Plastics Market for Electrical Appliances - Overview
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 plays a vital role in reduction of weight of appliances. Plastics offer freedom of design in terms of product differentiation. They also save time in processes such as welding of parts or assembly of components. Usage of plastics also lowers the cost of post-machining processes such as painting, which can be achieved by mixing color additives in polymer resin composition. Plastics can be molded as per the product requirement prior to their fitting in the assembly as well. Electrical insulation, heat insulation, lightness of weight, freedom of design, and durability are some of the qualities of plastics that boost its usage in the manufacture of electrical appliances.
The global plastics market for electrical appliances is dominated by few major manufacturers, while the remaining share is highly fragmented. Several resins are used in the manufacture of electrical appliance components. Market leaders for each resin are different as raw materials, technology, and grades required for each resin vary significantly. Ineos Styrolution Group GmbH is the market leader in polystyrene, while Covestro dominates the market in terms of polycarbonate. Several manufacturers offer a wide variety of resins in various grades for various applications. Thus, the overall effect is stiff competition in the plastics market. Companies primarily focus on the marketing strategy of products in order to enhance their market share. Furthermore, manufacturers increase their sales force by expanding and strengthening their distribution networks. Existing companies as well as new entrants also focus on competitive pricing, since players operating in the market such as LG Chem, INEOS, BASF SE, ExxonMobil Corporation have integrated operations. Manufacturers focus on producing resins with exceptional properties to meet the high demand in electrical appliances (for instance, ABS, PS, and PP).
The report analyzes and forecasts the plastics market for electrical appliances at the global, regional, and country level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2017 to 2025. The study includes drivers and restraints of the global plastics market for electrical appliances. It also covers the impact of these drivers and restraints on the demand for plastics for electrical appliances during the forecast period. The report also highlights opportunities in the plastics market for electrical appliances at the global and regional level.
The report comprises detailed value chain analysis, which provides a comprehensive view of the global plastics market for electrical appliances. Porter’s Five Forces model for the plastics market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global plastics market by segmenting it based on resin, appliances, and region. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for plastics for electrical appliances in North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report also covers the demand for individual end-user industry segments in all the regions.
The study includes profiles of major companies operating in the global plastics market. Key players profiled in the global plastics market include Ineous Styrolution, LG Chem Ltd., BASF SE, Saudi Basic Industries Corporation (SABIC), ExxonMobil Corporation, LANXESS, Trinseo, Covestro AG, Toray Industries, Inc., LyondellBasell, Asahi Kasei Corporation, Mitsubishi Chemicals Corporation, Koninklijke DSM N.V., Reliance Industries Limited, Eni S.p.A., IRPC Public, SCG Chemicals, Petro Rabigh, Formosa Plastics, Hanwha Total Petrochemical Co. Ltd., GS Caltex, and SK Chemicals. Market players have been profiled in terms of attributes such as company overview, business strategies, recent developments, and financial details.
The report provides the estimated market size of plastics for 2016 and forecast for the next nine years. The global size of the plastics market has been provided in terms of volume and revenue. Market numbers have been estimated based on resin, appliance, and region. Market size and forecast for each product and end-user industry have been provided in terms of global and regional markets.
Plastics Market for Electrical Appliances, by Resin
Plastics Market for Electrical Appliances, by Appliance
Plastics Market for Electrical Appliances, by Region
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