The report of Global Plastic Compounding Market is segmented By Product Type (Polypropylene (PP), Polyurethane, Polyvinyl Chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), Polyethylene (PE), Polystyrene (PS) & Expanded Polystyrene (EPS), Other Polymers), Application (Automotive, Building & Construction, Electrical & Electronics, Medical, Packaging, Others), Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) is expected to reach US$ XX Bn by 2027, at a CAGR of 6.5 % during a forecast period.
The major factor attributing to the growth are growing popularity and increasing demand in electrical & electronics, automotive, packaging and medical industry. Plastic Compounding offers wide characteristic such as flame retardancy, high electrical conductivity, wear resistance, light in weight and is extensively used in the Automotive and electronic & electrical industries as it helped in increasing car efficiency by reducing the weight and lowering the carbon emissions of the vehicle. Thus, propelling the Plastic Compounding market growth. Asia Pacific is the largest manufacture and is witnessing a leading Market valued at US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
However, Fluctuating prices of raw material and the presence of alternative at a low price may hinder the growth in the upcoming forecast.
Automotive in terms of Application is expected to grow during the forecast period.
In terms of Application, Automotive is estimated to have the largest revenue over the forecast period. The market is growing due to its widespread application like the lightweight in construction, Packaging & infrastructure as it helps in minimizing the carbon emission with the invention of the electric vehicle by 30-40 % and increases the fuel efficiency. It is also economically less expensive and is widely used in replacement of alloys & metal. Thus, expected to offer significant opportunities for market growth.
Asia-Pacific is projected to witness the fastest growth during the forecast period.
Geographically, Asia-Pacific is accounted as a dominant market with an overall share of XX% for Global Plastic Compounding Market and is expected to reach US$ XX.X% Mn by 2027, with a CAGR of XX % over the forecast period 2019 to 2027. China is estimated as the largest market thanks to rising production for Plastic Compounding together with the growing application in construction industries, electronics and automotive industries. Moreover, growing initiatives by major companies and government in investment toward R&D and building infrastructure are driving the growth of the Plastic Compounding in the region. Besides, rapid industrialization and presence of the prominent player in the manufacturing of Plastic Compounding market are fuelling the growth. In 2019 market size was valued US$ XX Bn in while in China, the market size was valued XX Bn and expected to increase by US$ XX Bn in upcoming years.
Europe is expected to grow at CAGR XX.X% in the upcoming forecast thanks to the presence of key manufacture & technology advancement within the forecast period in the region. Thus, propelling the market growth.
Key players operating in the Plastic Compounding Market are LANXESS A.G., BASF SE, PolyVisions, Asahi Kasei Corporation, Aurora Plastics LLC, Foster Corporation, SABIC, LyondellBasell, Kingfa SCI. & TECH. CO., LTD., DuPont, Celanese Corporation, RTP Company, Solvay S.A., KURARAY CO., LTD., Kraton Corporation, Covestro AG, Kraton Corporation, MRC Polymers, Adell Plastics and Sojitz Corporation.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Plastic Compounding Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Plastic Compounding Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Plastic Compounding Market positioning of competitors.
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