Asia Pacific Engineering Plastic Market Share, Size & Growth | 2031

Report Description

Asia Pacific Engineering Plastic Market Outlook 2031

The Asia Pacific engineering plastic market size was valued at USD 59.54 Billion in 2022 and is likely reach to USD 112.26 Billion by 2031, expanding at a CAGR of 7.3%  during the forecast period, 2023–2031. The growth of the market is attributed to rising demand for engineering plastics in the automotive industry due to demand for production of light vehicles.

Plastics, also called as polymers, are used to make a wide variety of products, from paper clips to spacecraft due to their versatility, ease of manufacturing, ductility, lightness, water resistance, and low cost. The cause of polymer degradation prompts manufacturers to use renewable resources plastics made from renewable biomass sources such as corn, starch, and food waste are called bio plastics.

Get Free Sample Report

Growing demand for plastic packaging solutions to protect products is an important driving force for the market. Engineering plastics are a group of plastics with the best mechanical and thermal properties. The motor uses a group of plastics such as polystyrene and polyethylene. These materials have special properties such as high strength, high wear resistance, and fatigue resistance. Engineering plastics are manufactured for special applications, so they are expensive.

The Covid-19 pandemic affected the demand and supply of Asia Pacific engineering plastic market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Asia Pacific Engineering Plastic Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for engineering plastic from packaging industry is expected to boost the market during the forecast period.
• Rapid growth of the automotive industry owing to demand for light weight vehicles is major factors fueling the market during the forecast period.
• Growing environmental awareness and adoption of bio-based products is anticipated to drive the market during forecast period.
• High volatility in raw material prices is projected to hamper the market growth.
• Stringent regulations by government on the usage of harmful plastics act as major factors that can restrict the market growth during the forecast period.
• R&D investment and development of eco-friendly plastics and introduction of electric vehicles in the market is expected to offer lucrative opportunities for the market players.

Scope of The Asia Pacific Engineering Plastic Market

The report on the Asia Pacific engineering plastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Asia Pacific Engineering Plastic Market Segment Insights

The polyethylene terephthalate segment is projected to hold a major market share

On the basis of product types, the Asia Pacific engineering plastic market is divided into polybutylene terephthalate, polycarbonate, polyethylene terephthalate, fluoropolymers, polymethyl methacrylate, polyphenylene sulfide pps, polyoxymethylene, styrene copolymers, liquid crystal polymers, polyether ether ketone, polyphenylene oxide, polyimides, and polyamides.

The polyethylene terephthalate segment is expected to represent a key share of the market during the forecast period. PET resin is known for its excellent melt flow properties, strict mold tolerances, and high cavity productivity. PET and polyolefin are most widely used materials in the plastic packaging industry.

These products mainly include takeaway containers, frozen foods, lemonade and juice, tomato paste, mineral water, canned food, and baking containers. They are also used in the food industry to make mussels, gourmet packaging, and microwave food trays.

On the other hand, the polyamides segment is anticipated to expand at a rapid pace during the forecast period. Polyamide is mainly used in the textile industry because of its strong and flexible properties. These advantages make it suitable for clothing, carpets, and other products.

Get Free Sample Report

The automotive & transportation segment is expected to register at a significant pace

Based on applications, the market is segmented into automotive & transportation, building & construction, consumer goods, electrical & electronics, industrial & machinery, packaging, and medical.

The automotive & transportation segment is expected to hold a key share of the market during the forecast period owing to increasing use of lightweight materials to meet the industry's goals of increasing carbon dioxide emissions and improving fuel efficiency.

Get Free Sample Report

 Asia Pacific Engineering Plastic Market Regional Outlook

China is anticipated to dominate the market

On the basis of regions, the Asia Pacific engineering plastics market is classified as India, Japan China, South Korea, and Rest of Asia Pacific. The market in China is anticipated to expand at a high CAGR during the forecast period. In recent years, sufficient supply of raw materials and low production costs have contributed to the increase in the output of the country's engineering plastics market.

Due to population growth, urbanization, and the replacement of many metals with suitable engineering plastics in various industries such as packaging and automobiles, the consumption of engineering plastics has increased.

Automotive industry is one of the rapidly growing industries in the country, owing to rising consumer disposable income and increasing vehicle production. With rise in the disposable income of the middle class, the demand for electronic products is expected to drive demand for engineering plastics such as polycarbonate and ABS.