North America Engineering Plastics Market Outook 2031
The North America engineering plastics market size was USD 13.15 Billion in 2022 and is expected to reach USD 23.14 Billion by 2031 expand at a significant CAGR of around 6.48% during forecast period, 2023-2031. The growth of market is attributed to engineering plastics replacing traditional materials. The engineering plastics market is present in 24 countries across five continents.
Engineering plastics (such as polystyrene, PVC, polypropylene, and polyethylene) are a plastic material with superior mechanical and thermal qualities to more commonly used commodity plastics. Due to their durability, design flexibility, high strength-to-weight ratios, and low densities, engineering plastic is rapidly replacing metal in the construction and automotive industries.
The Covid-19 pandemic affected the demand and supply of North America engineering plastics 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.
North America Engineering Plastics Market Trends, Drivers, Restraints, and Opportunities
- Polyethylene terephthalate (PET) is a thermoplastic polyester engineering resin mostly used in engineering plastic due to its mechanical and electrical properties, melt flow characteristics, close molding tolerances, and high productivity from multi-cavity molds, which is projected to boost the market.
- Rising applications in the aerospace industry, as well as the adoption of green cars, is expected to drive the market.
- Slow growth in the automotive and transportation sector due to Covid-19 pandemic condition, restraint the market growth.
- Due to current environmental and economic conditions, an increasing demand for lightweight engineering plastic to reduce weight and improve fuel-efficient vehicles is projected to drive the market.
- Engineering plastics is mostly used in the electronics, construction, automotive, medical, and various other industries, is help to drive the market.
- Green vehicles, as a key to future growth, are predicted to boost the market for the manufactures.
Scope of the North America Engineering Plastics Market Report
The report on the North America engineering plastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Engineering Plastics Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Types (Fluoropolymers, Polycarbonate, Polyethylene Terephthalate, Polybutylene Terephthalate, Polyacetal/ Polyoxymethylene, Polymethyl Methacrylate, Polyphenylene Oxide, Polyphenylene Sulfide, Styrene Copolymers, Liquid Crystal Polymers, Polyether Ether Ketone, Polyimides, and Polyamides), Applications (Automotive & Transportation, Building & Construction, Consumer Goods, Electrical & Electronics, Industrial & Machinery, Packaging, and Medical)
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Geographic Scope
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United States, Canada, Mexico, and Rest of North America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SABIC.; BASF SE.; Solvay.; Covestro AG.; DuPont
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North America Engineering Plastics Market Segment Insights
The polyethylene terephthalate segment is expected to grow at a rapid pace
Based on product types, the North America engineering plastics market is divided into fluoropolymers, polycarbonate, polyethylene terephthalate, polybutylene terephthalate, polyacetal/ polyoxymethylene, polymethyl methacrylate, polyphenylene oxide, polyphenylene sulfide pps, styrene copolymers, liquid crystal polymers, polyether ether ketone, polyimides, and polyamides.
The polyethylene terephthalate segment is expected to grow at a rapid pace during the forecast period due to electrical and mechanical properties, it helps sensors, switches, motor housings, and other electrical applications. PET is used in industries such as plastic packaging, electronic, food & beverage, and automotive industries. Demand for PET resin is expected to rise throughout the forecast period due to rising demand for beverage packaging and the lack of a suitable substitute for PET resin.
The electrical segment is projected to expand at a high CAGR
Based on applications, the North America engineering plastic market is divided into automotive & transportation, building & construction consumer goods, electrical & electronics, industrial & machinery, packaging and medical. The electrical segment is projected to expand at a high CAGR during the forecast period.
Engineering plastics find application in automotive specially in electrical components, exterior & interior furnishings, chassis, power trains, and under the lid parts.
The United States is anticipated to constitute a key market share
In terms of geography, the North America engineering plastics market is classified as United States, Canada, Mexico, and Rest of North America. United States is expected to constitute a key share of the market during the projected period due to increasing use of engineering plastics in the electronics, construction, automotive, medical and various other industries.
Segments
The North America Engineering plastics market has been segmented on the basis of
Product Types
- Fluoropolymers
- Polycarbonate
- Polyethylene Terephthalate
- Polybutylene Terephthalate
- Polyacetal/ Polyoxymethylene
- Polymethyl Methacrylate
- Polyphenylene Oxide
- Polyphenylene Sulfide
- Styrene Copolymers
- Liquid Crystal Polymers
- Polyether Ether Ketone
- Polyimides
- Polyamides
Application
- Automotive & Transportation
- Building & Construction
- Consumer Goods
- Electrical & Electronics
- Industrial & Machinery
- Packaging
- Medical
Geography
- United States
- Canada
- Mexico
- Rest of North America
Key Players
Competitive Landscape
Key players competing in the North America Engineering Plastics market include SABIC.; BASF SE.; Solvay.; Covestro AG.; DuPont.
These key players are constantly implementing several marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to sustain industry position in the market.