Europe Engineering Plastics Market Outlook
The Europe Engineering Plastics Market size was USD 21.22 Billion in 2022 and is likely to reach USD 35.52 Billion by 2031, expanding at a CAGR of 5.89% during 2023–2031. The growth of the market is attributed to the growing trend of green vehicles and rising awareness about the reduction of vehicular emissions.
Engineering plastics are highly versatile plastics and possess superior physical, mechanical, and electrical properties. The engineering plastic materials have high stability, heat resistance, superior chemical resistance, abrasion resistance, and weather-ability. The products that are manufactured using engineering plastic are the prominent growing segments of the plastic industry
Metals and glasses are commercially replaced by lighter materials due to the continuous industrial investments and technological advancements. Polyamides are widely used to replace metallic automotive gear shift module due to high-strength and light in weight. The replacement of metals with alternatives made from engineering plastic helps in weight reduction, integration of parts, design freedom, and decreases the manufacturing costs in automotive & transportation industry.
The government policies and concerns regarding fuel efficiency standards has encouraged automobile manufacturers to focus on enhancing the fuel economy by replacing the traditional materials with engineering plastics.
The COVID-19 pandemic had a dramatic impact on the dynamics of various industries. The outbreak had negatively affected the growth and expansion of the engineering plastics market. The pandemic situation had led to implementation og the stringent regulations and nationwide lockdowns, which resulted into the consequent disruption in supply-chain, production, transportation, and research & development activities.
Market Trends, Drivers, Restraints and Opportunities
- Rising demand for connected vehicles and increasing awareness about air pollution are the major factor propelling the market expansion during the projected period.
- Growing trend for lightweight and green vehicles is estimated to contribute to the market expansion during the forecast period.
- Engineering plastics replacing traditional materials due to its superior physical, chemical, and electrical properties is estimated to positively influence the market growth in the coming years.
- Stiff competition from other polymers and complex technical processes is expected to hamper the market growth during the forecast period.
- Rising industrial investments and increasing demand from emerging markets is expected is estimated to create numerous opportunities for the market growth in the coming years.
Scope of Europe Engineering Plastics Market Report
The report on the Europe engineering plastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
||Engineering Plastics Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
||Product Types (Polyethylene Terephthalate, Polycarbonate, Polybutylene Terephthalate, Polyimides, Polymethyl Methacrylate, Polyether Ether Ketone, Liquid Crystal Polymers, Polyphenylene Oxide, Polyphenylene Sulfide, Styrene Copolymers, Polyacetal/Polyoxymethylene, and Fluoropolymers) and Applications (Consumer Goods, Electrical & Electronics, Medical, Automotive & Transportation, Packaging, Building & Construction, and Industrial & Machinery)
||The UK, Germany, Italy, France, The Netherlands, Spain, Russia, Nordic Countries, and Rest of Europe
||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|Key Players Covered in the Report
||DuPont; Solvay; BASF SE; Covestro AG; and SABIC
Europe Engineering Plastics Market Segment Insights
Polyethylene terephthalate segment is expected to grow at a rapid pace
Based on product types, the market is segregated into polyethylene terephthalate, polycarbonate, polybutylene terephthalate, polyimides, polymethyl methacrylate, polyether ether ketone, liquid crystal polymers, polyphenylene oxide, polyphenylene sulfide, styrene copolymers, polyacetal/polyoxymethylene, and fluoropolymers.
The polyethylene terephthalate segment is expected to grow at a rapid pace during the forecast period owing to the high productivity from multi-cavity molds, close molding tolerances, and excellent melt flow characteristics. Furthermore, the polyethylene terephthalate is used to replace metals in sensors, switches, motor housings, and other electrical applications on commercial basis due to it exceptional mechanical and electrical properties.
It is used to store frozen foods and carbonated drinks & juices owing to its great barrier properties. Therefore, the wide range industrial utilization and increasing demand for beverage packaging is expected to encourage the growth of the market segment. On the other hand, the polyacetal/polyoxymethylene segment is anticipated to hold a significant market share during the forecast period due to the rising demand from automotive & transportation, industrial machinery, consumer goods, and electrical & electronics industry.
Automotive & transportation segment is anticipated to register at a substantial CAGR
On the basis of applications, the Europe engineering plastics market is segregated into consumer goods, electrical & electronics, medical, automotive & transportation, packaging, building & construction, and industrial & machinery. The automotive & transportation segment is anticipated to register at a substantial CAGR during the forecast period owing to the growing awareness on reducing vehicle weight and increasing demand for improved fuel efficiency.
Furthermore, the rising demand from automotive interior, exterior, and powertrain domain is expected to propel the growth of the market segment in the coming years. However, the building & construction segment is anticipated to hold a significant market share during the forecast period due to the increasing demand for light-weight cladding panels, cables, Pipes & gutters, and insulation materials.
Germany is anticipated to constitute a key market share
In terms of geography, the Europe engineering plastics market is classified as the UK, Germany, Italy, France, the Netherlands, Spain, Russia, Nordic Countries, and Rest of Europe. Germany is anticipated to constitute a key share of the market during the projected period owing to the increasing advancement in automotive, aerospace, and electronic industries.
Moreover, the consumption of newer engineering and high-performance plastics for construction purposes is expected to boost the market growth in the country. On the other hand, the market in France is anticipated to exhibit a robust CAGR during the forecast period due to increasing exportation of electrical gadgets, growing industrial investments, and high consumption of engineering plastics.
The Europe engineering plastics market has been segmented on the basis of
- Polyethylene Terephthalate
- Polybutylene Terephthalate
- Polymethyl Methacrylate
- Polyether Ether Ketone
- Liquid Crystal Polymers
- Polyphenylene Oxide
- Polyphenylene Sulfide
- Styrene Copolymers
- Consumer Goods
- Electrical & Electronics
- Automotive & Transportation
- Building & Construction
- Industrial & Machinery
- the UK
- Nordic Countries
- Rest of Europe
Key players competing in the Europe engineering plastics market are DuPont; Solvay; BASF SE; Covestro AG; and SABIC. Companies are focusing on growing manufacturing facilities, along with forming strong distribution networks with other industry players in order to expand their market shares.
In November 2021, BASF SE opened research & development facility at engineering plastics innovation center of Ansan, Korea to combine the R&D team and competencies from polyamide business of Solvay and consumer electronics competency center. The initiative aimed for greater efficiency, synergy, and holistic support for the competency center market.
In November 2021, DuPont announced a series of strategic actions to advance the portfolio for near and long-term value creation to focus on high-margin businesses with complementary technology, market-leading high-growth, and financial characteristics.
In November 2021, Solvay launched an alkylphenol ethoxylates-free and non-ionic reactive water-based emulsifier for solid epoxy resins to meet the sustainable development challenges and regulatory requirements in engineering plastic processes. The cost-effective waterborne emulsifier was developed for its utilization in industrial coatings, paints, and binders. The technology allows for the formulation of high-performance epoxy-based coatings with an appreciably lower level of volatile organic compounds.