Plastics Market SWOT Analysis, Opportunities and Future Prospects 2025
Albany, NY -- (SBWire) -- 10/01/2018 --The plastics market for electrical appliances was valued at around US$ 15,802 Mn in 2016. It is anticipated to expand at a CAGR of 8.1% during the forecast period, according to a new report published by Transparency Market Research (TMR) titled "Plastics Market for Electrical Appliances - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025."
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Plastics offer a wide range of favorable attributes that enable them to be utilized in design and development of various electronics & electrical appliances. Traditionally, metals accounted for a large part of the composition of electrical appliances. However, advancement of technology has accelerated the pace of replacement of traditional materials with plastics, as plastics offer a broad range of advantages over metals. Hence, expansion of the plastics market for electrical appliances is primarily driven by the rise in demand from electrical appliances and versatility offered by plastics over other materials. Asia Pacific accounts for a major share, accounting for near about two-thirds of the plastics market for electrical appliances, with China dominating the demand.
Increasing demand from refrigeration appliances, home laundry appliances, and air treatment products
Plastics are inseparable and the fundamental material used for manufacture of electrical appliance components. Plastics are easier to process and provide flexibility to design ergonomic devices. Electrical appliances also need to be lightweight, while maintaining high performance, reliability, durability, and dimensional stability. Several components of electrical appliances such as body packaging, buttons, handles, and trays, can be easily micro-molded with plastics to manufacture precision parts with tight tolerance. Demand for refrigeration appliances, home laundry appliances, and air treatment products is rising at a substantial rate. Rising population coupled with increasing disposable income is a key factor propelling the demand for these appliances. Electrical appliances have surpassed the 'luxury goods' title and presently, have become 'necessary goods' due to rising standard of living and changing lifestyles. Thus, all these factors, working in tandem, are driving the demand for plastics for electrical appliances.
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Increasing demand for polypropylene, ABS, and polystyrene
Polypropylene demonstrates impressive molding properties, which provide plastic molders with freedom of design. Moreover, polypropylene components can be manufactured using several processes including injection molding, thermoforming, and machining. Polypropylene can also be easily blended with other polymers to induce the required properties, making it a versatile option for manufacturing of components. Furthermore, being an inexpensive polymer, it finds applications in almost all electrical appliances. Thus, polypropylene is anticipated to witness significant increase in demand during the forecast period. Similarly, ABS is a stable resin and has high chemical and heat resistance. It can be used in appliances that are subjected to high heat and chemicals such as irons, microwaves, home laundry appliances, and dishwashers, due to its versatile properties. Polystyrene is a key resin that is utilized in refrigerators and air treatment products. Polystyrene is compliant with several food and drug regulatory bodies, and hence, can be easily used in refrigerators and other food contact appliances.
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