Electrical Plastic Market – By Product (Polycarbonate, Polypropylene, Low-Density Polyethylene, Polyestyrene, Polyvinyl Chloride, Polyamide, And Others), By Applications (Irons, Personal Care Appliances, Food Preparation Appliances, Microwaves, Vaccum Cleaners, Small Cooking Appliances, Dishwashers, Air-Treatment Products, Refrigeration Appliances, Home-Laundry Appliances, And Others), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

DC Motor market size was valued at USD 92.0 million in 2020 and it expected to reach USD 177.7 million by 2030, register the CAGR of 6.8% during the forecast period. Plastics are the most commonly and widely used materials around the globe. They are used in almost every industry ranging from packaging, construction, electrical & electronics, automotive, medical devices, consumer goods, and many others. Plastics are mainly organic polymers of high molecular mass and often contain other substances usually derived from petrochemicals. Certain properties of plastics such as low cost, ease of manufacture, versatility, and resistance to water are responsible for their broad usage in industries over traditional materials like wood, glass, metal, leather, ceramics, and others. Growing population along with rapid urbanisation and industrialisation in developed and developing economies have propelled the use of plastics driving its market growth. The competition among players is going to intensify further with the presence of a large number of players. Investment in new technologies and advanced equipment by these players is resulting in a fragmented competitive landscape in the plastic market for electrical appliances. However, adverse impact of plastics on environment is going to be the major roadblock in electrical plastics market growth.

Market Segmentation:

On the basis of product type, the global electrical plastics market is classified into polycarbonate, polypropylene, low-density polyethylene, polystyrene, polyvinyl chloride, polyamide, and others. Based on product applications, the market can be segmented into irons, personal care appliances, food preparation appliances, microwaves, vaccum cleaners, dishwashers, small cooking appliances, air treatment products, home laundry appliances, refrigeration appliances, and others. Geographically, the global electrical plastics market can be broadly divided into five regions namely North America, Europe, Asia Pacific, and ROW.

Market Dynamics and Factors:

Growth in the buildings & constructions industry, electrical & consumer electronics, and automotive industries are major factors contributing towards the growth of the electrical plastics market. In addition to that, plastics are being demanded in the pipes & fittings segments due to their certain characteristics like low cost, light weight, corrosion resistance, and longer life span. This is ultimately driving market growth. In the automotive sector, regulations to decrease gross weight in order to improve fuel efficiency and reduce carbon emissions have led to the increase in the use of plastics over metals like aluminium and steel. Regulations regarding the depletion and recyclability of conventional materials like wood and metals is expected to drive greater plastic demand for several industries in the forecast period. However, adverse effects on environment is the major factor affecting the electrical plastics market growth. Several Government and Non-Government organisations are running awareness camps regarding the ill-effects of plastics on environment, and thus forcing consumers to look at other potential sources. However, this is in the case of single-use plastics only.  But nevertheless, high costs of bio-degradable substitutes and inaccessibility compared to plastics is a major factor that is still boosting the growth of the electrical plastics market. Fluctuating raw material prices is another factor that could restrain the market growth of electrical plastics. Crude oil is the most important raw material in the production of plastics. Oil-price volatility poses major challenges in the electrical plastics market.

Geographic Analysis:

Asia Pacific region is expected to grow at the highest rate during the forecast period. Growth in the manufacturing sector, high economic development, and increase in FDI in electronics sector are the major factors contributing towards the electrical plastics market growth of the plastics. A well-established electronics and semiconductor’s industry in South Korea, chemical industries in China and India are major examples of it. Nations like China, India, Japan, South Korea, Taiwan, and Vietnam are offering lucrative opportunities for electrical plastic manufacturers. North America has also shown key increase in the demand of electrical plastics during the forecast period. Growth of the construction industry in Mexico and Brazil will further drive market growth in Latin America. The European plastics industry is facing regional and global economic challenges due to stringent government norms but has maintained stable growth rate during the forecast period.

Competitive Scenario:

The key players operating in the electrical plastics market are –

DuPont, Dow Chemical, Eastman Chemical, BASF, BWAY, Braskem, Nova Chemicals, AEP Industries, American Packaging Corporation, PolyOne, North American Pipe Corporation, Exxon Mobil Chemical, Chevron Phillips Chemical Company, Formosa Plastics, and NatureWorks

Electrical Plastic Market Report Scope