Electrical Appliance Coatings Market: Introduction
The global electrical
appliance coatings market was valued at ~US$
6.2 Bn in 2019 and is
anticipated to expand at a CAGR of ~6% during the
forecast period. The global electrical appliance coatings market is driven by
increase in demand for electrical appliances from the rising population of Asia
Pacific. Asia Pacific accounts for a major share of the global electrical
appliance coatings market, led by high demand for electrical appliance
coatings, among appliance manufacturers in the region.
Major Drivers of Electrical
Appliance Coatings Market
Plastic usage
in the coating of electrical appliances is dependent on the number of
appliances being produced. Asia Pacific was a dominant region of the electrical
appliances industry in terms of production as well as consumption in 2016.
It was followed by Europe and North America. A large amount of internal trading
takes place in Europe, along with imports from other regions, which sustains
demand for electrical appliances in the region. In terms of application,
personal care appliances constituted significant share of 20.4% of
the overall electrical appliance production in 2016. It was
followed by small cooking appliances (14.1%) and air
treatment products (11.9%). Overall,
the consumption of electrical appliances is likely to be lower than the
production in the near future. The demand for electrical appliances has been
rising over the past couple of years. It is impacted by several factors such as
availability of products, trends in an individual appliance segment, product
development, per capita expenditure, disposable income, and economic factors.
The growth in production of electrical appliances is expected to boost the
demand for electrical appliance coatings in the near future.
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High Demand for Electrical
Appliances to Offer Lucrative Opportunities
The global electrical
& electronics sector has expanded by about 3% per year in
the 21st Century. The sector has expanded significantly in Asia Pacific due to
the presence of the strong electrical & electronics industry in China,
Japan, and South Korea. More than half of the production of electrical
appliances in the world is estimated to be contributed by Asia Pacific in the
near future. In terms of production, North America and Europe cumulatively
accounted for about 30% share of
electrical appliances in the world in 2016.
Research
and development of new technologies is one of the major factors driving the
electronics & electrical industry. Positive economic conditions enable
foreign investments, better infrastructure, means for research and development,
rise in purchasing power, etc. In developing countries with availability of
cheaper labor and low manufacturing costs, the subsequent final product price
is cheaper compared to that in developed regions. The increase in GDP of
developing as well as developed countries in Asia Pacific is expected to boost
the electrical appliances industry in the region. This, in turn, is estimated
to propel the demand for electrical appliance coatings in the region in the
near future.
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High Production Cost of Electrical
Appliance Coatings to Hamper Electrical Appliance Coatings Market
Some
plastics are harder to recycle as compared to others. For instance, LDPE films
are difficult to recycle, sort, and collect. Due to low density, LDPE bales are
uneconomical to transport. Recycling of LDPE or other flexible plastics is
highly difficult. They cannot be used for the same application again. Hence,
down-cycling is the only option available. These films are usually converted
into garbage bags or plastic timber after which, they become useless and need
to be incinerated or landfilled. Furthermore, flexible plastics create
operational issues by clogging recycling and washing equipment and machines in
processing plants. They are also expensive in terms of decontamination and
sorting.
Prices of
oil and gas directly affect the cost of plastic manufacturing. Volatility in
prices of oil and gas affects the raw material cost of virgin plastic. For
instance, decline in prices of oil and gas can result in substantial decrease
in prices of virgin polymers. As a result, demand for recycled plastics
decreases, since prices of virgin plastics are low. Thus, volatility in prices
of virgin plastics creates fluctuations in demand for recycled plastics.
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Most
plastics are non-biodegradable and remain in the environment for decades.
Therefore, various regulations have been imposed on the manufacture of plastics
as well as their usage in different end-use industries in order to regulate the
production of plastics and plastic waste. For instance, the usage of polycarbonate
is prohibited in applications with food contact in the U.S. These regulations
and environmental concerns are projected to negatively impact the electrical
appliances films market. In turn, this is estimated to hamper the global
electrical appliance coatings market.
Asia Pacific Dominates Electrical
Appliance Coatings Market
Asia
Pacific is a leading region of the global electrical appliance coatings market.
It is a global manufacturing hub. The prevalence of low-cost labor, lenient
government regulations, inexpensive raw materials, and high demand for
electrical appliances have rendered the countries in Asia Pacific such as
China, Thailand, Malaysia, India, South Korea, and Indonesia attractive
manufacturing destinations for several electrical appliance brands. This has
contributed to the dominant share of Asia Pacific (53.5%) in terms of
global demand for electronic appliance coatings.
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Europe also
plays an important role in the global electronic appliance coatings market.
Various electrical appliances such as small cooking products, food preparation
appliances, and dishwashers are manufactured in Europe. Thus, demand for
electrical appliance coatings is high in the region. This is augmenting the
electrical appliance coatings market in Europe.
Fragmented Nature of Electrical
Appliance Coatings Market
The global
electrical appliance coatings market is fragmented. Currently, the global
electrical appliances coatings market is expanding. Key players operating in
the global electrical appliances coatings market are focusing on research and
development activities. Companies operating in the electrical appliance
coatings market are investing to expand their product portfolios as well as
distribution networks. They have adopted strategies such as mergers & acquisitions,
development of new products, joint ventures, and expansions to meet the
increasing demand for coatings from different countries in Europe. Henkel AG
& Co. KGaA and Axalta Coating Systems were two major manufacturers of
electrical appliance coatings, accounting for 16.9% and 15.4% of
the market share respectively, in 2019. High
share of these companies can be primarily ascribed to their constant efforts
toward technological innovations in order to achieve low processing costs and
high-quality products.
Other
companies functioning in the global electrical appliances coatings market
include Koninklijke DSM N.V., Evonik Industries, and Daikin
Industries Ltd. These companies hold less than 10% share
of the global electrical appliances coatings market. Regional small-scale
companies cover the majority of the global electrical appliance coatings
market. Lower prices offered by these companies adversely impact the sales of
multinational corporations.
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