Plastics Market for Electrical Appliances – Snapshot
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.).
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Plastic is one of the key materials used in the manufacture of electrical appliances. Several resins such as ABS, SAN, PP, and PS are widely used in the manufacture of different appliances. In terms of revenue, the global plastics market for electrical appliances was valued at US$ 15.8 Bn. The market is anticipated to expand at a CAGR of 7.5% between 2017 and 2025. Growth in the market is largely driven by the rise in demand for electrical appliances across the globe. Demand for electrical appliances across the world is anticipated to increase at 6.6% per annum during the forecast period, thus offering substantial demand for plastics.
In terms of type of resin, the PP segment accounted for substantial market share in 2016 as it is highly moldable and relatively inexpensive. The PP segment is anticipated to expand significantly during the forecast period. ABS & SAN and PS are also widely employed in electrical appliances. Other types of resins such as PC, PA, and LDPE have demand in niche applications. PC and PA demonstrate superior properties; however, their price is high. Thus, their usage in electrical appliances is limited.
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Air treatment products is one of the fast growing appliance segments of the market. Rise in demand for air treatment products such as air conditioners, especially split air conditioners, air purifiers, and fans is the key factor driving the segment. However, in terms of consumption, refrigeration appliances was the dominant segment of the market in 2016. The segment consumed substantial quanta of total plastic in 2016 and is anticipated to expand nearly twice by 2025. A typical refrigerator consists of several plastic components such as liners, trays, handles, holders, and stands. Thus, demand for plastic is high in the segment.