Global Special Engineering Plastics Market 2023

Description
Special engineering plastics are a category of engineering plastics that possess exceptional comprehensive properties and can withstand long-term service temperatures of over 150°C. These plastics offer several advantages, including high temperature resistance, insulation, corrosion resistance, and high mechanical strength. They are widely used in various industrial applications due to their ability to replace metal components while providing lightweight solutions. Common types of special engineering plastics include polyphenylene sulfide (PPS), high-performance polyamide (PPA), polysulfone (PSF), and polyetherketone (PAEK).

Polyphenylene sulfide (PPS) is known for its excellent heat resistance and chemical resistance, making it suitable for applications in automotive, electrical, and electronic industries. High-performance polyamide (PPA), also known as high-temperature nylon, offers exceptional mechanical strength and dimensional stability at elevated temperatures. Polysulfone (PSF) encompasses different types such as bisphenol A-type polysulfone PSU, polyphenylene sulfone PPSU, polyethersulfone PESU, and polyarylsulfone PASF. These materials provide a combination of high strength, thermal stability, and resistance to chemicals and hydrolysis. Polyetherketone (PAEK) includes variants like polyetheretherketone PEEK, polyetherketoneketone PEKK, and polyetherketones PEK, which exhibit excellent mechanical, thermal, and chemical properties.

Despite their remarkable characteristics, special engineering plastics account for a relatively small portion, approximately 0.1%, of the global consumption of thermoplastics. However, the global market for special engineering plastics is projected to experience significant growth in the coming years. According to the latest estimates, the market is expected to achieve incremental growth of USD 5.2 billion, with a compound annual growth rate (CAGR) of almost 7.9% during the forecast period from 2023 to 2029.

In the automotive industry, the demand for specialty engineering plastics is primarily driven by two factors: lightweighting and electrification. These plastics can replace metal materials in components exposed to high temperatures, such as ignition, fuel, braking, and cooling systems, contributing to weight reduction and improved fuel efficiency. The increasing assembly temperature of electronic components and the higher frequency of communication transmission also fuel the demand for special engineering plastics. For instance, liquid crystal polymer (LCP) has become a preferred material for 5G antennas, as well as for connectors and servo motors in robotics.

To provide a comprehensive analysis of the global market for special engineering plastics, industry reports segment the market based on product, application, and region. The product segment includes polyphthalamide (PPA), polyphenylene sulfide (PPS), polyimide (PI), polysulfone, polyetherketoneketone (PAEK), liquid crystal polymer (LCP), and others. Among these, polyphthalamide (PPA) has been the largest segment in terms of market share.

When considering the application of special engineering plastics, the transportation sector has accounted for the largest share of revenue in the market. This is due to the increasing adoption of lightweight materials in automotive and aerospace industries to improve fuel efficiency and reduce emissions. Other significant applications include electrical and electronics, industrial, and consumer goods.

Geographically, the special engineering plastics market is segmented into regions such as the USA, Europe, China, Japan, and the rest of the world (RoW). Among these regions, China has been the highest revenue generator in 2022, driven by its thriving automotive and electronics industries.

Major Companies and Competitive Landscape
The global market for special engineering plastics is characterized by intense competition among key players. As of 2022, several prominent companies held significant market shares and played a vital role in shaping the industry landscape. These major players included BASF SE, SABIC, Solvay S.A., Sumitomo Corporation Group, DIC Corporation, Toray Industries Inc., Kureha Corporation, Royal DSM N.V., HDC Hyundai EP Company, Celanese Corporation, Arkema S.A., AKRO-PLASTIC GmbH, Evonik Industries AG, Victrex plc, Mitsubishi Chemical Corporation, and Daicel Corporation.

The report’s emphasis on data-driven analysis ensures that it provides reliable and actionable information for investors considering future investments in the special engineering plastics market. By presenting a comprehensive assessment of the market’s current state and future prospects, the report enables investors to evaluate the market’s potential, assess risks, and make informed investment decisions.

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Global Special Engineering Plastics Market 2023

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Global Special Engineering Plastics Market 2023 - Report Scope
REPORT ATTRIBUTE

DETAILS

Market Size (2022)

USD 8.4 Billion

Base Year

2022

Forecast Year

2023-2029

CAGR (2023-2029)

7.9%

Pages

23

Segments By

Product, Application, Region

Regions Covered

USA, Europe, China, Japan, RoW (Rest of World)

Key Players

BASF SE, SABIC, Solvay S.A., Sumitomo Corporation Group, DIC Corporation, Toray Industries Inc., Kureha Corporation, Royal DSM N.V., HDC Hyundai EP Company, Celanese Corporation, Arkema S.A., AKRO-PLASTIC GmbH, Evonik Industries AG, Victrex plc, Mitsubishi Chemical Corporation, Daicel Corporation

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