ElectricalAppliance Coatings Market: Introduction
Theglobal electrical appliance coatings market was valued at ~US$ 6.2 Bn in 2019 and isanticipated to expand at a CAGR of ~6% duringthe forecast period. The global electrical appliance coatings market is drivenby increase in demand for electrical appliances from the rising population ofAsia Pacific. Asia Pacific accounts for a major share of the global electricalappliance coatings market, led by high demand for electrical appliancecoatings, among appliance manufacturers in the region.
MajorDrivers of Electrical Appliance Coatings Market
Plasticusage in the coating of electrical appliances is dependent on the number ofappliances being produced. Asia Pacific was a dominant region of the electricalappliances industry in terms of production as well as consumption in 2016. It wasfollowed by Europe and North America. A large amount of internal trading takesplace in Europe, along with imports from other regions, which sustains demandfor electrical appliances in the region. In terms of application, personal careappliances constituted significant share of 20.4% of theoverall electrical appliance production in 2016. It was followed by small cookingappliances (14.1%)and air treatment products (11.9%).Overall, the consumption of electrical appliances is likely to be lower thanthe production in the near future. The demand for electrical appliances hasbeen rising over the past couple of years. It is impacted by several factorssuch as availability of products, trends in an individual appliance segment,product development, per capita expenditure, disposable income, and economicfactors. The growth in production of electrical appliances is expected to boostthe demand for electrical appliance coatings in the near future.
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HighDemand for Electrical Appliances to Offer Lucrative Opportunities
Theglobal electrical & electronics sector has expanded by about 3% per year inthe 21st Century. The sector has expanded significantly in Asia Pacific due tothe presence of the strong electrical & electronics industry in China,Japan, and South Korea. More than half of the production of electricalappliances in the world is estimated to be contributed by Asia Pacific in thenear future. In terms of production, North America and Europe cumulativelyaccounted for about 30% shareof electrical appliances in the world in 2016.
Researchand development of new technologies is one of the major factors driving theelectronics & electrical industry. Positive economic conditions enableforeign investments, better infrastructure, means for research and development,rise in purchasing power, etc. In developing countries with availability ofcheaper labor and low manufacturing costs, the subsequent final product priceis cheaper compared to that in developed regions. The increase in GDP ofdeveloping as well as developed countries in Asia Pacific is expected to boostthe electrical appliances industry in the region. This, in turn, is estimatedto propel the demand for electrical appliance coatings in the region in thenear future.
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HighProduction Cost of Electrical Appliance Coatings to Hamper ElectricalAppliance Coatings Market
Someplastics are harder to recycle as compared to others. For instance, LDPE filmsare difficult to recycle, sort, and collect. Due to low density, LDPE bales areuneconomical to transport. Recycling of LDPE or other flexible plastics ishighly difficult. They cannot be used for the same application again. Hence,down-cycling is the only option available. These films are usually convertedinto garbage bags or plastic timber after which, they become useless and needto be incinerated or landfilled. Furthermore, flexible plastics createoperational issues by clogging recycling and washing equipment and machines inprocessing plants. They are also expensive in terms of decontamination andsorting.
Pricesof oil and gas directly affect the cost of plastic manufacturing. Volatility inprices of oil and gas affects the raw material cost of virgin plastic. Forinstance, decline in prices of oil and gas can result in substantial decreasein prices of virgin polymers. As a result, demand for recycled plasticsdecreases, since prices of virgin plastics are low. Thus, volatility in pricesof virgin plastics creates fluctuations in demand for recycled plastics.
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Mostplastics are non-biodegradable and remain in the environment for decades.Therefore, various regulations have been imposed on the manufacture of plasticsas well as their usage in different end-use industries in order to regulate theproduction of plastics and plastic waste. For instance, the usage ofpolycarbonate is prohibited in applications with food contact in the U.S. Theseregulations and environmental concerns are projected to negatively impact theelectrical appliances films market. In turn, this is estimated to hamper theglobal electrical appliance coatings market.
AsiaPacific Dominates Electrical Appliance Coatings Market
AsiaPacific is a leading region of the global electrical appliance coatings market.It is a global manufacturing hub. The prevalence of low-cost labor, lenientgovernment regulations, inexpensive raw materials, and high demand forelectrical appliances have rendered the countries in Asia Pacific such as China,Thailand, Malaysia, India, South Korea, and Indonesia attractive manufacturingdestinations for several electrical appliance brands. This has contributed tothe dominant share of Asia Pacific (53.5%)in terms of global demand for electronic appliance coatings.
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Europealso plays an important role in the global electronic appliance coatingsmarket. Various electrical appliances such as small cooking products, foodpreparation appliances, and dishwashers are manufactured in Europe. Thus,demand for electrical appliance coatings is high in the region. This isaugmenting the electrical appliance coatings market in Europe.
FragmentedNature of Electrical Appliance Coatings Market
Theglobal electrical appliance coatings market is fragmented. Currently, theglobal electrical appliances coatings market is expanding. Key playersoperating in the global electrical appliances coatings market are focusing onresearch and development activities. Companies operating in the electricalappliance coatings market are investing to expand their product portfolios aswell as distribution networks. They have adopted strategies such as mergers& acquisitions, development of new products, joint ventures, and expansionsto meet the increasing demand for coatings from different countries in Europe.Henkel AG & Co. KGaA and Axalta Coating Systems were two majormanufacturers of electrical appliance coatings, accounting for 16.9% and 15.4% of themarket share respectively, in 2019. Highshare of these companies can be primarily ascribed to their constant effortstoward technological innovations in order to achieve low processing costs andhigh-quality products.
Othercompanies functioning in the global electrical appliances coatings marketinclude KoninklijkeDSM N.V., Evonik Industries, and Daikin Industries Ltd. Thesecompanies hold less than 10% shareof the global electrical appliances coatings market. Regional small-scalecompanies cover the majority of the global electrical appliance coatingsmarket. Lower prices offered by these companies adversely impact the sales ofmultinational corporations.
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