Plastic Compounds Market Is Extrapolated To Reach A Value Of USD 98.65 Bn By 2028Posted by rahul nikade on November 4th, 2022 Plastic Compounds Industry Overview The plastic compounds market size was valued at USD 66.74 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028. Increasing demand from the automotive industry is anticipated to significantly drive the market growth during the forecast period. The use of compounded plastic products in automotive applications helps reduce fuel consumption on account of their lightweight. Increasing awareness regarding consumer safety and health hazards in various industries, such as automotive, healthcare, and others is expected to drive the global demand for plastics over the forecast period. In the automotive industry, compounded plastics find application in under-the-hood components, structural parts, electrical components & lighting, and others. Gather more insights about the market drivers, restrains and growth of the Global Plastic Compounds Market The product application in the automotive industry is driven by the demand for safe, lightweight, and inexpensive multi-utility vehicles with high fuel efficiency and better comfort & esthetics. Currently, on average, plastics account for 10 to 15% of the total curb weight of a car. The food & beverage industry involves the use of plastics primarily for the production of containers, bottles, and other plastic packaging containers. Product demand in food packaging is driven by the need for food safety. Perishable and sterile foods require hygiene systems and contamination protection from different types of microorganisms, such as bacteria, wherein plastic compounds play an important role. Ascending demand for hot and cold beverages is likely to fuel the growth of plastic compounds as plastic compounded products are widely utilized for imparting useful properties to various types of plastics, such as PS, PP, and PET. Plastics are increasingly being used in the packaging of Ready-to-Eat (RTE) foods as the desired features are imparted by plastic compounds with the addition of different types of fillers and additives. These trends are expected to positively impact the demand for plastic compounds in the food & beverage packaging application over the forecast period. However, the outbreak of COVID-19 negatively impacted the product demand in various applications including automotive, building & construction, appliances, and others owing to the stalled manufacturing activities, restrictions in supply & transportation, and economic slowdown across the globe in 2020. However, the recommencing industrial operation is projected to positively influence the product demand in the coming years. Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports
Plastic Compounds Market Segmentation Grand View Research has segmented the global plastic compounds market on the basis of basis of resin, technology, filler, end use, and region: Plastic Compounds Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Plastic Compounds Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Plastic Compounds Filler Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Plastic Compounds End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Plastic Compounds Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Market Share Insights
Key Companies profiled: Some of the prominent players in the global plastic compounds market include:
Order a free sample PDF of the Plastic Compounds Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Like it? Share it!More by this author |