Global Plastics Market for Consumer Electronics: Overview

The electronics & electricals industry has evolved in recent years. The industry invests significantly in new product development to meet the evolving needs of consumers. Use of plastics in the manufacture of electrical appliances is increasing. Factors such as reduction in appliance weight, aesthetics, and favorable characteristics of plastics are boosting the usage of plastics in consumer electronics products. Expansion of the electronics & electricals industry is expected to boost demand for plastics in the near future. The demand for electronics, especially mobile phones and laptops, has been rising over the past couple of years. The demand is impacted by several factors such as availability of products and their trends, product development, per capita expenditure, disposable income, economic factors, etc.

Overall, the consumption of electronics is likely to be lower than their production. This trend is particularly pronounced in the case of mobile phones. A larger number of mobile phone manufacturers provide consumers with a wide variety of cell phones with a number of features. The production of laptops, notebooks, and desktops is dependent on the final use of the product such as gaming, business, or home office. Electronics used for entertainment, such as DVD players, video games, and MP3 players, are limited in number as compared to TVs, laptops, and mobile phones. However, they all utilize plastics in the production of their body-casing (enclosure).

Several countries do not have an established waste collection and sorting system for solid waste. For instance, just 10% of the total waste produced in Africa is channeled into the collection system. The remaining 90% lies unaccounted for and usually ends up in oceans and river streams. Furthermore, more than 8 million tons of plastic waste is estimated to end up in oceans. Collection and sorting of plastic waste is the first and crucial step in plastic recycling. Manufacturers of plastic products usually add several additives, pigments, modifiers, and fillers to induce properties such as high density, elasticity, rigidity, and color in products. However, these fillers, additives, and pigments create problems while recycling and ultimately result in poor quality of recycled plastics. Most plastics are non-biodegradable and remain in the environment for decades. Thus, various regulatory legislations have been imposed on the manufacture of plastics as well as their usage in different end-user industries in order to regulate production of plastics and plastic waste. Prices of oil and gas directly affect the cost of plastic manufacturing. Volatility in prices of oil and gas affects the raw material cost of virgin plastic production. For instance, decline in oil and gas prices can result in substantial decrease in prices of virgin polymers. As a result, demand for recycled plastics decreases, since prices of virgin plastics are low. However, volatility in prices of virgin plastics creates fluctuations in demand for recycled plastics. Thus, in terms of expansion potential, the plastics market for consumer electronics is estimated be adversely impacted by the above mentioned factors over the forecast period.

Global Plastics Market for Consumer Electronics: Key Segments

Based on product, the plastics market for consumer electronics can be segmented into polycarbonate (PC), acrylonitrile butadiene styrene (ABS), styrene-acrylonitrile resin (SAN), acrylonitrile styrene acrylester (ASA), polystyrene (PS), poly-(methyl methacrylate) (PMMA), and others (including styrene ethylene butadiene styrene (SEBS), polyphenylene ether (PPE), polyphenylene oxide (PPO), polyamide (PA), and plastic blends).

In terms of application, the plastics market for consumer electronics market can be divided into computers & accessories, cell phones, television sets, and sound systems (VCRs, CD players, DVD systems, etc.).

Asia Pacific is projected to be a lucrative region of the plastics market for consumer electronics as presence of numerous manufacturing facilities for electronic products in the region has elevated the demand for plastics in Asia Pacific. The region is a hub for the electrical & electronics industry in terms of production as well as consumption of electronic products.

In terms of demand, North America is anticipated to offer considerable opportunities to the plastics market for consumer electronics due to the presence of numerous plastic manufacturing facilities in the region. Furthermore, R&D required for selection, processing, and application of plastics in electronics is prominent in the region.

Europe currently holds a significant share of the plastics market for consumer electronics. However, increase in production costs and raw material prices are anticipated to hamper the plastics market for consumer electronics market in the region. Several economies (excluding Mexico) in Latin America are not performing well and have registered negative year-on-year growth. Therefore, the entire industrial sector, including manufacturing, in the region is anticipated to remain sluggish. Mexico, on the contrary, is an attractive country with respect to demand for plastics market in consumer electronics.

Global Plastics Market for Consumer Electronics: Key Players

Key players operating in the plastics market for consumer electronics include LG Chem Ltd., DowDuPont, LyondellBasell, Trinseo, INEOS Group, SABIC, and ExxonMobil Corporation.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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