Electronics And Consumer Goods Plastics Market (2024 - 2030)

Market Size & Trends

The global electronics and consumer goods plastics market size was valued at USD 45.1 billion in 2023 and is projected to grow at a CAGR of 6.1% from 2024 to 2030. This growth is attributed to its applicability in many sectors for producing and manufacturing different electronics and consumer goods, such as smartphones, packaging, electrical components, televisions, appliances, etc. These plastics are durable, lightweight, flexible, and have design versatility. Hence, these characteristics make them best and well-suited for the production of various products. However, with rising awareness of reducing carbon footprint and improving energy efficiency, companies and manufacturers are spending on developing biodegradable and recyclable plastics for electronics and consumer goods, creating broad opportunities in the market.

In addition, with flexibility, durability, and toughness, plastics are broadly utilized in the production of toys, jewelry, sports and casual shoes, and consumer electronics, including components such as TV frames, laptop monitor components, display panels, portable hand-held devices, wearables, mobile phone parts, household and industrial appliances & other items. Plastics are also employed in construction, automotive, packaging, consumer durable goods, and lighting equipment, where the insulating qualities are crucial since they don’t conduct electricity. Electric wiring is often insulated with PVC (Poly Vinyl Chloride), and switches and light fixtures are usually made of thermosets.

Furthermore, the casings, connectors, displays, circuit boards, and minor components have vital applications in commercial and industrial sectors, as they are lightweight, flexible & can tolerate extreme temperatures. Moreover, the robust industrialization and urbanization globally have led to the development of smart cities that elevate industrial growth in the electronic and electrical markets, giving an advantage to the consumer electronics plastic industry. Therefore, product quality and cheapness with improved physical features are anticipated to be critical factors impacting customer decisions.

Product Insights

Acrylic dominated the market and accounted for the largest revenue share of 54.9% in 2023. Acrylic is another material implemented in making electronic enclosures and interior designs. It is lightweight and allows for cutting and designing in the most preferred way. With its excellent transparency and UV protection, acrylic panels are rapidly replacing materials such as glass. Furthermore, panels and sheets of acrylic are easy to fold and shape and, therefore, are preferred for businesses on the production floor. They are suitable for enclosed rooms, have extreme resistance in contrast to impact, and provide electrical resistance and chemicals. In addition, it can also be used in applications of home aquariums and replacement eye lenses.

PVC is expected to grow at a CAGR of 6.1% over the forecast period. Polyvinyl chloride (PVC) is one of the most used plastics in various industries across the globe. It has applications in consumer goods, bags, bottles, toys, televisions, fashion, flooring, art, and sports equipment. It is resistant to chemicals and bases and is widely used in commercial and industrial plumbing and construction. They are adapted for insulating electric wiring, whereas thermosets are for switches, light fittings, small components, and handles.

Application Insights

Household appliances led the market and accounted for the largest revenue share of 21.5% in 2023 driven by rising disposable incomes and improving living standards, particularly in emerging economies. In addition, the increasing demand for household appliances, such as refrigerators and washing machines, further propels this growth. Furthermore, the lightweight, cost-effective nature of plastics, along with their versatility in design, enhances their appeal over traditional materials such as wood and metal, contributing to a robust market expansion.

Consumer electronics is expected to grow at a CAGR of 7.4% over the forecast period. Plastic is a highly durable and flexible material that withstands high external conditions and prevents natural elements such as corrosion. It is one of the most reused and recycled materials in the market. Plastics are broadly used in various industries such as agriculture, construction, automotive, and electronics devices, boosting the market expansion of consumer electronics.

Regional Insights

The electronics and consumer goods plastics market in North America experienced market growth with a CAGR of 5.9% over the forecast years. The rise in the electronics and consumer goods plastics market, and due to the robust urbanization and industrialization of manufacturing industries in the region coupled with increasing government initiatives to boost the manufacturing sector for the market of electronics and consumer goods plastics in regions of North America.

U.S. Electronics and Consumer Goods Plastics Market Trends

The U.S. electronics and consumer goods plastics market dominated the North American market with the largest revenue share in 2023. This growth is driven by high product demand from various industries such as electrical and electronics, healthcare and pharmaceuticals, and packaging. Furthermore, increasing sales and production of electronic devices such as mobile phones and laptops fuel the market growth.

