The North America Engineering Plastics Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 7,209.2 kilo tonnes, showcasing a growth of 2.5% (2019-2022).
The Automotive sector stands as a significant application area within the Engineering Plastics Market, where materials play a crucial role in enhancing vehicle performance, safety, and fuel efficiency. Engineering plastics offer a diverse range of properties that are well-suited for various automotive applications, including interior, exterior, under-the-hood, and structural components. Thus, the US market would utilize 2,254.0 kilo tonnes of Engineering Plastics material in Automotive sector by 2030.
The US market dominated the North America Engineering Plastics Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $28,199.9 million by 2030. The Canada market is registering a CAGR of 7.6% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 6.7% during (2023 - 2030).
Another important property of engineering plastics is their excellent chemical resistance. These materials can withstand various chemicals, making them suitable for corrosive environments. In the healthcare industry, it is used to manufacture medical devices and equipment that require sterilization, such as surgical instruments and medical implants.
It also offers superior thermal properties, including high heat resistance and low thermal conductivity. Elevated temperatures do not cause deformation or loss of properties in electronic devices or automotive engine components, rendering them well-suited for use in such environments. In addition to their mechanical, thermal, and chemical properties, it also offers excellent electrical insulation properties. These materials can be used in electrical and electronic applications where insulation is critical, such as wiring, connectors, and switchgear.
Additionally, according to the ITA, Mexico is the world’s seventh-largest passenger vehicle manufacturer, producing 3.5 million vehicles annually. 88% of vehicles produced in Mexico are exported. Additionally, the production of EVs and hybrids totaled 51,065 units in 2022, representing a growth of 8.5 percent compared to 2021. Mexico has seen increased vehicle sales due to a growing middle class, rising disposable incomes, and urbanization. The country's automotive industry has also benefited from trade agreements, like the USMCA (United States-Mexico-Canada Agreement), making it more attractive for automakers to invest in Mexico. Therefore, as these industries continue to grow and evolve, the demand for engineering plastics is expected to remain strong, driving further growth in the market.
Free Valuable Insights: The Engineering Plastics Market is Predict to reach 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 U.S., Mexico, Canada, and Rest of North America.
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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