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Increasing Urbanization, Household Income, and Evolving Consumer Preferences to Augur Well for a Growth in Demand
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The term ‘consumer goods’ encompasses a gamut of products, ranging from housewares to footwear to electrical appliances. Manufacturing of such a wide range of products developed on the basis of varying consumer needs across the globe entails the use of numerous materials, including a variety of plastics and polymers. Growing demand for consumer goods underpinned by rapid urbanization, increasing discretionary spending, and proliferation of e-commerce coupled with the ever-increasing focus on ensuring sustainability across the value chain is likely to engender a dynamic period for the industry, especially on the materials front. Accordingly, a study on various plastics and polymers for consumer goods applications becomes all the more important.Asia Pacific, by far, is the market leader owing to its dominant share in global consumer goods output. Favorable macroeconomic outlook coupled with changing consumer preferences is expected to help achieve a moderate-high growth in consumption of the considered materials for consumer goods applications in the region. Whereas, in Latin America, the recovery following a period of economic downturn in most countries is expected to augur well for market growth over the forecast period.The global market is characterized by presence of several large participants and a host of small- and mid-sized companies operating globally and/or regionally. Amidst a period of lackluster organic growth, major incumbents have increasingly been focusing on mergers & acquisitions in order to unlock stakeholder value and strengthen their position in an ever-competitive market. Further, there has been an increasing focus on developing specific grades for specialty, high-end applications including appliances and housewares as against commoditized offerings. Stringent regulations and policies coupled with increasing sense of responsibility towards the environment have prompted the incumbents to channelize efforts towards adopting greener alternatives and, in certain cases, non-plastic ones.
The intent of this study is to quantify the consumption of various plastics and polymers across a considered set of applications and to indicate the corresponding dollar values for the same over 2017-2024. The material groups considered in the study include commodity polymers (polypropylene, polyethylene, polyvinyl chloride, and polystyrene), engineering polymers (acrylonitrile butadiene styrene, polyamides, polycarbonate and polyoxymethylene), thermoplastic elastomers (TPEs), and polyurethanes. Further, application groups considered in this study include appliances & equipment, furniture, footwear, housewares, and toys, sporting goods & leisure.
Thus study analyzes the current market size in terms of volumes and revenues based on the weighted average prices of products in the marketplace. It also presents a seven-year growth forecast (CAGR) for the regional markets and segments under consideration.
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