United Kingdom Engineering Plastics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029

United Kingdom Engineering Plastics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029

The United Kingdom Engineering Plastics Market size is estimated at USD 1.34 billion in 2024, and is expected to reach USD 1.84 billion by 2029, growing at a CAGR of 6.55% during the forecast period (2024-2029).

Rising adoption of advanced materials to drive the demand for engineering plastics

• Engineering plastics, also known as thermoplastic polymers, are a class of synthetic resins that offer high-performance capabilities and improved plastic properties compared to conventional plastics. They exhibit stability over a broad temperature range and can withstand significant mechanical stress and climatic changes.
• The packaging production industry generates annual sales of over USD 13.6 billion, driven by high demand from specific industries such as food and beverage, pharmaceuticals, and personal and household care products. The packaging industry is the largest consumer of engineering plastics in the region, accounting for approximately 39% of total consumption across all industries in 2022. With changing, fast-paced lifestyles and the versatility of plastic packaging, the industry is projected to record a CAGR of 5.73% in terms of revenue during the forecast period.
• The electrical and electronics industry is the second-largest consumer of engineering plastics in the country, representing 12% of total consumption across all industries in 2022. This industry is driven by consumer electronics such as mobile phones, computers, wearables, TVs, and similar products. For example, the consumer electronics industry is expected to generate USD 32.48 billion in revenue in 2023. Consequently, the consumption volume of engineering plastics in this industry is projected to increase at a CAGR of 6.77% during the forecast period.
• The aerospace industry is likely to exhibit the highest growth rate of 8.27% over the forecast period. The development of new technologies for lighter and faster aircraft is driving the consumption of engineering plastics.

United Kingdom Engineering Plastics Market Trends

Technological innovations to boost the consumer electronics market

• The United Kingdom witnessed a revenue increase of 10.7% in electrical and electronics production from 2020 to 2021. The electronics industry holds significant importance in UK manufacturing, accounting for 4.7% of the overall industry. In 2017, it generated EUR 8.4 billion in gross value added and EUR 19.4 billion in turnover.
• Over the past two decades, the electronics industry in the United Kingdom has undergone a transformation, focusing more on high-technology and knowledge-intensive production processes. The country's National Microelectronics Institute is the largest independent semiconductor design producer in Europe, commanding 50% of the market in application-specific integrated circuit design and 40% of Europe's independent electronics design overall. This shift has led to a transition in the UK's electronics activity from manufacturing and assembly to component design and innovation, with ARM, a major semiconductor and software design company, serving as a notable example.
• Electronics contributes more than 12% of the total R&D manufacturing expenditure in the country. The top 10 export markets consist of prominent Western economies, as well as emerging markets in Asia, including China, Hong Kong, and the United Arab Emirates. However, the United Kingdom faced challenges such as Brexit, the US-China trade war, R&D funding, and cybersecurity issues in 2019.​
• The country is expected to witness an increase in the production of electrical and electronic equipment due to growing demand for smart devices, the expanding market in Asia, advancements in medical device technology, energy-efficient technologies, the Internet of Things (IoT), 5G technology, the use of virtual and augmented reality, and automation.

United Kingdom Engineering Plastics Industry Overview

The United Kingdom Engineering Plastics Market is fairly consolidated, with the top five companies occupying 100%. The major players in this market are AGC Inc., Alfa S.A.B. de C.V., BASF SE, Polymer Extrusion Technologies (UK) Ltd and Victrex (sorted alphabetically).

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