Market Trends of engineering plastics Industry
Technological advancements in electronics industry may foster the growth
- The rapid pace of technological innovation in electronic products is driving the consistent demand for new and fast electrical and electronic products. In 2022, the global revenue of electrical and electronics stood at USD 5,807 billion, with Asia-Pacific holding a 74% market share, followed by Europe with a 13% share. The global electrical and electronics market is expected to record a CAGR of 6.61% during the forecast period.
- In 2018, the Asia-Pacific region witnessed strong economic growth owing to rapid industrialization in China, South Korea, Japan, India, and ASEAN countries. In 2020, due to the pandemic, there was a slowdown in global electrical and electronics production due to the shortage of chips and inefficiencies in the supply chain, which led to a stagnant growth rate of 0.1% in revenue compared to the previous year. This growth was driven by the demand for consumer electronics for remote working and home entertainment as people were forced to remain indoors during the pandemic.
- The demand for advanced technologies, such as digitalization, robotics, virtual reality, augmented reality, IoT (Internet of Things), and 5G connectivity, is expected to grow during the forecast period. Global electrical and electronics production is expected to register a growth rate of 5.9% in 2027. As a result of technological advancements, the demand for consumer electronics is expected to rise during the forecast period. For instance, the global consumer electronics industry is projected to witness a revenue reach of around USD 904.6 billion in 2027, compared to USD 719.1 billion in 2023. As a result, technological development is projected to lead the demand for electrical and electronic products during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Fast-paced growth of aviation industry and increased aircraft contracts may aid market growth
- Fast-paced urbanization and investments in Asia-Pacific region may boost the industry
- China to lead global import and export of fluoropolymer
- South Korea to emerge as significant polycarbonate exporter alongside China
- Automotive industry's growth to bolster trade of PMMA
- Demand from automotive industry to boost trade of ABS and SAN
- With government regulations and initiatives, the recycling rates are projected to grow across the world
- Global recycled PET production capacity is around 30 million tons with PET waste accounting for 141.2 million tons
- Growing demand for electric vehicles may boost automobile industry growth
- Demand for flexible packaging from the food and beverage industry boosting market growth
- Automotive production to increase German imports
- United States, Japan, and China to dominate imports of PET
- China, Belgium, and Germany are the top importers of POM resin
- Fluctuating crude oil prices impacting the cost of engineering plastics
- Polycarbonate plastics to pose a challenge because of the poor quality of the recovered material
- Governments around the world are encouraging the recycling of ABS and increasing recycling rates
