by their lightweight properties, which contribute to lower fuel consumption compared to conventional materials such as metals and rubber. Rising concerns regarding consumer safety and health across industries—including electronics, construction, healthcare, automotive, and consumer goods—are expected to further propel market demand.

A major factor supporting the market's growth is the emphasis on reducing vehicle weight to lower fuel usage and cut carbon emissions, making engineering plastics an attractive alternative in automotive manufacturing. These materials are increasingly utilized in various automotive components such as engine encapsulation, dashboards, seating, exterior panels, and instrument panels. Additionally, growing global efforts to minimize post-consumer plastic waste have encouraged innovations in bio-based engineering plastics and enhanced recycling technologies. For example, in August 2023, Polyplastics Group introduced its DURACIRCLE™ initiative, aiming for a 100% recycling rate of engineering plastics.

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Engineering Plastics Market Report Highlights

• The styrene copolymers (ABS and SAN) resin type segment accounted for the largest revenue share of 33.7% in 2023.

• The automotive & transportation end-use segment led the market, contributing over 34.85% of the total revenue in 2023.

• Asia Pacific emerged as the leading regional market in 2023, fueled by the rapid expansion of industrial, construction, automotive, and electronics sectors in nations like India, Indonesia, Thailand, Bangladesh, and Vietnam.

• In Europe, Germany stood out as the top producer of engineering plastics, capturing around 34% of the regional revenue share.

Key Companies in the Engineering Plastics Market

• 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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