Super Engineering Plastics Market - Forecast(2023 - 2028)

Report Code: CMR 1458 Report Format: PDF + Excel

Super Engineering Plastics Market Overview 

The Super Engineering Plastics Market size is forecasted to grow at a CAGR of 6.5% during the forecast period (2022-2027) and reach US$ 2.1 billion by 2027. Super engineering plastics can be categorized into various types which include polybutylene terephthalate (PBT), acrylonitrile butadiene styrene (ABS), polyamide, polyether ether ketone (PEEK), liquid crystal polymer (LCP) and more. They are used in a wide range of industries which include automotive, electrical & electronics, aerospace, solar and other industries. The expansion of super engineering plastics is primarily driven by their usage in the aerospace industry. In 2020, the surge in the COVID-19 pandemic negatively impacted aerospace production activities, thus, temporarily affecting the growth of the super engineering plastics industry. However, a steady recovery in electronic production activities has been witnessed since 2021, which in turn, is driving the demand for super engineering plastics. For instance, Airbus delivered around 460 commercial aircraft while Boeing delivered 230 commercial aircraft in 2021. An increase in aircraft production along with the surging demand from the electronics industry is expected to drive the growth of the Super Engineering Plastics Market size in the coming years. On the other hand, fluctuating prices of raw materials may confine the growth of the market.

Super Engineering Plastics Market Report Coverage

The "Super Engineering Plastics Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Super Engineering Plastics Market.

By Type: Polybutylene Terephthalate (PBT), Acrylonitrile Butadiene Styrene (ABS), Polyamide, Polyether Ether Ketone (PEEK), Liquid crystal polymer (LCP), Polyphenylene Sulfide (PPS), Others.
By Application: Flat Panel Display, Solar Cells, Transmission, Electric Motors, Brakes, Fuel System, Others.
By End-Use Industry: Automotive (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicles), Aerospace (Commercial, Military, Others), Electrical & Electronics (Semiconductor, Appliances, Others), Textile (Casual, Sports, Protective, Others), Solar, Oil & Gas, Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Denmark, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].

Key Takeaways

  • Polybutylene terephthalate segment in Super Engineering Plastics Market held a significant share in 2021. Its wide range of characteristics, along with excellent impact resistance and stain resistance made it stand out in comparison to other types of super engineering plastics available in the market.
  • Automotive industry held the largest share in Super Engineering Plastics Market in 2021, owing to the increasing demand for super engineering plastics from the automotive sector across the world.
  • Asia-Pacific dominated the Super Engineering Plastics Market in 2021, owing to its increasing demand from the automotive sector of the region. For instance, recent insights from the International Organization of Motor Vehicle Manufacturers (OICA) state that the total automobile production in 2021 in Asia-Pacific increased by 28% in comparison to 2020.
  • A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Super Engineering Plastics Market Report.

Figure: Asia-Pacific Super Engineering Plastics Market Revenue, 2021-2027 (US$ Billion)

Super Engineering Plastics Market

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Super Engineering Plastics Market Segment Analysis – by Type

The polybutylene terephthalate segment held a significant Super Engineering Plastics Market share of over 18% in 2021, owing to the range of characteristics and benefits it offers over other types of super engineering plastics. For instance, polybutylene terephthalate offers excellent impact resistance, stain resistance and machining characteristics in comparison to polyamide, polyether ether ketone and other types of super engineering plastics. It also offers better electrical insulation properties along with higher strength and toughness as compared to other types of super engineering plastics. Furthermore, it offers higher resistance to UV rays and environmental changes while depicting excellent mechanical and thermal properties. Hence, all of these properties of polybutylene terephthalate are driving its demand over other types of engineering plastics, which in turn, is expected to boost the growth of the market during the forecast period.

Super Engineering Plastics Market Segment Analysis – by End-Use Industry

The automotive industry held the largest Super Engineering Plastics Market share of over 25% in 2021, owing to its increasing demand from the automotive sectors across the world. For instance, For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the total global automobile production reached 80.2 billion units in 2021, an increase of 3% as compared to 77.7 billion units in 2020. It further states that the total automobile production in 2021 in Europe, America, Asia and Africa increased by 25%, 17%, 28% and 37% respectively in comparison to 2020. Moreover, recent insights from the European Automobile Manufacturers' Association (ACEA) state that total passenger car production during the fourth quarter of 2020 reached around 34 million in Asia-Pacific, 14 million in Europe, 1.3 million in the Middle East/Africa, 1.7 million in South America and 9.6 million in North America respectively.

