LONDON--(BUSINESS WIRE)--The global compounded resins market is expected to grow at a CAGR of approximately 6% during the forecast period, 2018-2022, according to the latest market research report by Technavio.
A major factor driving the growth of the market is the increasing demand for plastic materials in the automotive industry. The automotive industry is a prominent end-user of compounded resins. The extensive use of plastic materials in the automotive industry is a prime driver of the global compounded resins market. In the automotive industry, plastic materials are used to substitute metal components to achieve vehicle lightweighting goals.
Technavio’s latest report on the global compounded resins market provides an analysis of the prominent trends anticipated to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to substantially impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing production capacities and installation of new compounding plants as one of the key emerging trends in the global compounded resins market:
Increasing production capacities and installation of new compounding plants
The increasing demand from end-user industries, particularly automotive, has propelled market vendors to start new production or expand their existing production line for meeting the increasing demand of compounded resins.
“The demand for plastic materials such as compounded resins has been growing in the automotive industry. This is because these materials help in reducing the weight of the vehicles and promote cost saving. With the increasing vehicle production, the demand for compounded resins will further increase during the forecast period,” says a senior analyst at Technavio for research on plastics, polymers, and elastomers.
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Americas tops the compounded resins market
This market research report segments the global compounded resins market into the following products (thermoplastic polymers, thermosetting polymers, and elastomers), end-users (automotive and aerospace, household goods, construction and infrastructure, and electrical and electronics), and key regions (the Americas, APAC, and EMEA).
The thermoplastic polymers segment held the largest market share in 2017, accounting for nearly 59% of the market. This product is anticipated dominate the global market throughout the period 2018-2022.
The Americas held the highest share of the global compounded resins market in 2017, accounting for a market share of around 42%. This region is expected to witness the fastest growth during the forecast period.
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