Selbyville, Delaware, Sept. 09, 2019 (GLOBE NEWSWIRE) --
Global Market Insights, Inc., announces a report on ‘Plastic Compounding Market 2017-2024 Trends & Forecast’. The study presents an elaborate evaluation of the product, end-user, and regional landscapes of this industry. The global plastic compounding industry is set cross USD 50 billion by 2024
Higher disposable income among developing nations is poised to fuel plastic compounding market size in the coming years, owing to increased consumption of electronic products and consumer goods. Plastic is extensively used across these sectors to make durable and light products, while keeping overall manufacturing costs down. Substantial rise in the use of high-quality plastic to meet continuous demand across various industrial and consumer applications will outline the need for plastic compounding over the forecast period.
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Plastic material are widely deployed in automobile production to lower the weight of components and subsequently reduce emissions. Plastic constitutes nearly 10-15% of the total weight of a car, making it one of the most important materials to be used in auto parts. In 2016, the automobile segment accounted for more than 30% of global plastic compounding industry size, with notable rise in automotive production in the Asia Pacific region. Total vehicle manufacturing in China, India, Japan, South Korea, Thailand, Malaysia and Indonesia had surpassed 35.9 million units in 2018.
Consistent growth of the construction, healthcare and automotive sectors worldwide has propelled the consumption of thermoplastic elastomers in recent years. Thermoplastic elastomers are considered to be ideal substitute for heavier and expensive materials like natural and synthetic rubber, glass, wood and metals. A surge in construction spending in developed nations will drive the consumption of light and robust plastic components.
Browse key industry insights spread across 274 pages with 338 market data tables & 28 figures & charts from the report, “Plastic Compounding Market Size” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/plastic-compounding-market
Plastic compounding market share from thermoplastic elastomers segment was recorded at USD 7 billion in 2016.
Aircraft parts such as seats, lighting and cooling systems are ideal application areas for plastic compounding. High-performance plastic are crucial part of drinking water supply, disposal and oxygen supply systems in the aircraft, while simultaneously boosting fuel efficiency through lightweight construction when compared to using metals like aluminum. Lower air fares in many parts of the world and increased penchant for air travel will stimulate the aircraft manufacturing sector.
Aerospace applications accounted for around USD 3 billion of global plastic compounding market share in 2016.
Rising concerns about environmental degradation and waste disposal have coerced manufacturers to explore eco-friendlier materials, including bioplastics. Bioplastics are biodegradable and are increasingly being adopted for packaging applications globally. The Plantbottle program initiated by Coca Cola involved using plastic bottles which were plant-based up to 30%. Growing awareness among consumers and increase in the number of green initiatives taken by corporates will bolster plastic compounding industry outlook from materials like bio-plastics.
Europe consists of numerous leading manufacturers of consumer goods and electronics, as well as major automakers. The region also boasts of some of the prominent chemical companies, allowing easier access to raw materials and enabling a smoother supply chain for the plastic sector. Reportedly, 60% of the demand for Europe plastic compounding market was observed in France, Germany, Italy, Poland, Spain and the U.K. Booming construction sector in the region is expected to boost the consumption of plastic materials across Europe.
Competitive trends across global plastic compounding industry have been defined by efforts to increase production capacities to meet the ever-increasing demand for plastics. Key suppliers include BASF, SABIC, Solvay, RTP Company, Dow Chemical and A Schulman, among others, who serve a myriad of industrial customers worldwide. Increased investment in innovative materials like plastics will significantly impact plastic compounding market forecast over the projected timeframe.
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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.