Super engineering plastics such as polybutylene terephthalate (PBT), acrylonitrile butadiene styrene (ABS), polyamide, polyether ether ketone (PEEK), liquid crystal polymer (LCP) and more are primarily used in the automotive industry in the production of interior and exterior automotive components, owing to its excellent durability under thermal stress and harsh chemical environments. They are mainly used in the automobile for weight reduction, energy absorption and shock absorption for bumpers. They are also used in airbags, seat belts, door and seat assemblies, along with subsystems, bumpers, exterior trim and various other components of the automobile. Thus, such an increase in automobile production is expected to increase the demand for super engineering plastics, owing to their above-mentioned properties. This is expected to expand the Super Engineering Plastics Market size during the forecast period.

Super Engineering Plastics Market Segment Analysis – by Geography

Asia-Pacific held a dominant Super Engineering Plastics Market share of around 34% in the year 2021. The consumption of super engineering plastics is particularly high in this region due to its increasing demand from the automotive sector. For instance, recent insights published by the OICA (International Organization of Motor Vehicle Manufacturers) during the fourth quarter of 2020 state that around 25 million, 3.5 million, 8 million and 3.4 million units of vehicles were produced in China, South Korea, Japan and India, respectively, which in turn, contributed to approx. 50% of the global automobile production during the year 2020. Moreover, according to the South Korean Ministry of Trade, Industry and Energy, automobile production in South Korea amounted to 271,054 units in December 2021. It further states that Hyundai Motor and GM Korea account for about 53.3% of total domestic automobile production in the country. Furthermore, in December 2021, the automobile manufacturers in South Korea such as Hyundai Motor produced 119,621 units while Kia 115,941 units respectively.

In this way, such an increase in automobile production in multiple countries across the region is expected to increase the demand for super engineering plastics for use in the production of interior and exterior automotive components, owing to their range of properties such as excellent impact resistance, high strength, along with excellent durability under thermal stress and harsh environments. This is expected to drive the growth of the market during the forecast period.

Super Engineering Plastics Market Drivers

An increase in aircraft production activities

The properties of super engineering plastics such as high-temperature stability, excellent chemical resistance, impact resistance, high strength, excellent durability under thermal stress and harsh environments along with their inherently flame-retardant properties make them ideal for use in various components of the aircraft which include aircraft fan thrust reverser, fan blade wear strips, fuel line spacer and other aircraft components. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is estimated to reach up to 8,270 by the end of 2037, owing to the growth of air cargo activities. It further states that the development of the US mainliner carrier fleet is estimated to increase at a rate of 54 aircraft per year. Moreover, in 2021, the Indian Air Force (IAF) announced its plans to deliver 73 Tejas Mark-1A fighter jets which are scheduled to be delivered from 2024 to 2028. Furthermore, in January 2021, FedEx Express invested around US$ 6.6 billion for the development of 24 medium and large Freighters from Boeing. Hence, an increase in global aircraft production is expected to increase the demand for flame retardant ABS for use in various interior components of an aircraft is expected to increase the demand for super engineering plastics such as polybutylene terephthalate (PBT), acrylonitrile butadiene styrene (ABS), polyamide, polyether ether ketone (PEEK), liquid crystal polymer (LCP) and more, owing to its above-mentioned properties and usage. This is anticipated to drive the growth of the market in the upcoming years.

Surging demand from the electronics industry

Super engineering plastics are primarily utilized in the electronics industry in order to seal and insulate delicate, pressure-sensitive, microelectronic components, cables, semiconductor chips, printed circuit boards and other electronic components. The properties of super engineering plastics such as excellent electrical insulation, heat resistance and chemical resistance, along with their inherently flame retardant properties are driving their demand for use in such electronic applications. For instance, according to the Japan Electronics and Information Technology Industries Association, the global electronics production by Japanese electronics and IT companies reached up to ¥37,300 billion (US$ 339.7 billion) in 2021, an increase of 8% in comparison to 2020. It further states that the electronics production by the global electronics and IT industries is expected to increase by 5% and reach up to US$ 3,536.6 billion by the end of 2022 as compared to 2021. Moreover, recent insights published on Growth from Knowledge (GRK) in September 2021 state that the GDP growth rate of consumer electronics which includes electronic appliances and gadgets such as washing machines, televisions, computers, laptops, smartphones, tablets and more in countries like India, China, the U.S and regions like Europe is expected to increase up to 8.1%, 5.7%, 1.4% and 1.7% respectively by the end of 2022. Furthermore, in December 2021, Taiwan Semiconductor Manufacturing Co. (TSMC) started negotiations with the German government in order to build a new semiconductor facility in Germany. The main motive of this facility development is to boost the production of semiconductors in Europe and contribute to 20% of global chip manufacturing by 2030.

