Asia Pacific Plastics in Consumer Electronics Industry Overview
The Asia Pacific plastics in consumer electronics market size was valued at USD 3.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028.
The growth of the market is driven by the increasing adoption of bio-based polycarbonate by manufacturers of consumer electronics. Increased investments in research development activities and the introduction of recycled polymers such as bio-based polycarbonate have been key factors offering a competitive advantage to the players in this market.
Stringent rules and regulations to monitor plastic consumption across the region, including the ban on plastic waste imports in China since 2017, are expected to act as a restraint for the growth of the Asia Pacific plastics market in consumer electronics in the near future. The Asia Pacific region has been the fastest-growing market for plastics due to their increased consumption for the manufacturing of various consumer electronics. The concept of engineering plastics has witnessed rapid involvement in the electronic industry in both developed and developing countries of Asia Pacific. This has been mainly due to the superior properties of plastics, which makes them an ideal substitute for metals.
Gather more insights about the market drivers, restrains and growth of the Asia Pacific Plastics in Consumer Electronics Market
The well-established manufacturing base for electronics in Taiwan and South Korea is anticipated to provide further impetus to the plastics market in the region. Quanta Computer, a Taiwan-based leading notebook manufacturer, has production and service locations in Asia Pacific, North America, Latin America, and Europe. Furthermore, Samsung Electro-Mechanics, a part of Samsung Group based in Korea, is engaged in the manufacture of wearables and flexible components for mobile phones.
As of 2020, China has been the leading producer and consumer of plastics in the region. The abundant availability of raw materials coupled with the low cost of production is expected to support plastic production in the country. In China, the plastic industry witnessed high production outputs in the past years owing to the growing demand for plastics in the electronic devices industry. Companies located in the U.S. and Europe are venturing and setting up manufacturing facilities in the Asia Pacific region on account of low labor costs and lenient government regulations. This is expected to drive the plastics market in the region over the coming years.
Other Southeast Asian countries such as Vietnam, Indonesia, Thailand, and others are expected to emerge as the primary markets for plastics in Asia Pacific over the forecast period as post-2016, the labor costs in China have accelerated. The growing manufacturing sector in the Asia Pacific region is expected to propel the demand for plastic compounds in automotive, industrial machinery, construction, packaging, and electrical and electronics industries.
Many electronic component manufacturers have expanded their manufacturing bases or outsourced their production to local manufacturers to concentrate on the development of their products and gain value from low manufacturing costs in the countries from the Asia Pacific region. For instance, Apple, Incorporation’s contract manufacturers, established manufacturing facilities in India.
Browse through Grand View Research's Plastics, Polymers Resins Industry Research Reports
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Asia Pacific Plastics in Consumer Electronics Market Segmentation
Grand View Research has segmented the Asia Pacific plastics in consumer electronics market based on product, end use, and country:
Asia Pacific Plastics in Consumer Electronics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Polycarbonate (PC)
- Liquid Crystal Polymers (LCP)
- PC/ABS Glass Filled Resins
- Bio-based Polycarbonate Resin
- Thermoplastic Elastomers
- Polyamides
Asia Pacific Plastics in Consumer Electronics End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- TV Frames
- Laptop Monitor Enclosures
- LCP Panels
- Portable Handheld Devices
- Wearables
- Mobile Phone bodies
- Appliances White Goods
- Others
Asia Pacific Plastics in Consumer Electronics Country Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- China
- India
- Japan
- South Korea
- Southeast Asia
Market Share Insights
- 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.
- December 2020: SAMSUNG announced to relocate its mobile and IT display production unit from China to NCR, Uttar Pradesh, India, with an investment of USD 650 million.
Key Companies profiled:
Some of the prominent players operating in Asia Pacific plastics in consumer electronics market are:
- Celanese Corporation
- Covestro AG
- Mitsubishi Chemical Corporation
- SABIC
- Trinseo S.A.
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