LONDON--(BUSINESS WIRE)--The global plastic compounding market size is poised to reach USD 20.65 billion by 2023, according to a new report by Technavio, progressing at a CAGR of over 6% during the forecast period.
Read the 156-page research report with TOC on "Plastic Compounding Market Analysis Report by applications (packaging, construction, automotive, electrical and electronics, and others) and geographical regions (North America, Europe, APAC, South America, and MEA) 2019 - 2023" at:
The market is driven by the growing demand for lightweight vehicles. In addition, increase in the adoption of plastic packaging is anticipated to further boost the plastic compounding market during the forecast period.
Currently, plastic compounding products are finding large-scale applications in various car parts. The automotive sector is focusing on reducing the weight of vehicles because of the increased demand for more fuel-efficient cars. To reduce the overall weight of vehicles, car manufacturers are now replacing metal components with plastic parts. Also, along with providing enhanced fuel efficiency, these plastic compounds provide better safety and thermal resistance compared to metal parts because of their improved strength and better non-malleable and ductile nature. Thus, the growth rate of plastic compounds in the automotive sector is expected to increase with the introduction of more efficient electric vehicles, where there is an increased need for electricity and heat resistance.
Furthermore, the demand for plastic packaging is increasing across the globe. The healthcare sector is witnessing high demand for plastic packaging. Proper packaging is required in the healthcare industry to keep the drugs hygienic and retain the medical properties of drugs. Plastic packaging also finds high demand in the food and beverage industry. The retail industry is also witnessing high demand for plastic packaging. Thus, all these factors are expected to increase the adoption of plastic packaging during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Asahi Kasei Corp.
- BASF SE
- Celanese Corp.
- Covestro AG
- Dow Inc.
- DuPont de Nemours Inc.
- Hillenbrand Inc.
- LyondellBasell Industries Holdings BV
- Mexichem SAB de CV
- Mitsui Chemicals Inc.
- Sojitz Corp.
Market Segmentation by Category and Product Types:
The Plastic Compounding Market can be broadly categorized into the following applications:
- Electrical and electronics
Key Regions for the Plastic Compounding Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Related Reports on Materials Market are:
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