According to a new market research report published by Inkwood
Research, the Global Plastic Compounding Market is projected to grow at a CAGR
of 7.46% over the forecasting years.
"Browse 32 market Data Tables and 35 Figures spread over 110
Pages, along with an in-depth TOC on Global Plastic Compounding Market Forecast
2019-2027".
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A process to melt the plastics blended with other additives is called plastic compounding.
This process tends to alter the thermal, aesthetic, electrical and physical
properties of the plastic, and the end-result formed is known as compound or
composite. Some of the top drivers propelling the growth of the market are
increasing applications due to growth in the infrastructure sector, increased
uses from the automotive industry to build light-weight vehicles and
inclination towards plastic compared to other materials.
The infrastructure sector is witnessing tremendous growth due to
the development of new modern multi-modal logistics parks, seaports and
airports, expressways/highways, and metro-rail. The government sector is also
contributing by inculcating several rules and regulations with regards to the infrastructure
development that is established to boost the economy of an individual nation.
Currently, plastics have a wide application in buildings, primarily in panels, thin
coverings, foams, sheets, pipes and others. The increased usage of plastic
compounding is majorly to extend the efficiency and durability of conventional
building materials, and also helps in building their functioning more effectively
and economically.
Polypropylene
and high-impact polystyrene both are increasingly being utilized to produce
versatile packaging material. Polypropylene is a superior packaging material as
it offers benefits like cost-effective and light-weight packaging. On the other
hand, polypropylene packaging can resist a range of temperatures from freezing
to microwave temperature. Durability is another key attribute that makes
polypropylene compounding excellent for packaging material. High-impact
polystyrene features excellent heat retention, hygiene, and shatterproof
properties, making it appealing for packaging material.
APAC is the Prime Contributor in terms of
Revenue
The Asia Pacific is the largest revenue-generating region in
the global plastic compounding market, contributed the largest share in the
year 2018. It is an attractive market for manufacturers due to minimal
investments in setting up manufacturing units, cheap labor cost and low cost of
plastic compounding materials. Moreover, some prominent manufacturers have
expanded their manufacturing units and launched innovative products, which also
escalating the activities in the region.
China, Japan, Korea, and India are significant contributors
to the growth of Asia-Pacific. Among all, China is the biggest market in the
region, and India is the fastest-growing country during the forecasting period.
The rising demand in various industries such as, packaging, consumer goods
& electronics, automobile, construction, and others is creating potential
growth opportunities for the regional market.
The global plastics compounding market is characterized by
the presence of several regional and multinational companies present across the
value chain. The emergence of several local players due to unorganized industrial
nature and the low entry barrier is further driving the competition among the
operating players. Few of the notable firms in the market are The Dow Chemical
Company, LyondellBasell Industries, N.V, Asahi Kasei Plastics, SABIC, BASF SE
and Others.
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GLOBAL ELECTROACTIVE POLYMERS MARKET FORECAST
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