Thermoplastic polymers are estimated to lead the global plastic compounding market by 2024. The higher demand will be attributed to their re-usable nature, wide range of applications and lower manufacturing costs compared to the other segments.
Sellbyville, DE -- (SBWIRE) -- 10/25/2018 -- GMI presents a most up-to-date research on "Plastic Compounding Market – Global Industry Analysis, Size, Share, (Thermoplastic Polymers [Polyethylene, Polypropylene, Polyester, Polycarbonate, Polyethylene Terephthalate, Polyvinyl Chloride], Thermosetting Polymers [Polyurethane Resin, Epoxy Resin], Thermoplastic Elastomers [Polyamides, Polyurethanes, SBC]), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, South Africa, Saudi Arabia, UAE) and Forecast 2017 – 2024".
Plastic Compounding Market Size will surpass USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. Plastics usage has increased twentyfold in the past half-century and is expected to double again in the next 20 years. Plastic compounders play a vital role in enhancing the performance of plastic resin with key additives to meet the end-user industry needs. Global plastic compounding market will be propelled by rising automotive industry by 2024.
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Plastic compounding market will witness substantial demand in consumer goods by 2024. Plastics are used in consumer goods for a wide range of applications, including food packaging, furniture, household appliances, toys, etc. Packaging is integral to the delivery of safe, high-quality consumer products. Various household electrical appliances will have substantial demand for plastics in the coming years.
PVC is widely used to insulate electric wiring, while thermosetting plastics are used for switches, light fittings and handles. 3D printing applications, innovative packaging techniques for consumer goods and surging demand for bioplastics will be few significant trends driving the global plastic compounding market by 2024.
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In 2016, North America held a share close to 19% in the plastic compounding market. Robust demand for 3D printing especially from defense & aerospace, education, healthcare, and consumer goods sectors will drive plastic compounding demand in the region by 2024. Latin America plastic compounding market is estimated to grow at a CAGR of over 5% over the forecast period. Foremost participants, such as Honda, Nissan, and Mazda, have been investing in the industrial facilities in the central region of Mexico, which would encourage the automotive plastics demand in the region.
These trends present a strong potential for the plastic compounding market in LATAM by 2024. The MEA plastic compounding market generated revenue more than USD 2 billion in the year 2016. The development of the downstream petrochemical industry by the Middle East government will propel the plastic compounding market during the forecast timeframe.
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Significant market players include RTP Company, A. Schulman, The Dow Chemical, BASF, LyondellBasell Industries, Solvay, SABIC, etc. Major industry giants are involved in expanding their production capacity. For example, in 2015, RTP Company expanded its thermoplastic compounding facility in Mexico to support the regional demand and bolstered its supply to its customer base in Central and South American countries.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.