The global Plastic Compounds Market size is expected to reach USD 98.65 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% over the forecast period. The market is estimated to be driven by packaging applications across the globe. The product demand in the packaging industry is driven by high consumerism in major economies, such as China, India, Germany, the U.S., and Brazil. Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Polypropylene (PP) compounds offer a cost-effective packaging solution and help enhance impact strength, flexibility, clarity, and process efficiency. High demand for Polyethylene (PE) in the packaging industry has majorly contributed to the growth of the packaging end-use segment.
The global COVID-19 pandemic moderately affected the
product demand in packaging application in 2020. The demand for packaging for
healthcare products, food products, groceries, and e-commerce transportation
increased sharply, while the demand for luxury, industrial, and some B2B
transport packaging witnessed decline owing to the slowdown and halt in
industrial operations. The recommencing industrial operation is expected to
positively influence the demand in industrial, and B2B transport packaging in
the coming years.
The glass fiber reinforce filler segment is estimated
to witness significant growth over the forecast period as these compounds are
widely used in building & construction applications. Moreover, they are used
to construct domes, fountains, columns, planters, panels, sculptures, façade,
roofs, and various other construction components. Components produced using
glass fiber reinforced plastics have one-fourth of the weight of steel with
similar tensile and compressive strength. Thus, the growth of the building
& construction activities across the globe is likely to drive the segment
over the forecast period. Glass fiber reinforced plastic is also used for
manufacturing boats, which requires water resistance to prevent corrosion and
improve the service life of boats.
Related Press Release@ Plastic Compounds Market Report
Plastic Compounds Market Report
Highlights
- In terms of revenue, the automotive end-use segment accounted for
the largest revenue share of the global market in 2020 and is expected to
witness prominent growth over the forecast period
- Asia Pacific was the dominant regional market in 2020 owing to the
growing demand for automobiles in the region coupled with favorable FDI
norms by various governments encouraging the adoption of Electric
Vehicles (EVs)
- Strategic partnerships, capacity expansions, and new product
developments are popular strategies adopted by a majority of players
operating in this market
- For instance, in January 2021, Eurostar Engineering Plastics was
acquired by Ascend Performance Materials, a Houston-based manufacturer of
polyamide 66 resin
- This acquisition helped both the companies to expand their
compounding product market globally
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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