(MENAFN- EIN Presswire) EINPresswire/ -- What Is The Expected Cagr For The Engineering Plastics Market Through 2025?
The size of the engineering plastics market has witnessed substantial growth over the recent years. With a compound annual growth rate (CAGR) of 8.1%, the market size is set to increase from $112.68 billion in 2024 to an impressive $121.77 billion in 2025. Factors contributing to this growth during the historic period include the replacement of conventional materials, a surge in the electrical and electronics sector, a heightened emphasis on sustainability, growth in the construction industry, and expansion in the medical devices sector.

Predictions indicate that the engineering plastics market will experience solid expansion in the coming years, with the market value rising to $176.22 billion in 2029, reflecting a compound annual growth rate (CAGR) of 9.7%. This projected growth during the forecasting period is largely due to factors such as 3D printing and additive manufacturing, modernization of infrastructure, aerospace applications, developments in the consumer electronics industry, and circular economy initiatives. The forecast period will also see trends such as high-performance thermoplastics, electronics miniaturization, smart and functional materials, customization and made-to-measure solutions, as well as a focus on health and safety compliance.

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What Are The Key Factors Driving Growth In The Engineering Plastics Market?
Advancements and expansion in the electrical and electronics sectors are predicted to drive the engineering plastics market's growth. The electronics industry encompasses production of consumer electronics, electrical components, and equipment incorporated in an array of products. Engineering plastics find extensive usage in the creation of diverse electronic devices, including computers, communication devices, switchgear, storage batteries, and switchboards. For instance, data from the Ministry of Electronics and Information Technology, a government agency based in India, anticipates the electronics manufacturing industry's growth from USD 75 billion in 2022 to an impressive USD 300 billion by 2026. Consequently, the accelerated growth in the electrical and electronics sectors spurs the demand for the engineering plastics market.

What Are The Top Players Operating In The Engineering Plastics Market?
Major players in the Engineering Plastics include:

. Covestro AG
. DuPont de Nemours Inc.
. LG Chem Ltd.
. Evonik Industries AG
. Mitsubishi Chemical Engineering Corporation
. BASF SE
. Celanese Corporation
. Solvay S.A.
. Dow Chemical Company
. Saudi Basic Industries Corporation

What Are The Major Trends That Will Shape The Engineering Plastics Market In The Future?
The engineering plastics market is seeing a rise in the prominence of bio-based or recycled-based materials, a trend that is being embraced by major businesses in the sector. These companies are shifting their focus to development of these eco-friendly alternatives to fortify their standings in the market. An example of this is Toray Industries, Inc., a producer of Engineering plastics like PPS, nylon, and PBT, based in Japan, which in August 2022 pioneered a fully bio-based adipic acid – a key component of nylon 66 (polyamide 66). This innovation was achieved using sugars derived from non-consumable feedstock, made possible via the synthesis of the firm's microbial fermentation and chemical purification technologies, which involves the use of separating membranes.

Comprehensive Segment-Wise Insights Into The Engineering Plastics Market
The engineering plastics market covered in this report is segmented –

1) By Type: Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, Other Types
2) By Performance Parameter: High Performance, Low Performance
3) By End-Use Industry: Automotive And Transportation, Consumer Appliances, Electrical And Electronics, Industrial And Machinery, Packaging, Other End-Use Industries

Subsegments:
1) By Acrylonitrile Butadiene Styrene (ABS): General Purpose ABS, High-Impact ABS, Flame-Retardant ABS
2) By Polyamide (Nylon): Nylon 6, Nylon 66, Other Nylon Grades
3) By Polycarbonate (PC): General Purpose Polycarbonate, Optical Grade Polycarbonate, Impact-Resistant Polycarbonate
4) By Thermoplastic Polyester (PET, PBT): Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT)
5) By Polyacetal (POM): Homopolymer Polyacetal, Copolymer Polyacetal
6) By Fluoropolymer: Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy Alkane (PFA)
7) By Other Types: Polyetheretherketone (PEEK), Polyphenylene Sulfide (PPS), Other Specialty Engineering Plastics

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Global Engineering Plastics Market - Regional Insights
In 2024, Asia-Pacific led the engineering plastics market and is anticipated to continue maintaining the swiftest growth over the prediction period. The engineering plastics market report encapsulates diverse regions namely Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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