Expanding Construction Sector will Drive the Plastic Compounding Market Growth

HYDERABAD, TELANGANA, INDIA, September 21, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Plastic Compounding Market size is forecast to reach US$88.1 billion by 2027 after growing at a CAGR of 5.4% during 2022-2027. Plastic compounding involves the processing of plastics to obtain multiple plastic compounds of thermoplastic elastomers and thermosetting polymers with specific properties by adding a wide variety of additives and modifiers. A wide variety of compounded plastics such as polyethylene terephthalate, polyurethane, acrylonitrile butadiene styrene is obtained. The automobile industry is booming globally with increasing production and sales and this is expected to contribute to the market’s growth during the forecast period. The construction sector globally is displaying tremendous growth and this, in turn, is expected to influence the market’s growth during the forecast period. For instance, according to the January 2021 report by India Brand Equity Foundation, demand for residential properties in India has increased due to growing urbanization in the country. The fluctuation in the prices of raw materials might hamper the market’s growth. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

Click here to browse the complete report summary:
https://www.industryarc.com/Research/Plastic-Compounding-Market-Research-507193

Key takeaways:

1. Polypropylene compounds dominated the market in 2021. This type of compounded plastic offers robust chemical and heat resistance, making it the got to option in the market.

2. The growth in automotive sector is driving the market’s growth. For instance, according to the data by the European Automobile Manufacturers Association, in June 2021, registrations in passenger cars surged by 10.4% compared to the registrations in the same month last year.

3. The Asia-Pacific region is projected to witness the highest demand for plastic compounding owing to the booming automotive sector in the region. For instance, as per the stats by India Brand Equity Foundation, the passenger vehicle segment witnessed a growth of 28.39% as sales touched 279,745 units in March 2021 compared to 2,17,879 units in March 2020.

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Segmental Analysis:

1. Polypropylene compounds dominated the plastic compounding market in 2021. Owing to such diverse properties, market players and research organizations are focused on the expansion of the polypropylene compounds portfolio.

2. Asia-Pacific region held the largest market share in the plastic compounding market in 2021, up to 34%. The automotive sector is displaying exceptional growth and this is projected to increase the demand for plastic compounding during the forecast period.

3. According to the stats by India Brand Equity Foundation, India’s electric vehicle market segment will become a US$ 7.09 billion market by 2025 with two-wheelers and three-wheelers anticipated to witness the highest demand. Similarly, as per the data by the China Association of Automobile Manufacturers, production of commercial vehicles in China stood at 310000 units in September 2021, increasing 35.5% month on month.

4. Automotive sector dominated the plastic compounding market in 2021 and is growing at a CAGR of 6.1% during the forecast period. The automotive industry is booming globally and this is expected to contribute to the market’s growth during the forecast period.

5. According to the 2021 stats by European Automobile Manufacturers Association, the passenger car registrations in European Union in May 2021 surged by 53.4% compared to May 2020. Similarly, as per the data by the China Association of Automobile Manufacturers, the annual sales volume of new energy vehicles in China will touch 3 million units by 2025 compared to 1.2 million units in 2019.

Competitive Landscape:

The top 5 players in the Plastic Compounding industry are -

1. Celanese Corporation

2. BASF SE

3. Lanxess AG

4. LyodellBasell

5. Solvay SA

Click on the following link to buy the Plastic Compounding Market Report:
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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

Related Reports:

A. Plastic Compounding Machinery Market
https://www.industryarc.com/Research/Plastic-Compounding-Machinery-Market-Research-502919

B. Chemical Compounding Injectable Antibiotic Market
https://www.industryarc.com/Report/19770/chemical-compounding-injectable-antibiotic-market.html

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