Albany, NY -- (SBWire) -- 05/31/2019 --Plastics Market for Electrical Appliances - Snapshot

Plastic is one of the highly functional, esthetic, and sustainable materials. It has replaced materials such as metal, concrete, and wood, as it is light in weight, corrosion proof, economical, and esthetically appealing. Manufacture of plastic also entails less energy. Global production of plastic stood at 322 million tons in 2015 and is estimated to increase at a CAGR of 6% to 7% by 2020. Plastics are bad conductors of electricity. Therefore, they are used in applications that require insulating properties. For instance, PVC is commonly used in wires and cables, while thermosets such as PU and PE are used in handles, switches, etc. Plastics is employed in outer body packaging of household appliances (toaster, blender, mixer, etc.) and personal care appliances (hair dryers, electrical razors, etc.).

Plastic is one of the key materials used in the manufacture of electrical appliances. Several resins such as ABS, SAN, PP, and PS are widely used in the manufacture of different appliances. In terms of revenue, the global plastics market for electrical appliances was valued at US$ 15.8 Bn. The market is anticipated to expand at a CAGR of 7.5% between 2017 and 2025. Growth in the market is largely driven by the rise in demand for electrical appliances across the globe. Demand for electrical appliances across the world is anticipated to increase at 6.6% per annum during the forecast period, thus offering substantial demand for plastics. In terms of type of resin, the PP segment accounted for substantial market share in 2016 as it is highly moldable and relatively inexpensive. The PP segment is anticipated to expand significantly during the forecast period. ABS & SAN and PS are also widely employed in electrical appliances. Other types of resins such as PC, PA, and LDPE have demand in niche applications. PC and PA demonstrate superior properties; however, their price is high. Thus, their usage in electrical appliances is limited.

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Air treatment products is one of the fast growing appliance segments of the market. Rise in demand for air treatment products such as air conditioners, especially split air conditioners, air purifiers, and fans is the key factor driving the segment. However, in terms of consumption, refrigeration appliances was the dominant segment of the market in 2016. The segment consumed substantial quanta of total plastic in 2016 and is anticipated to expand nearly twice by 2025. A typical refrigerator consists of several plastic components such as liners, trays, handles, holders, and stands. Thus, demand for plastic is high in the segment.

Demand for electrical appliances has been rising since the last two years. It is impacted by several factors such as availability of products, trends in an individual appliance segment, product development, per capita expenditure, disposable income, and economic factors. Increase in production of electrical appliances is expected to further boost the demand for plastics in the near future. Mass production of electrical appliances with plastic components also provides economic advantages while maintaining optimum functionality. Styrenic polymers, in particular, exhibit a wide range of properties through different products such as polystyrene, ABS, SAN, and block copolymers. The shift in usage from traditional materials to plastics has also propelled the plastics market. Unlike metals or organic materials, plastics are corrosion resistant. With the help of additives, they can also be made chemical- and acid-resistant. Furthermore, the need to produce lightweight appliances, while maintaining high performance, reliability, durability, and dimensional stability is met with the help of plastics. Different colors, textures, and properties such as transparency and opacity can be achieved with the use of colored additives or by blending two or more polymers. These factors work in tandem and propel the demand for plastics for electrical appliances.

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Asia Pacific is a leading region of the market. The market in the region is anticipated to expand significantly during the forecast period. Asia Pacific is a global manufacturing hub. Prevalence of low-cost labor, lenient government regulations, inexpensive raw materials, and high demand for electrical appliances has rendered countries in Asia Pacific such as China, Thailand, Malaysia, India, South Korea, and Indonesia attractive manufacturing destinations for several electrical appliance brands. This has contributed to the dominant share of Asia Pacific in the total demand for plastics in the world. Following Asia Pacific, Europe was a significant market for plastics in electrical appliances. Various electrical appliances such as small cooking products, food preparation appliances, and dishwashers are manufactured in Europe. Thus, demand for plastics is high in the region.

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Key players operating in the plastics market for electrical appliances include Lyondell Basell, Sinopec Group., PetroChina Group, Braskem Group, Shin-Etsu Chemicals, Ineos Styrolution Group GmbH, Borealis, SABIC, Exxon Mobil, Reliance Industries, Total PC, and Formosa Plastics Corp. Most manufacturers offer few polymers such as styrenics, i.e. ABS, SAN, and PS or polyethylene, i.e. LDPE, HDPE, LLPDE, XLPE, etc.