Asia Pacific Plastics in Consumer Electronics Market Size, Share & Trends Analysis Report By Product (Polycarbonate, Liquid Crystal Polymers, Polycarbonate/Acrylonitrile Butadiene Styrene), By End Use, By Country, And Segment Forecasts, 2021 - 2028
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Plastics in Consumer Electronics Market Size, Share & Trends Analysis Report By Product, By End Use, By Country And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06134859/?utm_source=GNW
Asia Pacific Plastics in Consumer Electronics Market Growth & Trends
The Asia Pacific plastics in consumer electronics market size is expected to reach USD 5.3 billion by 2028. The market is expected to expand at a CAGR of 4.0% from 2021 to 2028. 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.
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
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