Plastics in Electronics Components Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024
Albany, NY -- (SBWIRE) -- 03/07/2017 -- Global Plastics in Electronic Components Market: Overview
The global market for plastics in electronics components will witness tremendous growth as plastic is being increasingly used in electronics and electric components across the globe. The automotive, medical, telecommunications, and electronics industries are some of the key application areas. Nylons, polyketones, polyamides, epoxy resins, polyethylene, polycarbonates, polysulfones, polyesters, and polyphthalamides (PPA) are some major forms of plastics that are deployed in electronic components.
As plastic boasts insulation properties, it is widely used in electronic and electric components of several machines and devices. Some of these are printed circuit boards, bobbins, ignition components, and connectors.
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Global Plastics in Electronic Components Market: Drivers and Restraints
As conventional fabrication procedures of electronic circuits are costly and time consuming, a vast number of manufacturers of electronic devices have been displaying high preference for plastics in electronics components. Also, as the demand for electrical devices increases, the demand for plastics in electronics components will grow simultaneously. Plastics in electronics enable printing of ultra-thin, highly efficient products that have long shelf lives. The emergence of cloud computing and the Internet of Things (IoT) has also been boosting the demand for plastics in electronics components. The deployment of these products in infotainment systems, automobile control, and driver assist has been escalating. Several technological advancements such as the development of polyphenylene sulfide compounds and liquid crystal polymer (LCP) that have replaced ceramic components are propelling demand. Nylon and several other polymers are being developed.
On the other hand, as growing environmental concerns about the disposal of plastic arise, the growth of the market might slacken. However, the emergence of printed electronics and the trend of usage of more eco-friendly (organic) plastic components in devices such as smartphones will furnish substantial growth opportunities.
Global Plastics in Electronic Components Market: Regional Outlook
Based on geography, the global market for plastics in electronics components has been segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). North America and Europe are the leading regional markets. The region of Asia Pacific has been exhibiting growing demand for electronics components that use plastic, as these components are easily available at lower prices, reducing the cost of production of electronic devices and thereby increasing profit margins. A vast array of electronic components that use plastic are used in construction and building activities. Because of large-scale industrialization and the boom in the construction sector in particular, the market in countries such as India and China is likely to represent a significant share in the global plastics in electronics components market.
Companies mentioned in the Report
Some of the major companies operating in the global market for plastics in electronics components are SABIC Innovative Plastics, Dow Chemical Company, Chevron Phillips Chemical, DuPont Inc., Styron LLC, Bayer Material Science, Solvay Advanced Polymers, BASF SE, Ineos Nova LLC, Ticona Inc., and Toray Plastics.
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Several manufacturers are focusing on increasing the capacity of their plants. The market players are also resorting to mergers, collaborations, and acquisitions to gain more profit. For instance, an agreement with INEOS Styrolution, was signed by Chevron Phillips Chemical Company LLC in order to sell off its product named K-Resin® styrene-butadiene copolymers (SBC). This development is likely to enhance the global footprint of SBC manufacturing across several regions.