Wilmington, Delaware, United States, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The plastics market for electrical appliances was worth US$ 22.3 billion in 2022. A CAGR of 8.1% is forecast from 2023 to 2031, representing a revenue of US$ 44.7 billion by 2031. Increasing consumer awareness about environmental impacts may increase the demand for transparent product labels and a preference for sustainable products. Plastics made from environmentally friendly materials may become more popular in the future.
Eco-friendly and sustainable materials are expected to become more in demand. In an effort to meet consumer demands for greener products and address environmental concerns, manufacturers may use recyclable and biodegradable plastics more frequently. Both customer choices and regulatory demands may be the driving forces behind this change.
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Continued research and development are anticipated to provide advanced plastic materials with improved strength, increased heat resistance, and increased flame retardancy. The design of these materials would consider the constantly changing technological needs of electrical appliances of the future.
Plastics used in electrical appliances may need to change to accommodate the growing number of smart and linked gadgets connected to the internet in the near future. Incorporating conductive or semi-conductive plastics into wireless device components, touch interfaces, and sensors can be part of this process.
Key Findings of the Market Report
- Based on resin, the polypropylene (PP) segment accounted for the largest market share during the forecast period.
- Refrigeration appliances will likely drive demand for plastics for electrical appliances in the market.
- Low labor costs and strict government regulations are expected to drive demand for plastics used in electrical appliances in Asia Pacific.
- Chemical companies and resin manufacturers develop polymers and resins with attractive dimensional stability.
Global Plastics Market for Electrical Appliances: Growth Drivers
- The need for affordable, strong, and lightweight materials in producing electrical products is a major motivator. These properties of plastics enable appliance makers to create lighter, more cost-effective models without sacrificing strength or longevity. Portability and energy efficiency are especially important for the electrical appliance industry since consumer’s value these features highly.
- Innovative and high-performance materials are in high demand due to the electrical appliance industry's continuous technical developments. Plastics have the ability to be manufactured with certain properties, including flame retardancy, heat resistance, and electrical insulation. As products become increasingly sophisticated and linked, plastics enable them to manufacture
- Sustainability practices and awareness of these activities facilitate using environmentally friendly materials in industrial processes. Electrical appliance manufacturers are increasingly focused on developing recyclable and biodegradable plastics.
- Government policies and customer preferences support eco-friendly business operations, leading to the adoption of green products. Plastics for electrical appliances are changing toward more sustainable options due to reducing their environmental impact and addressing plastic waste.
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Global Plastics Market for Electrical Appliances: Regional Landscape
- Asia Pacific is expected to be the leading market for plastics used in electrical appliances in the near future. Industrialization and urbanization in the Asia-Pacific region have led to a surge in demand for electrical equipment, including home appliances, consumer electronics, and industrial machines.
- As a fundamental component of modern appliances, plastics are in high demand due to their adaptability, affordability, and ability to meet specific performance requirements.
- The consumer electronics business is driven by the growing middle-class population and rising disposable incomes in nations like China, India, and Southeast Asia.
- Modern electrical appliances are becoming more common in the area, which increases the demand for strong, lightweight materials. Plastics are one such material that is becoming increasingly popular. The expanding urbanization trend and the demand for portable, energy-efficient small appliances only highlight this requirement.
Global Plastics Market for Electrical Appliances: Key Players
Several players dominate the global market for Plastics Market for Electrical Appliances. Expansion of product portfolios and mergers and acquisitions are key strategies prominent players adopt.
Key Players Profiled in TMR’s Report
- LyondellBasell Industries Holdings B.V.
- China Petrochemical Corporation
- PetroChina Company Limited, Braskem
- Shin-Etsu Chemical Co., Ltd.
- INEOS Styrolution Group GmbH
- Borealis AG, SABIC, ExxonMobil
- Reliance Industries Limited, Total Plastics International
- Formosa Plastics Corporation
Key Developments
- In January 2024, LyondellBasell agreed to purchase US$ 500 million from Alujain Corporation (Alujain) for a 35% stake in Saudi Arabia-based National Petrochemical Industrial Company (NATPET). The joint venture will enable LYB to upgrade and grow its polypropylene (PP) business through access to advantaged feedstocks and additional product marketing capacity.
- In November 2023, Borealis announced the acquisition of 100% of Integra Plastics AD of Bulgaria, an advanced mechanical recycling company. By adding over 20,000 tons of recycling capacity, the investment will strengthen Borealis' advanced mechanical recycling portfolio and satisfy growing customer demands for sustainable solutions.
Global Plastics Market for Electrical Appliances Market: Segmentation
By Resin
- Polycarbonate (PC)
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene & Styrene-acrylonitrile (ABS & SAN)
- Low-density Polyethylene (LDPE/LLDPE)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Others
By Appliance
- Refrigeration Appliances
- Home Laundry Appliances
- Dishwashers
- Air Treatment Products
- Microwaves
- Small Cooking Appliances
- Vacuum Cleaners
- Food Preparation Appliances
- Personal Care Appliances
- Irons
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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