Global Plastics in Electrical and Electronic Market Overview
As per MRFR analysis, the Plastics in Electrical and Electronic Market Size was estimated at 74.88 (USD Billion) in 2022. The Plastics in Electrical and Electronic Market Industry is expected to grow from 78.5 (USD Billion) in 2023 to 120.0 (USD Billion) by 2032. The Plastics in Electrical and Electronic Market CAGR (growth rate) is expected to be around 4.83% during the forecast period (2024 - 2032).
Key Plastics in Electrical and Electronic Market Trends Highlighted
The Plastics in Electrical and Electronic (E) market continues to be driven by the increasing demand for electronics and the need for lightweight and durable materials. Key market drivers include the rising adoption of electronic devices, the growth of the automotive industry, and the increasing demand for sustainable and energy-efficient solutions.
Opportunities in the market include the development of biodegradable and sustainable plastics, the growing use of plastics in 5G and IoT applications, and the expansion of emerging markets.
Recent trends in the market include the increasing demand for high-performance plastics, the adoption of 3D printing technologies, and the growing focus on environmental regulations.
To remain competitive, market participants are investing in research and development to improve the properties of plastics used in E-applications. They are also focusing on developing new and innovative materials to meet the demands of the evolving market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastics in Electrical and Electronic Market Drivers
Rising Demand for Electronics
The increasing demand for electronic devices such as smartphones, laptops, and televisions is a major driver of Plastics in the Electrical and Electronic Market Industry. These devices require a variety of plastic components, including housings, connectors, and insulation. As the demand for electronics continues to grow, so too will the demand for plastics in these applications.
Growth of the Automotive Industry
The automotive industry is another major driver of the Plastics Electrical and Electronic Market Industry. Plastics are used in a wide range of automotive applications, including bumpers, dashboards, and interior trim. As the automotive industry continues to grow, so too will the demand for plastics in these applications.
Increasing Use of Plastics in Renewable Energy
The growing use of plastics in renewable energy applications is also driving the growth of the Plastics in the Electrical and Electronic Market Industry. Plastics are used in solar panels, wind turbines, and other renewable energy technologies. As the world transitions to a more sustainable energy future, the demand for plastics in these applications is expected to increase.
Plastics in Electrical and Electronic Market Segment Insights
Plastics in Electrical and Electronic Market Material Type Insights
The Plastics in Electrical and Electronic Market is segmented by Material Type into Thermoplastics, Thermosets, Elastomers, and Plastics-Based Composites.
Thermoplastics are the most common type of plastic used in electrical and electronic applications, accounting for over 80% of the market share. They are lightweight, flexible, and easy to process, making them ideal for a wide range of applications, including insulation, wire and cable jacketing, and circuit boards. Key players in the thermoplastics market include BASF, Dow, and SABIC.
Thermosets are a type of plastic that undergoes a chemical change during the manufacturing process, forming a rigid, cross-linked structure.
They are known for their high strength, heat resistance, and chemical resistance, making them suitable for high-performance applications such as electrical insulators and circuit boards. Key players in the thermosets market include Huntsman, Ashland, and Hexion.
Elastomers are a type of plastic that exhibits rubber-like properties, such as flexibility, elasticity, and toughness. They are used in a variety of electrical and electronic applications, including gaskets, seals, and vibration dampers. Key players in the elastomers market include DuPont, Dow, and 3M.
Plastics-based composites are a combination of plastic and other materials, such as glass fibers or carbon fibers. They offer a unique combination of properties, such as high strength, lightweight, and electrical insulation, making them ideal for advanced applications such as lightweight electronic devices and aerospace components.
Growth in the market is being driven by increasing demand for lightweight, durable, and cost-effective materials in the electrical and electronics industry. Additionally, the growing adoption of electric vehicles and renewable energy systems is expected to further drive demand for Plastics in Electrical and Electronic applications.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastics in Electrical and Electronic Market Product Type Insights
The Plastics in Electrical and Electronic Market is segmented into Product Type. The Wiring and Cabling segment held the largest market share in 2023, accounting for 35.0% of the Plastics in Electrical and Electronic Market revenue.
The growth of this segment can be attributed to the increasing demand for electrical and electronic devices, which require a large number of wires and cables for power transmission and data communication.
The Insulation and Encapsulation segment is expected to witness the highest growth rate during the forecast period, owing to the growing adoption of plastics in the manufacturing of electrical and electronic components to provide insulation and protection from harsh environmental conditions.
