Global consumer electronics and plastics market

New York, Aug. 25, 2022 (GLOBE NEWSWIRE) — For the forecast period 2022-2031, Kenneth Research has released in-depth market research on the Global consumer electronics and plastics market which covers the following:

  • Market Growth Over the Forecast Period
  • Detailed regional synopsis
  • Market segmentation
  • Growth engines
  • Challenges
  • Major market players and their detailed profiling

Global consumer electronics and plastics market size:

The global consumer electronics and plastics market is expected to generate around USD 59 billion in revenue by 2031 and grow at a CAGR of around 6% over the forecast period. Market expansion can be attributed to their lightweight features, low cost, and better impact and corrosion resistance products. For example, desktop computers are lighter and easier to handle due to their lightweight and corrosion resistance characteristics. It was estimated that the total number of computers sold in 2021 was 350,000 units and is expected to be sold over 74 million units in 2022 worldwide. Further, the growth of the market is expected to be driven by increasing demand for consumer electronics and expanding population. For example, in 2021, there were almost 1.5 billion mobile phones sold worldwide, compared to almost 550 million televisions.

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Global Consumer Electronics and Plastics Market: Key Takeaways

  • The Asia-Pacific region acquires a notable share of the turnover
  • Home Appliances Segment to Influence the Revenue Graph
  • The polystyrene segment retains a significant presence in the market

Growing population and increasing demand for consumer products to drive market growth

Internet usage is currently used by approximately 5 billion people worldwide, or about 62% of the world’s population. The number of people using the Internet also continues to increase; according to the most recent figures, there were approximately 181 million more people online worldwide in the 12 months to July 2022. Additionally, by 2025 there are expected to be 2,740 million users of appliances and in 2022 there will be 25% of users and by 2025 it is expected to be 36% of users globally. The demand for electronic consumer goods is expected to increase as the number of internet and electronic users increases, which is expected to support the expansion of the market.

Global Consumer Electronics and Plastics Market: Regional Overview

The global consumer electronics and plastics market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

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Increase production volume and corporate profit growth to propel market growth in Asia-Pacific region

The Asia Pacific market is expected to grow significantly over the forecast period owing to factors such as increasing population, better lifestyles and an increase in the number of global industry players preferring to outsource production there. In addition, China has dominated the global consumer electronics market in terms of production volume, and this trend is expected to continue. By 2026, China’s consumer electronics production is expected to reach 2.1 billion units. In addition to this, the annual growth rate of total profit of electronics enterprises in China was 17.5% in 2020, which increased to 39% in 2021. The significant growth of enterprise profit along with the increase of production volume are expected to accelerate the expansion of the region’s market.

Growth of e-commerce and increasing adoption of smart devices to drive the market in the North American region

On the other hand, the North American region is expected to gain a major share in the global consumer electronics and plastics market over the forecast period. In 2019, US manufacturers shipped a total of $3,887.6 billion through e-commerce, and service companies generated $1,295.3 billion in revenue from electronic sources in 2019, up from 13.0% from the revised USD 1,145.9 billion in 2018. Growing adoption of smart devices and user-friendly devices are expected to increase commerce sales and market expansion in the region.

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The study further incorporates annual growth, demand and supply and forecasts future opportunities in:

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).

Global consumer electronics and plastics market, segmentation by application

  • Household appliances
  • Consumer electronics
  • Toys
  • Others

Home appliance segment is expected to hold the largest share among these over the forecast period. Global retail sales of large and small household appliances reached over USD 400 billion in 2020. Improving living standards and rising disposable income are attributed to the growth of the market. For example, in the United States, more than 510 million small and large household appliances were shipped. American households spend about $305 per year on major appliances and an additional $125 per year on small appliances. Growth in the standard of living and disposable money is expected to boost the international trade of large and small household appliances, which helps the segment flourish.

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Global consumer electronics and plastics market, segmentation by type

  • Polyethylene
  • Polyvinyl chloride
  • Polystyrene
  • Polypropylene
  • Others

The polystyrene segment is expected to hold a substantial market share over the forecast period. Polystyrene is a naturally transparent thermoplastic material that is a crucial ingredient in creating several incredibly durable, flexible and lightweight items. The production of polystyrene and the creation of its many applications is a significant part of the global economy and improves the quality of life by enabling the creation of more efficient electronic devices such as televisions, computers, refrigerator liners and many more. ‘others that consume more energy, cost and high performance. The global import value of polystyrene products has witnessed a notable growth from 2020 to 2021. In 2020, the global import value was USD 3,186,956,000 which increased to USD 5,517,129,000 in 2021 with a 76% annual growth value from 2020 to 2021. This significant business growth propels the growth of the segment.

A few of the well-known market leaders in the global consumer electronics and plastics market profiled by Kenneth Research are BASF SE, Dow, Celanese Corporation, Trinseo, Dun & Bradstreet, Inc., Covestro AG, Chevron Phillips Chemical Company LLC, Mitsubishi Chemical Holdings Corporation, Dupont, Solvay, Exxon Mobil Corporation and others.

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Recent developments in the global consumer electronics and plastics market

  • In October 2021, in order to produce plastic and other important products, Exxon Mobil Corporation built its first major advanced plastic waste recycling facility in Baytown, Texas.
  • In August 2021, to maintain the supply of recycled MMA and improve the quality and production of transparent acrylonitrile butadiene styrene, LG Chem and Veolia R&E, a producer of recycled MMA (methyl methacrylate) in Korea, signed a collaboration agreement strategic. The main raw material of transparent ABS, MMA, is widely used in various industries, including automotive, home appliance, computer and building materials.

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Kenneth Research is a leading provider of strategic market research and consulting services. Our aim is to provide unbiased and unparalleled market intelligence and industry analysis to help industries, conglomerates and executives make sound decisions for their future marketing strategy, expansion and investments etc. at the right time is available thanks to strategic minds. Our original thinking helps our clients make sound decisions to avoid future uncertainties.

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