South Korea Engineering Plastics Market

Market Overview:

South Korea engineering plastics market size is projected to exhibit a growth rate (CAGR) of 7.70% during 2024-2032. The escalating demand for lightweight automobiles and continual product innovations represent some of the key factors driving the market growth across the country.

Engineering plastics find broad application in the production of mechanical components, containers, and packaging materials. They serve as a favored alternative to metals and ceramics, primarily due to their lightweight nature. In addition to being lightweight, they exhibit outstanding load capacity, mechanical strength, thermal stability, and durability, all while providing flexibility in design. Common variants of engineering plastics include polyamides (PA), polycarbonates (PC), nylon 6, acrylonitrile butadiene styrene (ABS), and polysulphone (PSU). These materials play a crucial role in the manufacturing of various products such as car bumpers, dashboard trims, ski boots, helmets, and optical discs, spanning multiple industries. Their versatility and performance make engineering plastics a preferred choice for applications where a combination of strength, durability, and design flexibility is essential.

South Korea Engineering Plastics Market Trends:

South Korea's engineering plastics market is propelled by a dynamic interplay of the escalating demands and local industry trends. With a robust manufacturing sector and technological advancements, the country is a key player in the engineering plastics landscape. Additionally, the automotive industry, a cornerstone of South Korea's economy, fuels the demand for lightweight, durable materials, making engineering plastics a preferred choice for components like car bumpers and dashboard trims. Besides this, the consumer electronics sector further drives innovation in engineering plastics, especially in products like ski boots, helmets, and optical discs, which is positively influencing the regional market. Moreover, a notable trend is the continuous research and development efforts focused on enhancing the properties of engineering plastics. Apart from this, South Korean companies invest in creating materials with improved mechanical strength, thermal stability, and design flexibility. The emphasis on sustainability aligns with the global shift towards eco-friendly practices, leading to the development of recyclable and environmentally conscious engineering plastics. As South Korea remains at the forefront of technological advancements, its engineering plastics market reflects a balance between traditional applications and innovative solutions, reinforcing its position in the evolving landscape. This, in turn, is expected to fuel the regional market over the forecasted period.

South Korea Engineering Plastics Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on resin type and end use industry.

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)
   

The report has provided a detailed breakup and analysis of the market based on the resin type. This includes fluoropolymer (ethylenetetrafluoroethylene (ETFE), fluorinated ethylene-propylene (FEP), polytetrafluoroethylene (PTFE), polyvinylfluoride (PVF), polyvinylidene fluoride (PVDF), and others), liquid crystal polymer (LCP), polyamide (PA) (aramid, polyamide (PA) 6, polyamide (PA) 66, and polyphthalamide), polybutylene terephthalate (PBT), polycarbonate (PC), polyether ether ketone (PEEK), polyethylene terephthalate (PET), polyimide (PI), polymethyl methacrylate (PMMA), polyoxymethylene (POM), and styrene copolymers (ABS and SAN).

End Use Industry Insights:

• Aerospace
• Automotive
• Building and Construction
• Electrical and Electronics
• Industrial and Machinery
• Packaging
• Others
   

A detailed breakup and analysis of the market based on the end use industry have also been provided in the report. This includes aerospace, automotive, building and construction, electrical and electronics, industrial and machinery, packaging, and others.

Regional Insights:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key players include:

• INEOS Group
• Kolon Industries Inc.
• Korea Engineering Plastics Co. Ltd.
• Kumho Petrochemical
• LG Chem (LG Corp)
• Lotte Chemical Corporation (Lotte Corporation)
• Samyang Corporation
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

South Korea Engineering Plastics Market Report Coverage:

Key Questions Answered in This Report:

• How has the South Korea engineering plastics market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the South Korea engineering plastics market?
• What is the breakup of the South Korea engineering plastics market on the basis of resin type?
• What is the breakup of the South Korea engineering plastics market on the basis of end use industry?
• What are the various stages in the value chain of the South Korea engineering plastics market? 
• What are the key driving factors and challenges in the South Korea engineering plastics?
• What is the structure of the South Korea engineering plastics market and who are the key players?
• What is the degree of competition in the South Korea engineering plastics market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea engineering plastics market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea engineering plastics market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea engineering plastics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.