Plastic Resin for Electrical Appliances Market was valued at USD 12.5 Billion in 2022 and is projected to reach USD 18.7 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
Looking ahead, from 2023 to 2033, the demand for plastic resins in electrical appliances is expected to undergo significant shifts. With the increased focus on electric vehicles (EVs), smart homes, and energy-efficient appliances, plastic resins will continue to play an essential role in the manufacturing of key components such as capacitors, connectors, and insulation materials. The electrical appliance industry is now turning towards high-performance resins, particularly thermoplastic polyurethanes (TPUs) and polyphenylene sulfides (PPS), which offer superior heat resistance and electrical properties. The global push toward reducing carbon footprints and enhancing energy efficiency is expected to boost the demand for environmentally friendly alternatives to traditional plastics, including bio-based resins and those made from recycled plastics. Additionally, advancements in 3D printing technology, which utilizes plastic resins, will further fuel market expansion, as manufacturers adopt additive manufacturing for more complex designs and faster production cycles.
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The plastic resin market for electrical appliances has undergone substantial transformations from 2018 to 2022, with demand driven by the rapid development of consumer electronics and technological advancements. In particular, the increasing use of plastic resins in appliances like refrigerators, washing machines, and air conditioners has been pivotal. During this period, global market dynamics were shaped by a surge in demand for lightweight and durable materials that could withstand high temperatures, electrical insulation, and environmental stress. The rise in urbanization and consumer disposable income across emerging economies also contributed to the growth of this sector. However, with a focus on sustainability, companies have been shifting toward bio-based plastics and recyclable materials to meet environmental regulations. Market projections suggested steady growth, with compound annual growth rates (CAGR) around 4-6% during this period, underscoring the rising adoption of plastic resins for electrical components.
LyondellBasell
Sinopec
PetroChina Group
Shin-Etsu Chemicals
INEOS
Borealis
SABIC
Exxon Mobil
Reliance Industries
Formosa Plastics
SCG
Trinseo
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Plastic Resin for Electrical Appliances Market
Refrigerator
Home Laundry
Vacuum Cleaners
Others
Based on Types the Market is categorized into Below types that held the largest Plastic Resin for Electrical Appliances market share In 2023.
PP
PS
ABS
SAN
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Plastic Resin for Electrical Appliances Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Plastic Resin for Electrical Appliances Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Plastic Resin for Electrical Appliances Market, By Type
6. Global Plastic Resin for Electrical Appliances Market, By Application
7. Global Plastic Resin for Electrical Appliances Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Plastic Resin for Electrical Appliances Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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