Plastics In Electrical And Electronics Market Size Is Expected To Reach USD 2.94 Billion By 2030

 San Francisco, 9 Feb 2024: The Report Plastics In Electrical And Electronics Market Size, Share & Trends Analysis Report By Polymer (ABS, PP), By Application (Wires & Cables, Electrical Insulation), By Region, And Segment Forecasts, 2024 - 2030

The global plastics in electrical and electronics market size is anticipated to reach USD 53.27 billion by 2030 and it is projected to grow at a CAGR of 5.2% from 2024 to 2030, according to a new report by Grand View Research, Inc.

The global electrical & electronics market is vast and dynamic. It encompasses a wide range of products and services. The growth of this market across the world is driven by multiple factors, including ongoing technological advancements, rising consumer demand for electrical components and electronic devices, and increasing urbanization. Surging disposable income and increasing demand for energy efficiency are factors contributing to the growth of electrical & electronics market worldwide.

An expansion of electronics industry, driven by the emergence of 5G, IoT, and AI technologies, has driven the demand for plastics in electrical & electronics market. Moreover, increasing demand from building & construction industry globally is anticipated to boost demand for plastics across electrical & electronics industry.

Players across the market maintain a high market competition with the implementation of various strategic initiatives such as new Polymer launch, Polymerion expansion, merger & acquisitions, among others. For instance, in may 2023, SABIC announced its expansion of high-heat ULTEM resin portfolio by introducing new glass fibre-reinforced grades that would deliver high flow, custom colour ability, and high strength. This Polymer is well suited for electronic components such as fibre optics and electrical connectors.

The market is witnessing a transformation of the value chain from a linear economy into a circular one. Major players in the market are transitioning to a circular economy to obtain more sustainable solutions and minimize their dependency on crude oil in the future. This trend has led to a rise in the demand for renewable raw materials such as vegetable oil, and plastic waste to produce plastics in recent years.

The rising number of data centers across the world has increased the demand for electronic devices, electrical connectors, laptops, desktops, printing devices, server racks, and other such equipment that are developed from plastics. Polycarbonate is a prime plastic utilized across the IT server industry as it leads to the development of highly durable, flexible, and lightweight twin walls, wall-mounted enclosures, aisle containment panels, cooling system housings, etc.

Moreover, the surging demand for data servers owing to the prevailing trend of cloud computing has led companies such as Facebook, Inc., Amazon.com, Inc., Twitter, and Microsoft Corporation to install sever systems for data storage. This has contributed to the demand for polycarbonate (PC) and other plastics for use in the global IT server industry.

Access Research Report of Plastics In Electrical And Electronics Market @ https://www.grandviewresearch.com/industry-analysis/plastics-electrical-electronics-market-report

Plastics In Electrical And Electronics Market Report Highlights

• The expansion of the electronics industry, driven by the emergence of 5G, IoT, and AI technologies, has driven the demand for plastics in electrical & electronics market. Moreover, increasing demand from building & construction industry across the globe is anticipated to boost the demand for plastics across electrical & electronics industry
• Based on polymer, PVC is commonly used for insulation, cable sheathing, and wire coatings. Its fire resistance and good electrical properties make it an ideal material for ensuring safety and reliability in electrical systems
• Smartphones, tablets, and computers are ubiquitous in consumer electronics, providing communication, entertainment, and productivity functions. Medical devices such as diagnostic, monitoring, and treatment systems rely on electronic components for accurate and reliable performance
• The demand for high-quality medical devices across countries such as China, India, and Singapore, is increasing on account of the rising healthcare expenditure which again increases in demand for the market as majority of the medical devices requires polymers, PCBs, electrical casings and others

Plastics In Electrical And Electronics Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 39.94 billion
Revenue forecast in 2030	USD 53.27 billion
Growth rate	CAGR of 5.2% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

List of Key Players In the Plastics In Electrical And Electronics Market

• BASF SE
• Ensinger, Inc.
• Covestro AG
• TORAY INDUSTRIES, INC.
• Radici Partecipazioni SpA
• RTP Company
• LOTTE Chemical Corporation
• Trinseo S.A.
• SABIC
• Evonik Industries AG
• Mitsubishi Chemical Group Corporation
• Arkema
• LyondellBasell Industries Holdings B.V.
• Celanese Corporation
• Exxon Mobil Corporation
• LG Chem
• INEOS Group
• CHIMEI

Access Press Release of Plastics In Electrical And Electronics Market @ https://www.grandviewresearch.com/press-release/global-plastics-electrical-electronics-market