The Europe Engineering Plastics Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 4,970.7 kilo tonnes, showcasing a growth of 2.8% (2019-2022).
The Electrical & Electronics sector represents a key application area within the Engineering Plastics Market, where materials play a critical role in ensuring safety, performance, and reliability of electronic devices and electrical components. Engineering plastics offer a wide range of properties that are well-suited for various applications in this sector, including electrical insulation, thermal management, and structural integrity. Thus, the Germany market would utilize 457.1 kilo tonnes Engineering Plastics material in Electrical & Electronics sector by 2030.
The Germany market dominated the Europe Others Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $767.1 million by 2030. The UK market is showcasing a CAGR of 7.8% during (2023 - 2030). Additionally, The France market would register a CAGR of 9.9% during (2023 - 2030).
The versatility of engineering plastics is further enhanced by their ability to be easily processed using various methods, including injection molding, extrusion, and thermoforming. This allows manufacturers to produce complex parts and components with high precision and efficiency. Moreover, the global shift towards sustainability and environmental conservation has prompted industries to adopt eco-friendly practices, including using sustainable and recyclable materials. This trend is increasingly evident in engineering plastics as manufacturers and consumers seek alternatives to traditional petroleum-based plastics.
An important facet of this transition is the increasing prevalence of recycled and bio-based engineering plastics. As an alternative to conventional plastics derived from fossil fuels, bio-based plastics are produced from renewable sources like corn, sugarcane, and plant oils. These plastics can contribute to the promotion of a circular economy, the reduction of greenhouse gas emissions, and the conservation of finite resources. Post-consumer or post-industrial waste, including discarded packaging, automotive components, or electronic elements, is processed into recycled plastics. Through the recycling of these materials, the plastics industry can minimize its environmental impact, conserve resources, and reduce waste.
Furthermore, the UK's construction sector, one of the world's largest, plays a crucial role in driving the demand for engineering plastics. With an estimated market size of $386 billion in 2023 and nearly 2.8 million people employed, the construction sector in the UK relies on engineering plastics for various applications. The strongest subsector, infrastructure, is projected to increase output by 4.6% in 2023, highlighting the need for high-performance materials in construction projects. The UK government's commitment to investing $127.4 billion in economic infrastructure from 2022-23 to 2024-25 underscores the importance of engineering plastics in supporting these initiatives. Thus, the region presents lucrative growth opportunities for the market.
Free Valuable Insights: The Global Engineering Plastics Market will Hit USD 163.4 Billion by 2030, at a CAGR of 5.7%
Based on Type, the market is segmented into Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Thermoplastic Polyester, Polyacetal, Fluoropolymer, and Others. Based on End-User, the market is segmented into Automotive & Transportation, Electrical & Electronics, Consumer Appliances, Industrial & Machinery, Packaging, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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