South Korea Engineering Plastics Market Size, Demand and Forecast 2024-2032 - 4 minutes read
South Korea Engineering Plastics Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 7.70% (2024-2032)
The increasing demand from end-use industries, such as automotive, transportation, and electrical, and electronics, is propelling the growth of the market in South Korea. According to the latest report by IMARC Group, The South Korea engineering plastics market size is projected to exhibit a growth rate (CAGR) of 7.70% during 2024-2032.
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South Korea Engineering Plastics Industry Trends and Drivers:
The increasing demand from end-use industries, such as automotive, transportation, and electrical, and electronics, is propelling the growth of the market in South Korea. The automotive and transportation sectors rely on engineering plastics, which benefit from their strength-to-weight ratio, durability, and resistance to chemicals and heat. As the country is advancing its automotive manufacturing capabilities in the production of electric vehicles (EVs) and lightweight vehicles, the demand for engineering plastics is strengthening the market growth.
These materials are essential for reducing vehicle weight, enhancing fuel efficiency, and improving overall vehicle performance, which are critical for meeting stringent environmental regulations and consumer expectations. Moreover, the commitment of governing agencies in South Korea to promote green technologies and sustainable practices is encouraging automotive manufacturers to adopt more eco-friendly materials like engineering plastics, thereby bolstering market growth.
The electrical and electronics sector in South Korea is also catalyzing the demand for engineering plastics. With the rising sales of consumer appliances, such as televisions, refrigerators, and other household electronics, there is an increase in the need for high-performance plastics that offer superior electrical insulation, thermal stability, and flame resistance. Engineering plastics are employed in the production of these appliances due to their ability to withstand harsh operating conditions while ensuring product safety and longevity.
Furthermore, the rapid development of the electronics industry, particularly the expansion of semiconductor and display manufacturing sectors, is fostering the use of engineering plastics in various components, including connectors, housings, circuit boards, and displays. The advancing research and development (R&D) activities in South Korea are further leading to the creation of innovative engineering plastic grades designed to meet the specific needs of these industries.
In line with this, the emphasis on sustainability is driving eco-friendly practices, prompting companies and manufacturers to invest in recyclable and environment-conscious engineering plastics. The ongoing trend of miniaturization, coupled with the demand for more compact and efficient electronic devices, is further influencing the utilization of engineering plastics in the country.
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South Korea Engineering Plastics Industry Segmentation:
The report has segmented the market into the following categories:
Resin Type Insights:
- Fluoropolymer
- Ethylenetetrafluoroethylene (ETFE)
- Fluorinated Ethylene-propylene (FEP)
- Polytetrafluoroethylene (PTFE)
- Polyvinylfluoride (PVF)
- Polyvinylidene Fluoride (PVDF)
- Others
- Liquid Crystal Polymer (LCP)
- Polyamide (PA)
- Aramid
- Polyamide (PA) 6
- Polyamide (PA) 66
- Polyphthalamide
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polyether Ether Ketone (PEEK)
- Polyethylene Terephthalate (PET)
- Polyimide (PI)
- Polymethyl Methacrylate (PMMA)
- Polyoxymethylene (POM)
- Styrene Copolymers (ABS and SAN)
End Use Industry Insights:
- Aerospace
- Automotive
- Building and Construction
- Electrical and Electronics
- Industrial and Machinery
- Packaging
- Others
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- INEOS Group
- Kolon Industries Inc.
- Korea Engineering Plastics Co. Ltd.
- Kumho Petrochemical
- LG Chem (LG Corp)
- Lotte Chemical Corporation (Lotte Corporation)
- Samyang Corporation
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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