Growing Transportation Sector is Boosting the Specialty Plastics Market

The growth of the Specialty Plastics Market will be highly influenced by surging demand from automotive, aerospace, building & construction and others. Specialty Plastics is an engineered plastic that makes use of plastic engineering and engineered resins for specialized applications in custom plastic parts in vehicles, medical devices, construction units and others. The upsurge in the automotive industry, due to rise in public transportation acts as a driver in the specialty plastics market. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. The growing automotive industry, along with a flourished base for construction, healthcare and other sectors is fueling the growth scope for the specialty plastics industry. The Specialty Plastics market size is estimated to reach US$11.8 billion by 2027, after growing at a CAGR of 5.1% during the forecast period 2022-2027.

Specialty Plastics Market: Leading Segment is the Automotive Industry

Based on the end-use industry, the Specialty Plastics market can be segmented into medical & healthcare, automotive, aerospace, electrical & electronics, building & construction and others. The leading segment in the specialty plastics industry has been evaluated to be the automotive industry. During the forecast period 2022-2027, the automotive industry is projected to grow with a CAGR of 5.8%. This can be attributed to growth factors such as initiatives for vehicle electrification, surging transportation activities and urbanization.

For instance, according to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2%, with 101,233 units in March 2022 compared to March 2021. Thus, the specialty plastics industry will grow significantly as a result of emerging applications of specialty plastics in the automotive sector for vehicle seats, hoods and others over the forecast period.

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Specialty Plastics Market: Leading Region is the Asia-Pacific

Based on geography, the Specialty Plastics market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most prosperous region. In 2021, the Asia-Pacific held a 42.2% share of the total revenues earned by the market globally. The APAC region is estimated to grow rapidly due to the established manufacturing base, upsurge in transportation, growing building & construction and urbanization trends. The automotive sector is lucratively growing in APAC due to an increasing vehicle production base and industrialization. For instance, according to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$ 251.4-282.8 billion by 2026. With robust growth scope for specialty plastics in the automotive industry for the hood, seating and others across APAC countries, the specialty plastics industry will emerge significantly over the forecast period. The Specialty Plastics market will also gain demand from the North American region. The U.S., Canada and other regions are emerging countries in the Specialty Plastics industry.  

Specialty Plastics Market: Competitive Landscape

Key companies holding major shares in the Specialty Plastics market are Biome Specialty Plastics, Eastman Spectrum Plastic Group, Lomont Molding LLC, PolyVisions Inc, Arkema, PolyPlasty, ELANTAS GmbH, Cytec Solvay Group, Asahi Kasei Corporation and Centroplast Engineering Plastics GmbH.