Market Trends of germany engineering plastics Industry
Technological innovations are likely to increase electrical and electronics production
- Rising disposable incomes, technological advancements, improvement in living standards, and shifting preferences toward smart homes and offices are driving the growth of the electrical and electronics industry. In 2017, Germany was the largest electrical and electronics producer, accounting for around 24.3% of the European market.
- In 2020, the electrical and electronic production in the country decreased by 3.7% by revenue compared to the previous year, owing to country-wide lockdowns and the temporary shutdown of manufacturing facilities, causing several issues, including supply chain disruptions. In 2020, the exports of Germany’s electrical industry were USD 224 billion, 6.6% lower than the previous year. In 2021, German export of the electrical and electronics industry reached a value of EUR 224.6 billion, 10.1% higher compared to 2020. As a result, electrical and electronics production in the country increased by a growth rate of 7.5% by revenue in 2021.
- The rapid pace of technological innovation is driving consistent demand for newer and faster electrical and electronic products. The demand for advanced technologies such as virtual reality, IoT solutions, 5G connectivity, and robotics is expected to grow during the forecast period. As a result of technological advancements, demand for consumer electronics is expected to rise during the forecast period. By 2027, consumer electronics in the country are projected to grow by 8.7% and generate a market volume of around USD 18.8 billion. As a result, it is projected to increase the demand for electrical and electronics production. By 2027, Germany is projected to hold the largest electrical and electronics production, accounting for around 22.2% of the European market.
Understand The Key Trends Shaping This Market
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Civil aviation sector to drive the aerospace component production
- Increasing disposable incomes and investments to augment the construction industry
- Local manufacturing capabilities to boost exports in the future
- Germany targets to get 100% recycling with nearly 100% plastic waste recovery
- Germany had a recycling rate of 98% in 2021 with total PET waste accounting for 2.5 million tons
- New investments in electric mobility to foster the automotive production
- Food packaging to propel plastic packaging production
- Rising crude oil prices to impact engineering plastics prices
- Mechanical recycling of polycarbonate plastics to be challenging because of the poor quality of the recovered material
- Germany generated over 1.6 million tons of WEEE in 2019 which could be an opportunity for manufacturers to produce R-ABS