In this way, an increase in production from the electronics industry is expected to increase the demand for super engineering plastics for use in microelectronic components, cables, semiconductor chips, printed circuit boards and other electronic components. This is expected to accelerate the growth of the Super Engineering Plastics Market in the upcoming years.

Super Engineering Plastics Market Challenges

Fluctuating prices of raw materials

Some of the raw materials for super engineering plastics are obtained from crude oil. As a result, fluctuations in the prices of crude oil may hinder the growth of the market. For instance, in 2020, the international benchmark for petroleum prices across the world also known as Brent crude prices decreased to US$ 9.12 per barrel, which was the lowest record since December 10, 1998. Likewise, in April 2020, India’s Crude Oil Basket (COB) reached US$ 19.90 per barrel, which was the lowest record since February 2002. During the first 11 months of the year 2020-21, the average annual price of India’s COB was around US$ 42.72 per barrel, which decreased by 30% more than the average COB price in 2019-20. Furthermore, as per revised estimates for 2020-21, the COB has increased by around 35% from its initial budget estimate. In this way, such uncertainty regarding the price of crude oil may affect the prices of raw materials that are used in the production of super engineering plastics. Thus, such instability and fluctuating prices of raw materials may limit the growth of the super engineering plastics industry during the forecast period.

Super Engineering Plastics Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Super Engineering Plastics Market. The top 10 companies in Super Engineering Plastics Market are:

  1. BASF
  2. Toray Industries Inc.
  3. Asahi Kasei
  4. DSM
  5. Invista
  6. Ascend
  7. Sumitomo Chemical
  8. Excell Corporation
  9. Dupont
  10. DIC Corporation

Recent Development

  • In October 2021, LG Chem announced its plans to build a new Acrylonitrile Butadiene Styrene (ABS) plant in Ohio to meet its growing demand from the automotive, electronics and other industries. The plant will be built at the company’s tech center in the United States and is scheduled to be operational by 2023. The plant will have a total production capacity of 30,000 tons upon completion.

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1. Super Engineering Plastics Market - Market Overview
    1.1 Definitions and Scope
2. Super Engineering Plastics Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Super Engineering Plastics Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Super Engineering Plastics Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Super Engineering Plastics Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Super Engineering Plastics Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Super Engineering Plastics Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Super Engineering Plastics Market – By Type (Market Size - US$ Million/Billion)
    8.1 Polybutylene Terephthalate (PBT)
    8.2 Acrylonitrile Butadiene Styrene(ABS)
    8.3 Polyamide
    8.4 Polyether Ether Ketone (PEEK)
    8.5 Liquid crystal polymer (LCP)
    8.6 Polyphenylene Sulfide (PPS)
    8.7 Others
9. Super Engineering Plastics Market – By Application (Market Size - US$ Million/Billion)
    9.1 Flat Panel Display
    9.2 Solar Cells
    9.3 Transmission
    9.4 Electric Motors
    9.5 Brakes
    9.6 Fuel System
    9.7 Others
10. Super Engineering Plastics Market - By End-Use Industry (Market Size - US$ Million/Billion)
    10.1 Automotive
        10.1.1 Passenger Cars
        10.1.2 Light Commercial Vehicle
        10.1.3 Heavy Commercial Vehicles
    10.2 Aerospace
        10.2.1 Commercial
        10.2.2 Military
        10.2.3 Others
    10.3 Electrical & Electronics
        10.3.1 Semiconductor
        10.3.2 Appliances
        10.3.3 Others
    10.4 Textile
        10.4.1 Casual
        10.4.2 Sports
        10.4.3 Protective
        10.4.4 Others
    10.5 Solar
    10.6 Oil & Gas
    10.7 Others
11. Super Engineering Plastics Market - By Geography (Market Size - US$ Million/Billion)
    11.1 North America
        11.1.1 the USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 the UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 the Netherlands
        11.2.6 Spain
        11.2.7 Denmark
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 the Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Super Engineering Plastics Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Super Engineering Plastics Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Geography - Major companies
    13.4 Market Share at Country Level - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Super Engineering Plastics Market – Key Company List by Country Premium Premium
15. Super Engineering Plastics Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
    * "Financials would be provided to private companies on best-efforts basis."