Market Trends of south america engineering plastics Industry
Rapid pace of technological innovations to boost the industry growth
- In South America, Brazil held the major share of nearly 40% of the region's electrical and electronics production revenue in 2017. In 2017, Brazilian electronics products had a penetration of nearly 20% in the e-commerce sector. The advancement of technology in the region increased the demand for consumer electronics products, such as smart TVs, smart refrigerators, smart air conditioners, and other electrical and electronic products. South American electrical and electronics production revenue witnessed a CAGR of over 6.16% between 2017 and 2019.
- In 2020, with the rise in demand for consumer electronics for remote working and home entertainment due to the pandemic, the production of electrical and electronic products in the region increased at a growth rate of 1.1% by revenue compared to the previous year. Rising disposable income, increased demand for luxury products, technological advancements, and improvement in living standards are some of the major factors driving the electrical and electronics market's growth. As a result, in the region, electrical and electronics production also increased at a rate of 14.9% by revenue in 2021.
- The rapid pace of electronic technological innovation is driving consistent demand for newer and faster electrical and electronic products. As a result, it has also increased the demand for the production of electrical and electronics in the region. The penetration of multinational companies, like LG, Samsung, Microsoft, Panasonic, Dell, Intel, Toshiba, Sony, Philips, Sharp, Apple, and Lenovo, also positively affects the electrical and electronics market. All such factors are expected to fuel the production revenue of electrical and electronics in the region during the forecast period at a rate of around 7%.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing agreements and partnerships to boost the growth
- Government reforms and increasing infrastructure investments to aid the industry growth
- Brazil to remain the top importer of fluoropolymer resin in the coming years
- Brazil to be the top importer of polycarbonate in the region
- Brazil to dominate the import of PMMA in South America
- High local demand in Brazil to boost imports of ABS and SAN resin
- Owing to low recycling rates in South American countries the scope of recycling rises with government initiatives
- Waste management strategies initiated by different governments across the region are pushing the recycling of PET
- Fast paced growth of electric vehicle sales to augment the industry
- Food packaging to drive the plastic packaging demand
- The automotive industry to boost the demand for polyamide in South America
- Demand from the packaging industry to boost demand for PET
- Increasing demand from automotive and electrical industries to boost POM imports
- Volatile crude oil prices and geopolitical factors to highly influence prices of engineering plastics
- Mechanical recycling of polycarbonate plastics poses a challenge due to the poor quality of the recovered material
- Waste from Electrical and Electronic Equipment (WEEE) in Brazil reached 2143 kilotons which is likely to boost ABS recycling
