Plastics in Consumer Electronics Market

Market Overview

The global plastics in consumer electronics market size was valued at USD 5.9 billion in 2022 and is projected to reach USD 8.39 billion by 2031, registering a CAGR of 4.5% during the forecast period (2023-2031). The market is booming due to rising population and increased demand for consumer goods.

Plastics are extremely important in the consumer electronics sector, providing a variety of functions in the design, functionality, and production of electronic gadgets. Plastics have a high level of purity. Pure polymeric polymer compounds considerably reduce, if not fully eliminate, the possibility of contamination, contributing to assuring the highest quality electronics and the microchips that power them.

Plastics in consumer electronics market share is developing due to population growth and increased demand for consumer goods. The growing middle class, low plastics costs, and the availability of several rivals all contribute to the growth of the electronics and consumer goods plastics market. The global plastics in consumer electronics market study offers a comprehensive market analysis. The research thoroughly examines major segments, trends, drivers, restraints, the competitive landscape, and significant factors in the market.

Market Dynamics

Global Plastics in Consumer Electronics Market Drivers

Growing Demand for Light Weight Design

Smartphones, laptops, and tablets are lightweight and portable consumer technology. Because plastics are lightweight materials, they are an excellent alternative for providing the needed portability without adding undue weight to the gadgets. This is especially significant because consumers demand sleek, portable electronic devices. International Data Corporation (IDC) estimates that global smartphone shipments will reach roughly 1.24 billion units in 2022. This highlights the significant desire for lightweight and portable consumer devices, with cell phones as a prime example. Apple's MacBook Air, for example, has a sleek and lightweight form accomplished by combining aluminum and plastics. Consumers have responded well to this design.

Furthermore, electronic readers (e-readers) such as the Amazon Kindle rely on plastics to develop lightweight, ergonomic devices that may be carried comfortably for lengthy periods. The lightweight and thin design of the Kindle Paperwhite perfectly illustrates how polymers contribute to a comfortable and portable reading experience. These elements are predicted to influence the evolution of plastics in consumer electronics market trends.

Global Plastics in Consumer Electronics Market Restraints

Environment Concerns and Plastic Wastes

Plastics are widely used in consumer electronics, contributing to the growing problem of electronic waste (e-waste). Many of the polymers found in electrical equipment are neither recyclable nor biodegradable. This poses environmental problems, as incorrect electrical goods disposal can result in contamination and landfill overflows. Governments and customers are progressively seeking more environmentally friendly and sustainable materials and solutions. The Waste Electrical and Electronic Equipment (WEEE) Directive of the European Union is an example of regulatory initiatives to combat e-waste. It imposes on manufacturers the task of collecting and recycling electrical items, particularly those containing plastics. Manufacturers must examine the environmental impact of materials used in their products to comply with the directive.

According to the U.N. Global E-waste Monitor 2020, 53.6 million metric tonnes of electronic garbage were generated globally in 2019, an increase of 21% in just five years. The incorrect disposal of plastic-made electrical items contributes to pollution, soil contamination, and groundwater pollution. This has major environmental and health consequences. Governments, environmental organizations, and consumers are progressively pressuring the consumer electronics industry to adopt more environmentally friendly procedures and materials to reduce e-waste. As a result, these factors are anticipated to limit Plastics in Consumer Electronics Market growth.

Global Plastics in Consumer Electronics Market Opportunity

Growing Adoption of Sustainable Plastics

Growing environmental consciousness is fuelling demand for environmentally friendly polymers derived from recycled or biodegradable ingredients. Manufacturers can profit by creating and implementing environmentally friendly plastics into their electrical devices. Dell, a well-known computer technology corporation, has launched a sustainability program named "Dell Ocean-Bound Plastics." This program aims to collect and reuse plastic waste from waterways, preventing it from entering the ocean and hurting marine ecosystems.

Dell uses recycled plastics collected from coastal areas to produce laptops, displays, and other electronic equipment as part of this project. Adopting sustainable plastics in consumer electronics addresses environmental issues and consumer desire for eco-friendly products. Manufacturers who seize this opportunity can improve their brand image, meet regulatory obligations, and appeal to a growing market segment of environmentally conscious consumers.

