Global Electrical & Electronic Plastics Market 2023-2030

Global Electrical & Electronic Plastics Market 2023-2030

Global Electrical & Electronic Plastics Market Size, Share & Trends Analysis Report by Material Type (PA 6, PA66 FR, Polybutylene terephthalate (PBT), and Polyethylene Terephthalate (PET)), and by Application (Automotive, Consumer Goods, Industrial, Medical, and Other) Forecast Period (2022-2030)

The global electrical & electronic plastics market is anticipated to grow at a considerable CAGR of 8.6% during the forecast period. The rising electrical & electronic application across the globe owing to the growing urbanization and digitalization is a key factor driving the growth of the global electrical & electronic plastics market. Plastic characteristics such as aesthetic & reduced weight have made it a suitable choice for usage in electrical & electronic products. The latest generation of plastic are designed to be circular, meaning they are recyclable, reusable, and made from recycled materials, with sustainability at the forefront of the material development agenda. Chemical supplier Sabic has introduced LNP Elcrin WF0061BiQ resin, which uses ocean-bound PET bottles as a feed stream for chemical upcycling into polybutylene terephthalate PBT resin. The LNP Elcrin WF0061BiQ grade is a glass fiber reinforced PBT material that features non-brominated, non-chlorinated flame retardancy meeting the UL94 V0 standard at 0.8mm and F1 rating. It also delivers heat resistance, toughness and stiffness, and high flow well-suited for molding thin-wall applications for outdoor environments.

In November 2020, Celanese introduced POM Eco-B, a biobased, biomass-balanced polyacetal product, in 2020. Despite the fact that Eco-B is commercially available, customer and industry adoption has been slow. Celanese adds that it expects to offer to existing and new customers its Eco-R solution with a recycled content offering of up to 30%. In April 2022, Ensinger, a German engineering plastics manufacturer, has doubled the benefit of engineering plastics with its newly launched detectable compound to improve food production safety. The new material, which is based on POM-C, has been specially developed for injection-molded components used in the food processing industry.

Segmental Outlook

The global electrical & electronic plastics market is segmented based on material type and application. Based on material type, the market is segmented into PA 6, PA66 FR, polybutylene terephthalate (PBT), and polyethylene terephthalate (PET). Based on application, the market is divided into automotive, consumer goods, industrial, medical, and other.

Consumer Goods to Hold a Prominent Market Share in the Global Electrical & Electronic Plastics Market

Among the application segment, the consumer goods sub-segment is expected to hold a considerable share of the market. The favorable demographics, changing lifestyle, and growing consumer awareness towards the quality of electronic plastic products has driven the demand for plastics in consumer goods industry. The rapid industrialization and urbanization lead to the expansion of smart cities is expected to drive the growth of this market segment. The growing number of electronic consumer goods such as smartphones, smart watches, laptops, and desktop has driven the growth of this market segment. Additionally, advanced modern trade has promoted the manufacturer to innovate the new product line of the plastic for consumer electronics industry which in turn is expected to drive the market growth.

Regional Outlooks

The global electrical & electronic plastics market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the North America electrical & electronic plastics market is anticipated to cater to considerable growth over the forecast period.

Global Electrical & Electronic Plastics Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Expected to hold a Considerable Share in the Global Electrical & Electronic Plastics Market

Asia-Pacific is expected to hold a considerable share of the global electrical & electronic plastics market. The growing urbanization and industrialization in growing economies of the region such as India and China is a key factor contributing to the regional market growth. According to Invest India, India’s electronics production is expected to reach $300 billion by 2026. The growing electronics industry of the region is expected to compliment the regional market growth.

Market Players Outlook

The major companies serving the global electrical & electronic plastics market include Koninklijke DSM N.V., LG Chem Ltd., SABIC, Solvay SA, and Covestro AG among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. In November 2022, a team at The University of Texas at Austin (UT Austin) used a unique process that involved applying light and a catalyst to change the properties of a material. Their aim was to mimic natural materials that can be hard and rigid in some places and soft and flexible in others. Researchers have taken inspiration from living things such as trees and shellfish to create a new plastic material that is both flexible and strong, showing a toughness that's 10 times more than that of natural rubber. Such developments may restrain the growth of the plastic industry.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global electrical & electronic plastics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.