Global Electrical Plastic Market Size, Share, Growth, Industry Trends and Forecast 2020-2030

Plastics are the most commonly and widely used materials around the globe. They are used in almost every industry ranging from packaging, construction, electrical & electronics, automotive, medical devices, consumer goods, and many others. Plastics are mainly organic polymers of high molecular mass and often contain other substances usually derived from petrochemicals. Certain properties of plastics such as low cost, ease of manufacture, versatility, and resistance to water are responsible for their broad usage in industries over traditional materials like wood, glass, metal, leather, ceramics, and others. Growing population along with rapid urbanisation and industrialisation in developed and developing economies have propelled the use of plastics driving its market growth. The competition among players is going to intensify further with the presence of a large number of players. Investment in new technologies and advanced equipment by these players is resulting in a fragmented competitive landscape in the plastic market for electrical appliances. However, adverse impact of plastics on environment is going to be the major roadblock in electrical plastics market growth. The Global DC Motor market size was valued at USD 92.0 million in 2020 and it expected to reach USD 177.7 million by 2030, register the CAGR of 6.8% during the forecast period.
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Market Dynamics and Factors:
Growth in the buildings & constructions industry, electrical & consumer electronics, and automotive industries are major factors contributing towards the growth of the electrical plastics market. In addition to that, plastics are being demanded in the pipes & fittings segments due to their certain characteristics like low cost, light weight, corrosion resistance, and longer life span. This is ultimately driving market growth. In the automotive sector, regulations to decrease gross weight in order to improve fuel efficiency and reduce carbon emissions have led to the increase in the use of plastics over metals like aluminium and steel. Regulations regarding the depletion and recyclability of conventional materials like wood and metals is expected to drive greater plastic demand for several industries in the forecast period. However, adverse effects on environment is the major factor affecting the electrical plastics market growth. Several Government and Non-Government organisations are running awareness camps regarding the ill-effects of plastics on environment, and thus forcing consumers to look at other potential sources. However, this is in the case of single-use plastics only. But nevertheless, high costs of bio-degradable substitutes and inaccessibility compared to plastics is a major factor that is still boosting the growth of the electrical plastics market. Fluctuating raw material prices is another factor that could restrain the market growth of electrical plastics. Crude oil is the most important raw material in the production of plastics. Oil-price volatility poses major challenges in the electrical plastics market.
Market Segmentation:
Global Electrical Plastic Market – By Product
Polycarbonate
Polypropylene
Low-Density Polyethylene
Polyestyrene
Polyvinyl Chloride
Polyamide
Others
Global Electrical Plastic Market – By Application
Irons
Personal Care Appliances
Food Preparation Appliances
Microwaves
Vaccum Cleaners
Small Cooking Appliances
Dishwashers
Air-Treatment Products
Refrigeration Appliances
Home-Laundry Appliances
Others
Global Electrical Plastic Market – By Organization Size
Small & Medium Size Enterprise
Large Enterprises
Global Electrical Plastic Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
Asia Pacific region is expected to grow at the highest rate during the forecast period. Growth in the manufacturing sector, high economic development, and increase in FDI in electronics sector are the major factors contributing towards the electrical plastics market growth of the plastics. A well-established electronics and semiconductor’s industry in South Korea, chemical industries in China and India are major examples of it. Nations like China, India, Japan, South Korea, Taiwan, and Vietnam are offering lucrative opportunities for electrical plastic manufacturers. North America has also shown key increase in the demand of electrical plastics during the forecast period. Growth of the construction industry in Mexico and Brazil will further drive market growth in Latin America. The European plastics industry is facing regional and global economic challenges due to stringent government norms but has maintained stable growth rate during the forecast period.
Competitive Scenario:
The key players operating in the electrical plastics market are –
DuPont, Dow Chemical, Eastman Chemical, BASF, BWAY, Braskem, Nova Chemicals, AEP Industries, American Packaging Corporation, PolyOne, North American Pipe Corporation, Exxon Mobil Chemical, Chevron Phillips Chemical Company, Formosa Plastics, and NatureWorks
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Electrical Plastic industry, although key threats, opportunities and disruptive technologies that could shape the Global Electrical Plastic Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Electrical Plastic Market most.
The data analysis present in the Global Electrical Plastic Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Electrical Plastic Market business.
The 2021 Annual Global Electrical Plastic Market offers:
100+ charts exploring and analysing the Global Electrical Plastic Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Electrical Plastic Market type
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