The global electronics and consumer goods plastics market is expected to reach USD 53.5 billion by 2025, according to a new report by Grand View Research, Inc. Growing demand for plastics in consumer gadgets manufacturing owing to their lightweight, low cost and superior impact and corrosion resistance is expected to propel growth.
The major industry players including BASF SE, Bayer AG, DuPont, and Exxon Mobil Corporation, are engaged in manufacturing raw materials as well as plastics for end-use applications. Whereas, the players including LG Group and Honeywell are integrated across the complete value chain from the raw material supply to the production of consumer goods.
Rising consumer demand for environmental friendly plastics is expected to compel the manufacturers to divert their focus to the production of bio-based and degradable product over the forecast period. The companies in the electronics and consumer goods plastics industry are expected to establish strategic partnerships with end-use industries to maintain their customer base and the foothold in the market.
Increasing raw material prices and strong foothold of the existing players in the market are expected to be the key factors challenging the entry of new players. Growing concerns towards e-waste management coupled with stringent government regulatory framework for plastic waste disposal is likely to hamper product demand over the projected period.
The demand in consumer electronics industry is expected to grow at a CAGR of 6.9%, owing to the increasing plastic usage for manufacturing for manufacturing electronic gadgets such as smartphones, laptops, CD players, TVs and computers
Household appliances accounted for 23.9% of the total revenue generated by the industry and is expected to grow on account of increasing demand for product for manufacturing structures and bodies of washing equipment, refrigerators, and air conditioners
The demand for plastics in winter sports was valued at USD 1.62 billion in 2016 and is expected to grow on account of rising product penetration to replace traditional wood and metal sports equipment to gain superior performance, durability, and lightweight
Asia-Pacific was the largest market, accounting for 37.9% of the overall demand, owing to robust growth of end-use industries including consumer electronics, appliances, sporting goods, and toys, especially in China, Japan, and India
Rapid growth of electronics industry in Mexico owing to high investments, low manufacturing cost and increasing exports by the country in the international market is expected to drive demand for plastics in the North America
In July 2015, Sharp Corporation launched Aquos Crystal, a new smartphone which uses bio-based engineering plastic for manufacturing its front panel. The bio-based plastic, Durabio, employed for this purpose was developed by the Mitsubishi Chemical and offers high heat, weather, and impact resistance
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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