Plastic Compounding Market Current and Future Plans by Forecast to 2027
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. 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.
Information source:
https://www.fortunebusinessinsights.com/plastic-compounding-market-102550
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.
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.
In today’s world, the population is growing at a rapid rate across the globe. It is, in turn, upsurging the number of residential and commercial projects. Coupled with this, the rising awareness programs about state-of-the-art interiors are growing amongst the consumers. These factors are set to augment the plastic compounding market growth during the forthcoming years. However, the prices of raw materials required to produce compounded plastics keep on fluctuating. It may obstruct the market growth.
This Report Answers the Following Questions:
What are the plastic compounding market trends?
How many growth drivers and barriers will the market possess?
Which organizations are set to remain on top in the market?
What are the strategies adopted by industry giants to strengthen their position?
Which segment is set to dominate the market during the forthcoming years?
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