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From consumer goods to almost every piece of electronic equipment, plastic can be found everywhere. They offer great properties such as lightweight, low cost, superior impact, and corrosion resistance, thus making them an apt choice for almost all electronics and consumer gadgets. Due to these incredible versatile properties, there has always been a rising demand for plastics in the consumer gadgets and electronics market.
According to research reports, 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 also more likely to grow at a CAGR of almost 6.9%. This is due to the increasing plastic usage for manufacturing electronic gadgets such as smartphones, laptops, CD players, TVs, and computers.
What’s more, household appliances have accounted for almost 23.9% of the total revenue generated by the plastics industry. The revenue is predicted to grow even higher on account of increasing demand for the manufacture of appliances such as refrigerators, washing equipment, and air conditioners.
The companies in the consumer goods and electronics sectors are also expected to establish strategic partnerships with end-user industries. This move is bound to maintain their customer base and foothold in the market. The largest market so far is Asia-Pacific. It is accounting for a whopping 37.9% of the overall demand. This rise in demand is due to the robust growth of end-user industries such as appliances, consumer electronics, toys, and sporting goods, especially in India, Japan, and China.
In conclusion, the benefits that plastic compounds offer will make them the ideal choice for the 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.