Regional Analysis

Asia-Pacific Dominates the Global Market

The global plastics in consumer electronics market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

Asia-Pacific dominates the market and is expected to grow at a 4.3% CAGR during the forecast period. China led the Asia-Pacific regional market in 2023 in terms of both volume and revenue. The Asia-Pacific region dominated the consumer electronics plastics market, owing to consumer electronics makers' increased use of bio-based polycarbonate. Some of China's largest consumer electronics businesses are Haier, Hisense, Huawei, Lenovo Group Ltd., Sharp Corp., Xiaomi, and Guangdong Oppo Mobile Telecommunications Corp., Ltd. Plastics are non-conductive materials used to make electrical products such as air conditioners and television frames. PC/ABS blends are used to make telephone handsets, keyboards, displays, and computer housings; P.A. makes food processor bearings and adaptors; and P.C. is used to make telephones. Rising consumer electronics demand will likely push the regional plastics market during the forecast period.

North America is estimated to hold a significant market share with a 4.8% CAGR during the forecast. North America will have one of the fastest-growing markets for electronic plastic over the projection period. Using alternative materials such as rubber, glass, and wood to produce a wide range of consumer items such as toys and jewelry has raised the demand for plastic in electronics. Many smartphones, like the iPhone and Samsung Galaxy series, have casings made of polycarbonate, PC/ABS blends, or glass-filled resins. These materials provide durability while remaining slender and elegant. The Plastics Industry Association (PLASTICS) estimates that the U.S. plastics industry will generate $468.0 billion in shipments in 2021. Many of these plastics are employed in various industries, including consumer electronics. The Plastics Industry Association also points out that plastics are widely used in the automotive, electronics, and packaging industries, with plastics usage anticipated to rise as material technology advances.

The European plastics in the consumer electronics market represent a sizable portion of the consumer electronics sector. The government made significant investments to ensure a clean environment. The European Commission published a new circular economy action plan in March 2020, with one of its targets being reducing electronic and electrical waste. The proposal specifically stated urgent aims such as ensuring the right to repair and enhancing overall reusability, introducing a single charger, and developing an incentives system to encourage recycling devices. These activities are projected to hamper market growth. According to plastics in consumer electronics market insights, the European electronics sector is significant. According to the European Plastics Converters (EuPC), the European plastics sector is one of the largest in the world, with an annual turnover of more than €350 billion and over 1.6 million people employed in over 50,000 businesses.

Segmental Analysis

The global plastics in consumer electronics market is segmented based on product, application, and region.

Product is further segmented into Polycarbonate (P.C.), Liquid Crystal Polymer (LCP), Polycarbonate/Acrylonitrile Butadiene Styrene (PC/ABS) Glass Filled Resin, Bio-based Polycarbonate, Thermoplastic Elastomers (TPE), Polyamide (P.A.).

Polycarbonate (P.C.) holds the major market share. Polycarbonate is a thermoplastic polymer with great impact strength, optical clarity, and heat resistance. It has great dimensional stability and can be tinted or clear. Polycarbonate is distinguished from other thermoplastics by its ability to withstand large plastic deformations without breaking or cracking. It is highly robust and can tolerate extremely high temperatures.

Furthermore, PC/ABS mixes combine ABS toughness and impact resistance with polycarbonate heat resistance. Glass fibers can be added to increase strength. PC/ABS is utilized in electronic enclosures, outer casings, and components where durability and impact resistance are required. It's commonly found in tough computers, automotive parts, and electrical casings.

The application segment can be bifurcated into T.V. frames, laptop monitor enclosures, LCD panels, portable hand-held devices, wearables, mobile phone bodies, appliances, and white goods.

Laptop monitor enclosures occupy the major market share. Plastics are utilized in laptop monitor enclosures. These materials provide structural support, lightweight design, and screen and internal component protection. Because of the advent of user-friendly interfaces and rising demand from the middle-class population, increasing digitalization across all industries has accelerated the global market for computer electronics. Because of their excellent resilience, the plastics used to make laptop monitor enclosures extend the device's lifespan.

Plastics are used to construct wearable gadgets such as smartwatches and fitness trackers because they are lightweight, water-resistant, and comfy.

Recent Developments

• July 2023- Trinseo (NYSE: TSE), a specialized materials solutions supplier, is introducing INDUROTM, a highly engineered continuous cast acrylic capped sheet designed expressly as a more lasting material substitute for external panels in recreational and other mobility vehicles.
• September 2023- Covestro Huafeng and Cyclone Work Together to Create More Sustainable Sports Equipment.
• August 2023- STAMAXTM RESIN from SABIC has been U.L. validated for thermal runaway protection.