Structural Components, Connectors and Terminals, and Circuit Boards are other important product types in the Plastics in the Electrical and Electronic Market. The increasing demand for lightweight and durable plastics in the manufacturing of electrical and electronic devices is driving the growth of these segments.
Plastics in Electrical and Electronic Market End-Use Application Insights
The End-Use Application segment plays a crucial role in shaping the Plastics in the Electrical and Electronic Market landscape. In 2023, the Consumer Electronics segment dominated the market, accounting for approximately 38.4% of the Plastics in Electrical and Electronic Market revenue.
This dominance is attributed to the increasing demand for smartphones, laptops, and other consumer electronics devices. The Industrial Electronics segment is projected to witness significant growth over the forecast period, driven by the rising adoption of plastics in industrial automation, robotics, and medical devices.
The Power and Utilities segment is expected to contribute a substantial share of the market, owing to the growing demand for plastics in electrical insulation, cable sheathing, and other applications. The Transportation segment is poised for steady growth, fueled by the increasing use of plastics in automotive components, such as dashboards, interior trims, and exterior parts.
The Healthcare segment is anticipated to experience moderate growth, driven by the demand for plastics in medical devices, packaging, and laboratory equipment.
Plastics in Electrical and Electronic Market Processing Method Insights
The Processing Method segment of the Plastics in Electrical and Electronic Market is expected to witness significant growth over the forecast period. Among the major processing methods, injection molding is expected to dominate the market, accounting for over 40% of the Plastics in Electrical and Electronic Market revenue in 2024.
The high demand for injection molded Plastics in Electrical and Electronic applications, such as connectors, housings, and enclosures, is attributed to their high precision, dimensional stability, and ability to produce complex shapes.
Extrusion, another key processing method, is expected to hold a significant market share, driven by its cost-effectiveness and suitability for high-volume production of plastic components.
Blow molding and thermoforming are also widely used processing methods in the electrical and electronics industry, with blow molding being preferred for hollow plastic products like bottles and containers, and thermoforming for applications requiring precise shaping and thin-walled components.
Plastics in Electrical and Electronic Market Flame Retardant Type Insights
The Flame-Retardant Type segment in the Plastics in Electrical and Electronic Market is segmented into Halogenated Flame Retardants and Non-Halogenated Flame Retardants. The Plastics in Electrical and Electronic Market for Halogenated Flame Retardants is projected to reach USD 34.2 billion by 2024, growing at a CAGR of 4.8% from 2024 to 2032.
The growth of this segment is attributed to the increasing demand for Plastics in Electrical and Electronic applications, such as printed circuit boards, wires and cables, and connectors. Non-Halogenated Flame Retardants are expected to grow at a faster CAGR of 5.2% from 2024 to 2032, reaching USD 45.8 billion by 2024.
This growth is driven by the rising demand for environmentally friendly flame retardants and the increasing adoption of non-halogenated flame retardants in consumer electronics and automotive applications.
Plastics in Electrical and Electronic Market Regional Insights
The Plastics in Electrical and Electronic Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years due to the increasing demand for plastics in the electrical and electronics industry in this region.
The growth in the APAC region can be attributed to the increasing population, rising disposable incomes, and growing urbanization. North America and Europe are also expected to witness significant growth in the Plastics, Electrical, and Electronic Markets due to the presence of major manufacturers and the increasing adoption of advanced technologies in these regions.
South America and MEA are expected to witness moderate growth in the coming years due to the increasing demand for plastics in the electrical and electronics industry in these regions.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Plastics in Electrical and Electronic Market Key Players and Competitive Insights
Major players in the Plastics in Electrical and Electronic Market industry are constantly investing in research and development to improve their product offerings and gain a competitive edge. Leading Plastics in Electrical and Electronic Market players are also focusing on expanding their footprint through acquisitions and partnerships.
The Plastics Electrical and Electronic Market landscape is expected to remain competitive in the coming years, with major players continuing to invest in innovation and expansion. The Plastics in Electrical and Electronic Market development is being driven by the increasing demand for lightweight and durable materials in the electrical and electronic industries.
SABIC, a leading company in the Plastics in Electrical and Electronic Market, offers a wide range of plastic materials that are used in a variety of electrical and electronic applications.
The company's products include polycarbonate, polyethylene, and polypropylene, which are used in components such as connectors, housings, and insulators. SABIC is also a major supplier of thermoplastic compounds, which are used to improve the performance and durability of plastics. The company has a presence with manufacturing facilities in over 50 countries.
