The Asia Pacific Plastics In Consumer Electronics Market size is expected to reach USD 5.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. Polyplastics Co., Ltd, and Teijin Limited are emerging players in the Asia Pacific market in consumer electronics. Plastics resins such as polycarbonate (PC) and a blend of polycarbonate and acrylonitrile butadiene styrene (PC/ABS) are used in the manufacturing of casings for mobile phones and laptops housings due to their high impact resistance, lightweight, and high thermal conductivity properties.
The globalization of the manufacturing sector has
propelled many electronic device-manufacturing companies to expand their
manufacturing facilities or outsource their production to contract
manufacturers based in other countries of Asia Pacific. This has propelled the
manufacturers in overcoming the manufacturing and supply chain challenges.
Factors such as low cost of production and lenient government regulations in
Asia Pacific countries have been beneficial to major electronic brands.
The COVID-19 pandemic in 2020 disrupted the
electronics supply chain since Chinese facilities were forced to shut down.
This propelled electronic device manufacturers to diversify production
facilities. Moreover, many China-based and international brands have shifted
their assembling operations to India and Vietnam, where production costs are
considerably lower than in China. In 2016, China’s labor costs accelerated due
to the dependency of major electronic companies on China.
The dependency of electronic manufacturers from developed
economies such as Europe and North America on Asia Pacific countries for
electronics production coupled with rising demand for electronic devices across
the world is expected to drive the demand for plastics in consumer
electronics over the forecast period.
Mobile phone manufacturers in the Asia Pacific region
including LG Electronics, SAMSUNG, OnePlus, and others provide technologically
advanced mobile phones to meet the rising demand from the growing population.
This has propelled the manufacturers to provide durable devices with a longer
lifespan. This trend is expected to be followed throughout the forecast period
propelling the demand for polycarbonate across mobile phone manufacturers in
the region.
Strategic partnerships, capacity expansions, and new
product developments are popular strategies adopted by a majority of the
players operating in the plastics for consumer electronics market across the
region. For instance, in January 2021, Celanese Corporation announced to
establish a liquid crystal polymer polymerization plant in China to manufacture
approximately 20 Tons of LCP per year to meet the growing demands. The first
phase of the plant is expected to be completed in 2024.
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Asia Pacific Plastics in Consumer
Electronics Market Report Highlights
- In terms of revenue, the polyamide segment accounted for a
prominent share in the market in 2020 and is further expected to witness
prominent growth over the forecast period
- The laptop monitor enclosure end-use segment dominated the market
and accounted for more than 22.0% of the revenue share in 2020
- As of 2020, China accounted for more than 49.0% revenue share in
the overall market. The growth is mainly due to China being among the
leading consumer electronics market globally.
- Polyplastics Co., Ltd, and Teijin Limited are emerging players in
the Asia Pacific market in consumer electronics. The company provides its
products in industries such as automobile, electronics, appliances,
medical, health & beauty, and others
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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