The global plastic compounding market size is set to gain traction from their increasing usage in the automotive and packaging industry. Besides, construction activities in the emerging economies are increasing at a fast pace. In addition to that, ongoing technological advancements in the electrical and automotive industries would affect the market positively in the coming years. The demand for these products is also growing from the food and beverage industry as they help in reducing quality degradation and contamination.
Plastic Compounding Market is set to reach USD 87.11 billion by 2026, thereby exhibiting a CAGR of 6.5% during the forecast period
Fortune Business Insights™ provided the above information in a recently published report, titled, “Plastic Compounding Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Poly Vinyl Chloride, Polystyrene, Polyethylene, Polybutylene Terephthalate, Polyamide, Polycarbonate, Acrylonitrile Butadiene Styrene, and Others), By Application (Automotive & Transportation, Infrastructure & Construction, Electrical & Electronics, Packaging, Consumer Goods / Lifestyle, Industrial Machinery, Healthcare & Pharmaceuticals, and Others), and Regional Forecast, 2019-2026.” As per the report, the plastic compounding market size stood at USD 52.74 billion in 2018. It is set to reach USD 87.11 billion by 2026, thereby exhibiting a CAGR of 6.5% during the forecast period.
Fortune Business Insights™ lists out some of the most renowned companies operating in the plastic compounding market:
- LANXESS A.G.
- BASF SE
- Asahi Kasei Corporation
- Aurora Plastics LLC
- Kingfa SCI. & TECH. CO., LTD.
- Celanese Corporation
- RTP Company
- Solvay S.A.
- KURARAY CO., LTD.
- Kraton Corporation
- Covestro AG
- Kraton Corporation
- MRC Polymers
- Adell Plastics
- Other Key Players
Browse Report, Visit Here: https://www.fortunebusinessinsights.com/plastic-compounding-market-102550
Drivers & Restraints-
Increasing Number of Commercial & Residential Projects to Augment Growth
Nowadays, plastics are being used extensively in the insulation of infrastructures and buildings. Several products required for construction are made mainly by utilizing plastics. These include pipes, cables, doors, safety windows, and flooring. Compounded plastics possess numerous features that are similar to steel. They are resistant to harsh environmental conditions and rust, have robust strength, and are smooth in texture.
In today’s world, the population is growing at a rapid rate across the globe. It is, in turn, upsurging the number of residential and commercial projects. Coupled with this, the rising awareness programs about state-of-the-art interiors are growing amongst the consumers. These factors are set to augment the plastic compounding market growth during the forthcoming years. However, the prices of raw materials required to produce compounded plastics keep on fluctuating. It may obstruct the market growth.
Automotive & Transportation Segment to Hold the Highest Share Backed by Extensive Usage of Compounded Plastics
In terms of application, the market is grouped into consumer goods/lifestyle, infrastructure & construction, industrial machinery, packaging, automotive & transportation, electrical & electronics, and others. Amongst these, the automotive and transportation segment is set to hold the largest plastic compounding market share during the forecast period. This growth is attributable to the increasing usage of compounded plastics in this industry. They lower the overall weight of the vehicle, which further increases the life and efficiency of the vehicle components. The infrastructure and construction segment held 14.6% share in 2018.