Market Trends of australia engineering plastics Industry
Consumer electronics to drive the growth
- The electrical and electronics production revenue declined significantly each year from 2017 to 2019, resulting in a 53.61% decline in the production value. This decline was attributed to the high cost of production, unavailability of cheap labor, and the shifting of electrical & electronics production to countries like Vietnam, India, and other ASEAN countries.
- As a result of the pandemic, the country faced several challenges in 2020. However, electrical and electronics production revenue increased by 5.88% compared to the previous year, owing to increased demand due to work-from-home execution, thus increasing the output by the end of the year. In 2021, manufacturing output reached a value of USD 64.8 billion, a 157.13% increase from 2020. Electrical and electronics production revenue grew rapidly, owing to the high demand for consumer electronics such as mobile phones, laptops, and headsets. The revenue also increased with the growing trend of working and studying from home. Simultaneously, government initiatives helped to increase manufacturing activities in the country.
- The country is expected to increase the production of electrical and electronic equipment under its plan of developing and increasing manufacturing activities due to increased smart devices and domestic demand. The rise in demand for advanced technologies, such as digitalization, robotics, virtual reality, augmented reality, IoT (Internet of Things), and 5G connectivity, is expected to drive the market in the coming years. Owing to these technological advancements, the electrical and electronics production revenue is expected to reach USD 101 billion by 2029, 48.67% higher than in 2022, while recording a CAGR of 5.18% during the forecast period (2023-2029).
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Local demand and fleet upgrades are likely to boost aerospace components production
- Growing investments and schemes to boost the growth
- Australia to meet local demand only through imports
- Australia launched a National Plastics Plan which promotes product stewardship through Recycling and Waste Reduction
- Australia had a recycling rate of 21% in 2019 with total PET waste accounting for 100 kilotons
- Low profitability of automotive production in the country to hold back growth
- Regulatory policies to hold back plastic packaging growth
- Resin prices to remain under the influence of crude oil prices
- Mechanical recycling of polycarbonates to be a challenge due to the poor quality of the recovered material
- Australia generated over 0.7 million tons of WEEE in2019 which could be an opportunity for manufacturers to produce R-ABS
