Global Electronic & Consumer Goods Plastics Industry: Set to Witness Huge Growth by 2028
The global electronics & consumer goods plastics market size is expected to reach USD 59.48 billion by 2028 according to a new study by Polaris Market Research. The report “Electronics & Consumer Goods Plastics Market Share, Size, Trends, Industry Analysis Report, By Type (PE, PVC, PS, PP, Others); By Application; By Region, Segments & Forecast, 2021 – 2028” provides a comprehensive analysis of present market insights and future market trends.
In 2020, the household appliances segment dominated the global industry, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global electronics & white goods plastics industry revenue during the forecast period. A significant increase in disposable income, changing lifestyles, and initiatives by industry players to offer innovative products in the market drive the growth of the industry.
Other driving factors include a growing middle-class population and the increasing penetration of e-commerce platforms. Increasing demand from developing nations and technological advancements are expected to provide numerous growth opportunities to the industry players during the forecast period.
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There has been a shift towards e-commerce and customers are increasingly purchasing electronics & consumer goods through online platforms, which increases the demand for plastics. However, rising awareness towards e-waste management along with strict regulations imposed by several governments regarding plastic waste disposal is likely to hinder product demand in the coming years.
Improvement in lifestyle due to rise in income level, especially in the developing countries of Asia Pacific fuels the demand for electronic & other goods plastics industry. Factors such as an increase in per capita income and changes in consumer behavior are expected to accelerate the adoption of electronics & consumer goods polymers in the coming years.
The Asia Pacific generated the highest revenue in the industry in 2020 and is expected to lead the global electronics & consumer good plastics industry throughout the forecast period. The increasing population in the region coupled with growing disposable income drives the industry growth. The improving living standards in countries such as China, Japan, and India further support industry growth.
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The major players in the electronics & consumer goods polymers industry include BASF SE, The Dow Chemical Company, Celanese Corporation, Trinseo S.A., Formosa Plastics Group, Covestro AG, Chevron Phillips Chemical, Mitsubishi Chemical Holdings Corporation, E. I. du Pont de Nemours and Company, and Solvay S.A among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of customers.
Polaris Market Research has segmented the electronics & consumer goods plastics market report on the basis of type, application, and region:
Electronics & Consumer Goods Plastics, Type Outlook (Revenue – USD Billion, 2016 – 2028)
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
- Polypropylene
- Others
Electronics & Consumer Goods Plastics, Application Outlook (Revenue – USD Billion, 2016 – 2028)
- Household Appliances
- Consumer Electronics
- Footwear
- Sports Equipment
- Toys
- Others
