The global plasticcompounding market size is set to gain traction from their increasingusage in the automotive and packaging industry. Besides, construction
activities in 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.
As per the report, the plasticcompounding 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.
Source:
Automotive & Transportation Segmentto Hold the Highest Share Backed by Extensive Usage of Compounded Plastics
In terms of application, the market isgrouped 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.
Drivers & Restraints-
Increasing Number of Commercial &Residential Projects to Augment Growth
Nowadays, plastics are being usedextensively 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.
