Plastic Compounding Market Size Worth $ 112.08 Billion By 2030
Posted by Neha Bora on August 8th, 2022
San Francisco, 8 Aug 2022: The Report Plastic Compounding Market Size, Share & Trends Analysis Report By Product (PE, PP, PET, TPV, TPO, PVC, PS, PBT, PA, PC, ABS), By Application (Automotive, Electrical & Electronics), By Region, And Segment Forecasts, 2022 - 2030
The global plastic compounding market size is expected to reach USD 112.08 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The construction and vehicle industries are expected to encourage demand for interiors, exteriors, and under-the-hood components. Plastic compounding is used in automotive under-hood components, building interiors and exteriors in construction and infrastructure, and the electrical and electronics industry, which is anticipated to boost the market growth.
Polyethylene Terephthalate (PET) is a plastic used to make bottle containers for packaged water and fizzy beverages. PET is considered a safe, durable, flexible, non-toxic, lightweight, and 100% recyclable raw material. As a result, it has acquired wide acceptance, which is expected to propel the expansion of the market over the forecast period.
In 2021, Asia Pacific was the top revenue source for the PET compound market. The regional usage of PET compound is expected to be driven by rising demand for beverages, particularly carbonated drinks and nutritional drinks. The expansion in population, changing lifestyles, and the emergence of local beverage makers all contribute to this trend. The presence of a large pool of contract bottlers in the Asia Pacific will also have an impact on the variety of packaging industries.
Plastics have always been used extensively in the construction sector, with products ranging from pipe fittings and insulation to construction materials and equipment. Plastic compounds are adjusted to meet their specific needs. For instance, flame retardant chemicals are added to Polyvinyl Chloride (PVC) components and are an essential part of building materials.
Access Research Report of Plastic Compounding Market @ https://www.grandviewresearch.com/industry-analysis/plastic-compounding-market
Plastic Compounding Market Report Highlights
List of Key Players in Plastic Compounding Market
Access Press Release of Plastic Compounding Market @ https://www.grandviewresearch.com/press-release/global-plastic-compounding-market
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About the AuthorNeha Bora
Joined: September 16th, 2019
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