SAN FRANCISCO, Oct. 25, 2021 /PRNewswire/ -- The global plastics in consumer electronics market size is expected to reach USD 7.70 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.8% from 2021 to 2028. Increasing demand from the smartphone & wearable products industry is anticipated to fuel the demand for plastics in consumer electronics. The smartphone market offers opportunities for usage of a variety of plastic resins, such as Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), and Polymethyl Methacrylate (PMMA), as they are used for manufacturing housings for electronic devices, mounting frames, display frames, and vibration cushions that are lightweight and durable.
Key Insights & Findings:
In terms of revenue, the PC product segment accounted for the largest share in 2020 and is projected to expand further at a steady CAGR over the forecast period
The laptop monitors enclosures segment dominated the market and accounted for more than 22% of the overall revenue share in 2020
In 2020, the Asia Pacific region accounted for the maximum revenue share of the global market and will expand further at the fastest CAGR from 2021 to 20208
This growth is credited to the presence of a well-established manufacturing base for electrical & electronics in China, Japan, and South Korea
Major players are continuously working on developing bio-degradable polymers owing to the rising environmental concerns
For instance, in November 2020, SABIC announced the expansion of its product portfolio of Cycoloy & Lexan PC resins with high Post-Consumer Recycled (PCR) materials for application in consumer electronics, such as laptops, copiers, printers, adapters, and chargers for improving plastic recyclability
Proximity to raw material suppliers and low labor costs are attracting consumer electronics manufacturers in China. The presence of several key consumer electronics manufacturers is anticipated to create significant demand for plastics. Furthermore, increasing demand for appliances in India is anticipated to boost product demand across the electronics industry. In addition, rapid urbanization is expected to propel the demand for mobile phones, laptops, television, and other electronic appliances across India.
Metal alloys have been vastly used for manufacturing electronic components. Alloys are preferred due to their durability and better heat-conducting property. For example, aluminum alloys of grade 7000 series and 6000 series are used mainly in the chassis of laptops or sometimes for their entire casing. For instance, the bottom chassis of Apple's Mac book is made up of aluminum. iPhone and iPad bodies are made of aluminum alloys as well.
The technology lifespan of consumer electronics is less as post the launch of the product, the competitors undergo reverse engineering processes to develop a similar or updated version of the technology. Hence, the older versions of products are often discarded by consumers. With the growth of technologically advanced equipment, there is no significant system to manage the discarded old products, which has resulted in the growth of e-waste.
Grand View Research has segmented the global plastics in consumer electronics market based on product, application, and region:
Plastics in Consumer Electronics Product Type Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
Plastics in Consumer Electronics Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
Laptop Monitor Enclosures
Portable Hand-held Devices
Mobile Phone Bodies
Appliances & White Goods
Plastics in Consumer Electronics Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of the Plastics in Consumer Electronics Market
Lotte Chemical Corp.
Mitsubishi Chemical Corp.
SAMSUNG SDI Co., Ltd.
Koninklijke DSM N.V.
Kuraray Co., Ltd.
Qingdao Gon Science & Technology Co., Ltd.
Check out more studies on topics related to plastics, conducted by Grand View Research:
Plastic Market – The global plastic market size was valued at USD 579.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028. Increasing plastic consumption in the construction, automotive, and electrical & electronics industries is projected to support market growth over the forecast period.
Plastic Packaging Market – The global plastic packaging market size was valued at USD 348.08 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Rapidly growing key application industries including food & beverages, pharmaceuticals, and personal & household care are driving the product demand.
Medical Plastics Market – The global medical plastics market size was valued at USD 25.3 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. Enforcement & upgrading of various infection prevention standards coupled with a growing volume of surgical, hospital, and outpatient procedures are anticipated to drive the market growth over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.