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Latest Chemical News
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  66. Disposable Gloves Market Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2029
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Plastic Compounding Market 2024-2027: Trends, Growth & Analysis Forecast {{ currentPage ? currentPage.title : "" }}

The global plastic compounding market size is set to gain traction from their increasing usage in the automotive and packaging industry. Besides, construction activities in emerging economies are increasing at a fast pace. In addition to that, ongoing technological advancements in the electrical and automotive industries would affect the market positively in the coming years. The demand for these products is also growing from the food and beverage industry as they help in reducing quality degradation and contamination.

As per the report, the plastic compounding market size stood at USD 52.74 billion in 2018. It is set to reach USD 87.11 billion by 2026, thereby exhibiting a CAGR of 6.5% during the forecast period.

Source:

https://www.fortunebusinessinsights.com/plastic-compounding-market-102550

Automotive & Transportation Segment to Hold the Highest Share Backed by Extensive Usage of Compounded Plastics

In terms of application, the market is grouped into consumer goods/lifestyle, infrastructure & construction, industrial machinery, packaging, automotive & transportation, electrical & electronics, and others. Amongst these, the automotive and transportation segment is set to hold the largest plastic compounding market share during the forecast period. This growth is attributable to the increasing usage of compounded plastics in this industry. They lower the overall weight of the vehicle, which further increases the life and efficiency of the vehicle components. The infrastructure and construction segment held 14.6% share in 2018.

Drivers & Restraints-

Increasing Number of Commercial & Residential Projects to Augment Growth

Nowadays, plastics are being used extensively in the insulation of infrastructures and buildings. Several products required for construction are made mainly by utilizing plastics. These include pipes, cables, doors, safety windows, and flooring. Compounded plastics possess numerous features that are similar to steel. They are resistant to harsh environmental conditions and rust, have robust strength, and are smooth in texture.

 

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