Rising Demand for Plastic Compounds in Automotive Industry is Expected to Fuel the Growth of Global Plastic Compounding Market - TMR
ALBANY, New York, July 25, 2019 /PRNewswire/ -- The global plastic compounding market is expected to witness a robust growth from 2019 to 2027. The growth of the market is majorly attributed to a rising adoption of plastic compounds in various industries such as manufacturing, healthcare, and in the automotive industry. The growth is also the result of a rising adoption of eco-friendly plastic compounds to lower down the pollution caused by various industries.
The Plastic Compounding Market is expected to reach the Value of US$ 95,000 Mn
- According to the report by Transparency Market Research report, the global plastic compounding market is expected to exhibit a consistent growth of 5.0% CAGR during the forecast period of 2019 to 2027.
- During the same tenure the global plastic compounding market is expected to reach to the value of US$95,000 Mn says the report.
- Historical analysis of the market states that the market stood at US$60,000 Mn at the end of 2018.
This growth of the market is attributed to changing market dynamics, influx of various new players, and major technological advancements in order to reduce the plastic pollutants emissions from various factories.
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Asia Pacific to Account for Maximum Growth
Owing to rapid industrialization and adoption of plastic compounds in various industries in counties such as China and India, Asia Pacific is expected to rise maximum in plastic compounding market during the forecast period. Various manufacturers in China also attribute the dominance of the region in the market to other factors like as major technological developments.
It is noticeable that China held a largest share in the growth of Asia Pacific in the plastic compounding market during previous forecast period. The country is expected to continue its domination based on the launch of multiple innovative solutions to reduce the production cost of plastic compounds in the coming years.
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Need for Efficient Plastic Compounds in Automotive Industry to Fuel the Growth
- The growth of global plastic compounding market is majorly attributed to the factors such as rising strictness by various governments to reduce the pollution caused by conventional plastic compounds.
- Rising need to improve the air quality, interiors, and quality of other plastic components used by automotive industry is influencing the growth of global plastic compounding market in the forecast period of 2019 to 2027.
- Increasing demand of plastic compounds in electronics and electrical products is propelling the growth of global plastic compounding market.
- Benefits such as lower production cost, performance enhancement of consumer electrical and electronic products, and extensive application of plastic compounds in manufacturing industry are also major factors that are promoting the growth of global plastic compounding market.
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Highly Competitive Scenario to make it Difficult for Players to get Establish
According to the Transparency Market Research report, the global plastic compounding market is highly fragmented. However, the market is dominated by the activities of few prominent players. The market exhibit a highly competitive scenario owing to the presence of various players. Moreover, the influx of various new players is expected to make competition tougher in coming years.
In order to have a sustainable future in this competitive scenario, the new players are adopting strategies such as partnerships and mergers. With these collaborations the players can acquire necessary resources to establish themselves in the global plastic compounding market.
On the other hand, the veterans of the market are acquiring various small and medium scale businesses. With these acquisitions the players are able to expand their brand presence and production capacity. Moreover, this strategy allows the bigger players to enter regional market in order to generate more profit.
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These players are also investing substantial amount of funds in research and development activities. With the help of these activities, the veterans are able to provide innovative solutions to the customers. This in turn allows the players to retain their existing customers and acquire new ones. This results in better value addition to their business and help them generate better revenue during the forecast of 2019 to 2027.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Plastic Compounding Market (Resin Type - Polyethylene (High-density Polyethylene, Linear low-density Polyethylene, Low-density Polyethylene), Polypropylene, Polyvinyl Chloride, Polystyrene, Engineering Plastics (Polyamide, Polycarbonate, Polyethylene Terephthalate, Acrylonitrile Butadiene Styrene, Polybutylene Terephthalate), Thermoplastic Elastomers, Bio-plastics; End user Industry - Automotive, Electrical and Electronics, Building and Construction, Packaging, Industrial Machinery, Medical Devices) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027."
The global plastic compounding market is segmented on the basis of:
- Resin Type
- Polyethylene
- High-density Polyethylene
- Linear low-density Polyethylene
- Low-density Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Polystyrene
- Engineering Plastic
- Polyamide
- Polycarbonate
- Polyethylene Terephthalate
- Acrylonitrile Butadiene Styrene
- Polybutylene Terephthalate
- Others
- Thermoplastic Elastomers
- Bio-plastics
- Others
- End-use Industry
- Automotive
- Electrical & Electronics
- Building & Construction
- Packaging
- Industrial Machinery
- Medical Devices
- Others
- Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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