Asia Pacific Electronics and Consumer Goods Plastics Market Trends

Asia Pacific electronics and consumer goods plastics market dominated the global market and accounted for the largest revenue share of 39.6% in 2023 driven by increasing disposable incomes and a burgeoning middle class. In addition, urbanization and changing lifestyles further enhance demand for consumer electronics and household appliances. Furthermore, numerous manufacturers in countries such as China and India foster competitive pricing and innovation. At the same time, the lightweight and cost-effective nature of plastics makes them a preferred choice over traditional materials.

The electronics and consumer goods plastics market in China dominated the Asia Pacific market and accounted for the largest revenue share in 2023. This growth is driven by an increasing population in the region and rising disposable and adoption of emerging advanced technologies such as 3D printing in various sectors. Furthermore, the availability of resources such as labor, land, and raw materials, investments in the R&D center back the manufacturing of plastic products in electrical appliances, consumer goods such as automotive, construction, packaging, toys, jewelry, and many more influences the market expansion for electronics and consumer goods plastics.

India electronics and consumer goods plastics market is expected to grow significantly over the forecast years owing to a large population, a significant customer shift towards purchasing products, including smartphones, TVs, etc., and factors relating to changing lifestyle patterns. Plastics, with their flexibility, durability, and toughness, are broadly utilized in manufacturing construction, automotive, packaging, and consumer durable goods. Consumer electronics, including TVs, laptops, and minor components, boost the electronics and consumer goods plastics market.

Europe Electronics and Consumer Goods Plastics Market Trends

The electronics and consumer goods plastics market in Europe is expected to grow significantly owing to their broad daily applications. In addition, the market witnessed newer trends, such as increasing demand for more lightweight and durable products and rising emphasis on sustainability, thereby boosting the market’s growth in the region. Furthermore, the growing middle class, low plastics costs, and the availability of several rivals are contributing to the growth of Europe's electronics and consumer goods plastics market.

The UK electronics and consumer goods plastics market is expected to witness significant growth owing to technological enhancements and continuous research, which provides growth opportunities to manufacturers and companies during the forecast period. Furthermore, with a shift towards e-commerce, consumers are inclined to purchase electronic & consumer goods via digital platforms, which increases the demand for electronics and consumer goods plastics market.

Key Electronics & Consumer Goods Plastics Company Insights

Some of the key companies in the electronics and consumer goods plastics market include Dow, BASF SE, Celanese Corporation, Formosa Plastics Group., Trinseo S.A., Covestro AG, DuPont., Chevron Phillips Chemical Company LLC.;in the market focusing on development & to gain a competitive edge in the industry.

• Trinseo S.A. is a specialty material solutions provider with premier expertise, innovations, and best-in-class materials for delivering value to customers. They manufacture emulsion polymers and plastics and offer a broad range of plastic, latex, and synthetic rubber products. These products have significant functions in various industries, including automotive, consumer electronics, portable appliances, glazing, sheet, board coatings, packaging, and tires.

• Celanese Corporation is a technology company that produces specialty materials and chemical products used in most major industries and consumer applications. It offers advanced engineered materials, food ingredients, intermediate chemistry, ethylene-vinyl acetate, and emulsion polymers. These products have applications in various end-use markets, including paints and coatings, automotive, consumer and medical, industrial, consumer and industrial adhesives, filtration, paper and packaging, chemical additives, construction, food and beverage, energy storage, performance industrial, and textiles.

Recent Developments

• In January 2024, Covestro AG and Encina executed a long-term supply agreement to supply chemically recycled raw materials from post-consumer end-of-life plastic. Encina will supply Covestro with benzene and toluene, reducing carbon footprint and scope three emissions and leading to a more sustainable future in producing complex materials such as polyurethane foams and polycarbonate plastics.

• In August 2023, Solvay, an essential company making high-performance polymer and composite materials, entered into a multi-million euro agreement with its longstanding partner, Agru. The agreement aimed to supply high-purity Solef polyvinylidene fluoride (PVDF) for ultra-pure water piping systems within the growing semiconductor industry. Solef PVDF resins are widely used in the semiconductor sector due to their exceptional purity and absence of contaminants. This collaboration reinforced the union between Solvay and Agru.

Electronics & Consumer Goods Plastics Market