From electronics to almost all consumer goods, plastic can be found everywhere. They offer superior properties such as lightweight, low cost, superior impact, and corrosion resistance, thus making them an apt choice for almost all electronics and consumer gadgets. Owing to these properties, there has always been a growing demand for plastics in electronics and consumer gadgets market.
According to a new report by Grand View Research, the global electronics and consumer goods plastics market is expected to reach USD 53.5 billion by 2025. The demand in the consumer electronics industry is expected to grow at a CAGR of 6.9%, owing to the increasing plastic usage for manufacturing electronic gadgets such as smartphones, laptops, CD players, TVs, and computers. Household appliances accounted for 23.9% of the total revenue generated by the industry and are expected to grow on account of increasing demand for the product for manufacturing structures and bodies of washing equipment, refrigerators, and air conditioners
The companies in the electronics and consumer goods plastics industry are expected to establish strategic partnerships with end-user industries to maintain their customer base and the foothold in the market. Asia-Pacific was the largest market, accounting for 37.9% of the overall demand, owing to the robust growth of end-user industries including consumer electronics, appliances, sporting goods, and toys, especially in China, Japan, and India.
In conclusion, the benefits that plastic compounds offer to make them the ideal choice for electronics and consumer goods industries. This will be a major factor in the growth of the market. What’s more, the rapid growth of the electronics industry in India owing to high investments, low manufacturing cost, and increasing exports in the international market is expected to drive demand for plastics.
If you are in the electronics and consumer goods plastics industry, then Plastivision is a great platform for you to showcase your product range and network with industry professionals. Book your booth today!