Market Trends of united states engineering plastics Industry
Rising consumer electronics to augment the electrical & electronics production revenue
- The rapid pace of technological innovation, rising disposable income, increased demand for luxury products, and improving living standards are some of the major factors driving the growth of the electrical and electronics market. In 2017, the United States accounted for around 85.9% of the North American electrical and electronics production market.
- In 2020, the electrical and electronics production in the country decreased by around 3.3% in revenue compared to the previous year, owing to widespread lockdowns implemented by the government and supply chain disruptions caused by these lockdowns. The pandemic resulted in a decline in sales of electronics and appliances in the country by 9.9% in 2020. However, in 2021, consumer electronics industry sales in the United States reached around USD 127 billion, a 9% increase compared to the previous year. Consequently, in 2021, electrical & electronics production in the country grew by a rate of 17.1% in revenue compared to the previous year.
- The surge in demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, computers, televisions, and others, is expected to boost consumer electronics demand during the forecast period. Consumer electronics in the country are projected to generate a market volume of approximately USD 161.3 billion in 2027, up from USD 155.10 billion in 2023. The increasing research and technological advancements in existing appliances, as well as the innovation of new models, are driving the growth of the electronics market. As a result, the electrical and electronic production in the country is expected to grow.
Understand The Key Trends Shaping This Market
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- US government defense strategies to foster the growth of aerospace component production
- Growing construction spending in private sector to boost new floor area in the US
- Polyamides to remain as the highest export resin in the US
- Legislative directives to accelerate the growth of polyamide recycling in the country
- Recycling rate in the United States stood at 28.6% in 2021 with PET waste accounting for nearly 6 million tons
- Electric vehicles to drive the growth for automotive production in the future
- Food & beverage sector to rise the plastic packaging production in the country
- Rising crude oil prices may impact the engineering plastics prices
- Mechanical recycling of polycarbonate plastics to be challenging because of the poor quality of the recovered material
- R-ABS to be manufactured using mechanical recycling and blended with virgin ABS to create partially recycled plastic
