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.
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.
Get Sample PDF Brochure with “Short-Term and Long-Term Impact of COVID-19” on Market, Please Visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/plastic-compounding-market-102550
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.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Lanxess Inaugurates New Plant in China; LyondellBasell Acquires A. Schulman, Inc.
Reputed companies present in the market are either investing huge sums in building brand new plants or are engaging in the strategy of mergers and acquisitions to widen their geographic reach and product portfolio. Below are a couple of the latest key industry developments:
- September 2019: Lanxess Aktiengesellschaft, a specialty chemical company, based in Germany, inaugurated its new plastic plant in China. The facility will produce Pocan- and Durethan-branded high-quality plastics, mainly for the electrical and electronic industry, as well as the automotive sector.
- February 2018: LyondellBasell Industries N.V., a multinational chemical company headquartered in the Netherlands, acquired A. Schulman, Inc., an American supplier of plastic compounding products based in the U.S. The total deal was worth USD 2.25 billion. It would help the former in broadening its geographic presence.
Fortune Business Insights™ lists out some of the most renowned companies operating in the plastic compounding market. They are as follows:
- 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
Quick Buy – Plastic Compounding Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102550
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.
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/plastic-compounding-market-102550
Asia Pacific to Dominate Owing to High Demand for Low Emission Vehicles
Geographically, the market is divided into Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. Amongst them, Asia Pacific is anticipated to generate the highest plastic compounding market revenue in the coming years. The majority of this growth would be contributed by China and India, mainly because of the rising demand for low emission vehicles. It is helping the automotive sector to expand.
Asia Pacific is considered to be the largest producer of construction, automobiles, industrial machinery, electrical & electronics, and packaging materials. Coupled with this, the ongoing economic development and growing industrialization are set to impact the market positively in this region. The U.S. in North America previously held the largest share stoked by high demand for plastic compounding from healthcare & pharmaceutical, as well as electrical & electronics industries. The region procured USD 10.02 billion market share in 2018. In Europe, Germany is likely to be the main contributor of growth on account of the rising production of electric vehicles.
Browse More Trending Topics from Fortune Business Insights™ :
Gaskets And Seals Market Share, Growth in 2020, Size, Key Players, Merger, Growth, Competitive Landscape With Regional Forecast To 2026
Industrial Coatings Market 2020 Updates by Size, Share, Trends, Segments, and Demand Overview by 2026