Research Nester published a report titled “Plastic Compounding Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global plastic compounding market in terms of market segmentation by polymer type, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global plastic compounding market is expected to garner a large revenue by growing at a CAGR of ~5% throughout the forecast period, i.e., 2022 – 2030, owing to the rising substitution for wood, glass, metals and natural rubber, rapid industrialization, and increasing production of electric vehicles worldwide. Furthermore, growing demand for plastic owing to its ease of modeling and ability to form desired shapes is also estimated to fuel the expansion of market in the coming years.
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The market is segmented on the basis of polymer type and end user. On the basis of polymer type, the thermoplastic polymers segment is anticipated to occupy the largest share during the forecast period in view of the increasing use of this polymer in automobile industry. Additionally, based on end user, the automotive segment is expected to grab the largest market share over the forecast period owing to the growing use of plastics as a replacement to alloys and metals in automobile parts.
Regionally, the global plastic compounding market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is expected to acquire the largest share and witness the highest growth in the market over the forecast period, which can be attributed to the escalating huge production volumes of packaging materials and escalating manufacturing of electric vehicles in the region.
Increasing Plastic Substitution for Several Materials to Drive Market Growth
Plastic has found its role as a common substitute in several industrial applications as a result of limitations in pricing and availability of various materials such as wood, glass, metal and concrete. As plastic is cost-effective and easier to work with, its usage is increasing since the last decades. This in turn is anticipated to boost market growth in the near future.
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However, fluctuation in prices of raw materials is expected to operate as key restraint to the growth of the plastic compounding market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global plastic compounding market which includes company profiling of BASF SE, RTP Company, Inc., LyondellBasell Industries N.V., S&E Specialty Polymers, LLC, Kraton Polymers, Inc., Covestro AG, The Dow Chemical Company, DuPont de Nemours, Inc., Sojitz Corporation, SO.F.TER. SPA, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global plastic compounding market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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