LONDON--(BUSINESS WIRE)--The plastic fillers market is expected to grow by 4.75 million MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Rapid industrialization, growth in the manufacturing sector, and the thriving construction industry have increased the consumption of plastics in APAC. In addition, strong economic growth, rising disposable incomes, and expanding population in developing economies such as China and India have increased the number of building and construction activities. This has increased the use of plastics in building applications such as piping, flooring, paneling, roads, insulation, cable sheathing, and ducting. Moreover, many countries in APAC are making significant investments in smart city projects. All these factors are contributing to the growth of the global plastic fillers market.
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As per Technavio, the rising demand for lightweight automotive materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Plastic Fillers Market: Rising Demand for Lightweight Automotive Materials
The growing stringency of regulations on vehicular emissions is compelling automakers to focus on the development of lightweight, fuel-efficient, and environmentally friendly automobiles. This is increasing the use of plastics and its composites in automotive applications such as structural components, powertrain components, exterior and interior components, and electrical and electronic components. For example, polyvinylchloride (PVC) is used in automotive applications such as sheathing electrical cables, pipes, doors, and automobile instrument panels. With the growing adoption of vehicles worldwide, the demand for plastic fillers will increase significantly during the forecast period.
“Rising focus on the construction of energy-efficient buildings and increasing investments in the EV charging infrastructure will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Plastic Fillers Market: Segmentation Analysis
This market research report segments the plastic fillers market by type (Inorganic fillers and Organic fillers), application (automotive, electrical and electronics, building and construction, packaging, and others), and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the plastic fillers market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increased demand for plastic materials in sectors such as food and beverages, packaging, agriculture, and others in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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