New York, Aug. 25, 2022 (GLOBE NEWSWIRE) — For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Electronics Consumer Goods and Plastics Market” that covers the following elements:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth Drivers
- Key market players and their detailed profiling
Global Electronics Consumer Goods and Plastics Market Size:
The global electronics consumer goods and plastics market is estimated to gather around USD 59 billion in revenue by 2031 and to grow with a CAGR of ~6% over the forecast period. The expansion of the market can be ascribed owing to their lightweight characteristics, low cost, and better impact and corrosion resistance products. To illustrate, desktops are lighter and easier to handle owing 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. In addition, the market growth is anticipated to be boosted by increased consumer electronics demand and population expansion. For instance, in 2021, there were almost 1.5 billion cellphones sold worldwide, compared to almost550 a million televisions.
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Global Electronics Consumer Goods and Plastics Market: Key Takeaways
- Asia Pacific region acquires a noteworthy share of the revenue
- Household appliances segment to influence the revenue graph
- Polystyrene segment retains a sizeable presence in the market
Growing Population and Increased Demand for Consumer Products to Boost the Market Growth
Internet usage is currently being utilized by approximately 5 billion people worldwide or roughly 62 percent of the world’s population. The number of people who use the internet continues to rise as well; according to the most recent figures, there were about 181 million more people online worldwide in the 12 months leading up to July 2022. In addition to that, by 2025, there ought to be 2,740 million users of household appliances and in 2022 there is going to be 25% of users and by 2025, it is predicted to be 36% of users worldwide. The demand for electronic consumer goods is anticipated to expand as the number of Internet and electronic users rises, which is predicted to promote market expansion.
Global Electronic Consumer Goods and Plastic Market: Regional Overview
The global electronics consumer goods and plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Expanding Production Volume and Enterprise Profit Growth to Propel the Market Growth in the Asia Pacific Region
The market in the Asia Pacific region is anticipated to expand significantly over the forecast period on account of factors such as rising population, better lifestyles, and an increase in the number of global industry players preferring to outsource production there. Furthermore, China has ruled the global consumer electronics market in terms of production volume, and this trend is predicted to continue. By 2026, China’s production of consumer electronics is projected to reach 2.1 billion units. In addition to that, the annual growth rate of total profit from electronics businesses in China was 17.5% in 2020 which rose to 39% in 2021. The significant growth in the profit from the businesses and also the rising production volume are anticipated to accelerate the market expansion of the region.
Growing E-Commerce and Rising Adoption of Smart Appliances to Boost the Market in the North American Region
On the other hand, the North American region is expected to gain a significant share in the global electronic consumer goods and plastics market over the forecast period. In 2019, the U.S. manufacturers shipped a total of USD 3,887.6 billion through e-commerce, and service businesses generated USD 1,295.3 billion in revenue from electronic sources 2019, up 13.0% from a revised USD 1,145.9 billion in 2018. The growth in the adoption of smart appliances and user-friendly devices is expected to elevate the-commerce sales and the expansion of the market in the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunities in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & 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 Electronics Consumer Goods and Plastics Market, Segmentation by Application
- Household Appliances
- Consumer Electronics
The household appliances segment is predicted to hold the largest share among these during the forecast period. The global retail sales of large and small appliances reached more than USD 400 billion in 2020. The improvement in the living standards and rising disposable income are ascribed to the growth of the market. For instance, in the United States, over 510 million small and large household appliances were shipped. American households spend about USD 305 per year on major appliances and an additional USD 125 annually on small appliances. The growth in the living standards and disposable money is anticipated to boost international trade in large and small household appliances which helps to flourish the segment.
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Global Electronics Consumer Goods and Plastics Market, Segmentation by Type
- Polyvinyl Chloride
The polystyrene segment is anticipated to hold a substantial market share over the forecast period. Polystyrene is a naturally transparent thermoplastic material that is a crucial ingredient in the creation of several incredibly durable, flexible, and lightweight items. Polystyrene production and the creation of its many applications make up a significant portion of the global economy and improve quality of life by enabling the creation of more effective electronics like television, computers, refrigerator liners, and many others that are more energy, cost, and performance efficient. The global importing value for polystyrene products had a noteworthy growth from 2020 to 2021. In 2020, the global importing value was USD 3,186,956 thousand which rose to USD 5,517,129 thousand in 2021 with an annual growth value of 76% from 2020-2021. This significant trade growth propels the growth of the segment.
Few of the well-known market leaders in the global electronics consumer goods and plastics market that are 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 Global Electronics Consumer Goods and Plastics Market
- In October 2021, in order to produce plastic and other important products, Exxon Mobil Corporation built its first significant facility for advanced recycling of the plastic waste 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, inked a strategic collaboration agreement. The primary raw material for transparent ABS, MMA, is widely used in a variety of sectors, including the automotive, home appliances, IT, and building materials industries.
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