As per the research by Market Research Future (MRFR), the global plastic compounding market is estimated to amass the market value of USD 985,743.6 million by 2028, registering a CAGR of 6.75% during the forecast period
The extensive application of compounded plastic in automotive, electrical & electronics, and construction sector is predicted to drive the plastic compounding market 2020. Furthermore, the increasing substitution for glass, wood, and metals, such as concrete, is anticipated to drive the market during the forecast period. Apart from these factors, the growing prominence of bioplastics offering efficient automotive interior and exterior application is expected to boost the demand for compounded plastics and favor the market growth.
On the contrary, rise in prices of compounded plastics is anticipated to hamper the market growth during the evaluation period. However, the booming packaging industry along with the above-stated causes are projected to increase the demand for compounded plastics and underpin the market during the review period.
The segment analysis of the global plastic compounding market is done by product and application.
The product-based segments of the global plastic compounding market are Polypropylene, Polybutylene Terephthalate, Polyethylene, Thermoplastic Vulcanizates, Polyvinyl Chloride, Thermoplastic Polyolefins, Polyethylene Terephthalate, Polycarbonate, Polystyrene, Polyamide, and Acrylonitrile Butadiene Styrene.
The application-based segments of the global plastic compounding market are Automotive, Optical Media, Electrical & Electronics, Medical Devices, Building & Construction, Solar mirror, Packaging, Industrial Machinery, Consumer Goods, and others.
Based on the region, the global plastic compounding market is segmented into Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America.
As per the analysis, the global plastic compounding market is projected to be dominated by the APAC region. The APAC region is projected to expand at a CAGR of 6.25% during the forecast period. The region had acquired 47.6% of the total market share in 2017 and is predicted to be lucrative throughout the evaluation period. According to the analysis, the most significant factor responsible for the regional market expansion is the booming automotive and electrical & electronics sector. Furthermore, the growing population in the region is anticipated to play a crucial role in developing the regional market. In addition, the presence of developing countries like India, China, Japan, South Korea, and others are expected to augment the market additionally.
Europe is anticipated to acquire a second position during the forecast period. Europe is likely to acquire 20.8% of the total market share, expanding at a CAGR of 5.72% during the review period. As per the analysis, the packaging industry is likely to play a significant role in expanding the regional market. Furthermore, the presence of established automotive sector is anticipated to develop the market in the coming period.
North America is predicted to be a lucrative market during the review period, expanding at a CAGR of 5.17% during the forecast period. According to the research, the significant participation of the automotive sector can expand the regional market. Furthermore, the presence of developed economies in the region is likely to boost the market during the review period.
The MEA region is likely to expand at the slowest pace owing to the presence of under-developed economies. However, the presence of opportunities in the region can aid in market growth.
Some of the renowned players of the global market for plastic compounding are Borealis, SABIC, Lyondell Basell Industries NV, DuPont, INEOS, Versalis BASF SE, Asahi Kasei Corporation, S.p.A (Eni S.p.A), SO.F.TER S.r.l, Covestro AG, Total SA, 3M (Dyneon GmbH), and LANXESS AG.
Read Full Report Summary: https://www.marketresearchfuture.com/reports/plastic-compounding-market-4697
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