Another major player in the Plastics in Electrical and Electronic Market is Covestro, which offers a range of polycarbonate, polyurethane, and thermoplastic elastomer materials. The company's products are used in a variety of applications, including automotive, electrical, and electronics.
Covestro has a presence with manufacturing facilities in over 30 countries. The company is focused on sustainability and has developed a number of eco-friendly products, such as its polycarbonate resin made from recycled materials.
Key Companies in the Plastics, in Electrical and Electronic Market Include
- Borealis
- Formosa Plastics
- Sabic
- Lanxess
- Lyondellbasell
- Asahi Kasei
- Eastman Chemical Company
- Evonik Industries
- Sumitomo Chemical
- Toray Industries
- Covestro
- DuPont
- Mitsubishi Chemical Holdings
- BASF
- Ineos
Plastics in Electrical and Electronic Market Industry Developments
The rising demand for lightweight and durable materials in electrical and electronic devices, coupled with increasing urbanization and industrialization, is driving market growth. The Asia Pacific region holds a significant market share due to the presence of major electronics manufacturing hubs in countries like China, Japan, and South Korea.
Technological advancements, such as the development of bio-based and biodegradable plastics, are expected to create new opportunities in the market. Key players in the industry are focusing on sustainability initiatives and investing in research and development to meet evolving customer demands.
Plastics in Electrical and Electronic Market Segmentation Insights
- Plastics in Electrical and Electronic Market Material Type Outlook
- Thermoplastics
- Thermosets
- Elastomers
- Plastics-Based Composites
- Plastics in Electrical and Electronic Market Product Type Outlook
- Wiring and Cabling
- Insulation and Encapsulation
- Structural Components
- Connectors and Terminals
- Circuit Boards
- Plastics in Electrical and Electronic Market End-Use Application Outlook
- Consumer Electronics
- Industrial Electronics
- Power and Utilities
- Transportation
- Healthcare
- Plastics in Electrical and Electronic Market Processing Method Outlook
- Injection Molding
- Extrusion
- Blow Molding
- Thermoforming
- Plastics in Electrical and Electronic Market Flame Retardant Type Outlook
- Halogenated Flame Retardants
- Non-Halogenated Flame Retardants
- Plastics in Electrical and Electronic Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
74.88(USD Billion) |
| Market Size 2023 |
78.5(USD Billion) |
| Market Size 2032 |
120.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.83% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Borealis, Formosa Plastics, Sabic, Lanxess, Lyondellbasell, Asahi Kasei, Eastman Chemical Company, Evonik Industries, Sumitomo Chemical, Toray Industries, Covestro, DuPont, Mitsubishi Chemical Holdings, BASF, Ineos |
| Segments Covered |
Material Type, Product Type, End-Use Application, Processing Method, Flame Retardant Type, Regional |
| Key Market Opportunities |
Smart appliances Electric vehicles 5G infrastructure Wearable devices Renewable energy |
| Key Market Dynamics |
Rising demand for lightweight materials Technological advancements in electronics Focus on sustainability The growing construction and infrastructure sector Increasing adoption of plastics in automotive electronics |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Plastics in Electrical and Electronic Market is expected to reach USD 120.0 billion by 2032, exhibiting a CAGR of 4.83% from 2024 to 2032.
Asia-Pacific is anticipated to dominate the Plastics in Electrical and Electronic market share owing to the rising demand for electronics and electrical appliances in the region.
Plastics are utilized in a wide range of applications within the electrical and electronics industry, including insulation, housings, connectors, and printed circuit boards.
Some of the prominent players in the Plastics in Electrical and Electronic Market include BASF SE, SABIC, LyondellBasell Industries Holdings B.V., and Eastman Chemical Company.
The increasing demand for lightweight and durable materials in the electrical and electronics industry is a primary factor driving market growth.
Fluctuating raw material prices and stringent environmental regulations pose challenges to the growth of the Plastics, Electrical, and Electronic Market.
The adoption of bio-based and biodegradable plastics is gaining traction in the Plastics Electrical and Electronic Market.x
The Plastics in Electrical and Electronic Market is projected to witness steady growth over the forecast period, driven by the increasing demand for electronics and electrical appliances.
Technological advancements, such as the development of new polymers and processing techniques, are expected to drive innovation in the Plastics Electrical and Electronic Market.
Key players in the Plastics in the Electrical and Electronic Market are focusing on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge.
