Electrical Appliance Coatings Market: Uptrend in Online Sales for Electrical & Electronic Appliance
Consumer electronics appliances are today's basic needs for most of the lives in the world. The global market for consumer electrical appliances has seen an increasing demand at a healthy rate in the last few years with the emerging technologies, growing population, and lifestyle changes that improve people's lives in many countries. In the last few years, consumer trends are technology-driven, and the digitization of appliances and other consumer electronic devices is poised to be "the next big thing" in the growing demand. The manufacturers are focusing on R&D for rapid technological advancement in the pursuit of better, faster, lighter, stronger, and cheaper products. The breakthroughs and innovation to deliver new features and functionalities are the keys to the success of marketing new appliances that consumers are attracted to buy. The new generations of electronic appliances find more competition across the global market with the competitive pricing trends and the existing technologies. The consumer electrical appliance market had been hit hard due to the outbreak of the Covid-19 pandemic in 2020. The global electrical appliances market is estimated to have a CAGR of more than 5.8 % during the forecast period 2020-2026.
The manufacturers also focused on hygiene and sustainable products for their customers. The global pandemic has created more awareness about hygiene, and the consumers have also relied on better technologies appliances for their safety and peace of mind. Plastics are mostly used in electrical appliances, and the usage of plastics is regulated according to their use for personal care, food-related, and other purposes. Since most plastics are non-biodegradable and cause environmental waste, such environmental regulations hamper the growth of the electronics appliances market. Moreover, the volatility of oil and gas prices also affects the prices of plastics and other raw materials in coatings, affecting the electronics coatings market.
The global electrical appliance coatings market is estimated to have a CAGR of about 5.2% during the forecast period 2020-2026.
By region, the Asia-Pacific dominates the electrical appliance coatings market, and it accounted for about 50% of the global electronics coatings market share in 2020. The availability of low-cost labor, inexpensive raw materials, and lenient government regulations support the manufacturers in the region. China is the largest populated country and the manufacturing hub for electrical appliances. The country has the world's largest electrical appliances manufacturing facilities. They offer high competition to the prevailing producers in neighboring countries like Singapore, South Korea, Japan, and Taiwan. The products, such as smartphones, LCD & LED Displays, and tablets, also have the highest growth rates in the electronics segment of the market in terms of demand. The necessity for appliances is projected to increase steadily in the future, with the increase in the disposable incomes of the middle-class population, thereby driving the appliance coatings demand. The other major countries in the region for the electrical appliance coatings market are Japan, South Korea, India, Indonesia, Vietnam, etc. Most of the top companies in the manufacturing of electrical appliances market are home to the Asia-Pacific market, like LG Electronics, Foxconn, Samsung, Haier, Sony, Panasonic, Hitachi, etc. The countries like India, ASEAN Countries, etc., are expected to have high growth in demand for smart appliances owing to the increased income group, awareness of smart appliances, and changes in lifestyle for better living conditions. The United States is the second-largest country after China for the electrical appliance coatings market.
By applications, the electrical appliance coatings market is segmented by end-use applications as Cooking appliances, personal care appliances, refrigerators, home laundry appliances, dishwashers, and others. Others also include industrial electronics appliance coatings used in automotive, healthcare devices and other electronic products. Major appliances like refrigerators, home laundry appliances, dishwashers, etc., account for the major market share in the electrical appliance coatings market. The production rate in manufacturing electrical appliances' units declined in the first half of the year 2020 because of the covid-19 impact, which also declined the demand for the coatings market, but it started recovery in the second half of the year. With the lockdown in 2020, the consumers also preferred energy-efficient products and premium brands, and online sales of products increased.
Key Market Players The electrical appliance coatings market is a very competitive and partially consolidated market where the top 10 players account for the major share of the global market. Some of the key players in the market are PPG Industries, The Sherwin Williams, AkzoNobel, Axalta Coatings, Kansai Paint, Nippon Paint, Henkel, Tiger Drylac USA, RPM International, Erie Powder Coatings, Elantas GmbH (a member of ALTANA), etc. among others.
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