Increasing development of electronic gadgets has fuelled growth of the electronic sector significantly. Attributed to the growing electronic sector, plastic compounds witness considerable demand globally. Development of light-weight automobiles and infrastructure is likely to impact growth of the global plastic compounding market positively. A recently compiled report by Persistence Market Research reveals that the global plastic compounding market will register a CAGR growth of 4% over the forecast period, 2017 – 2025.
Plastic is likely to witness significant demand in the food packaging and consumer sector. Increasing need for flexible packaging is further predicted to fuel demand for plastic compounds. Materials used for flexible packages include vegetable fibers, plastic films, cloths, papers, and fibers. The electronics and electrical industries witness significant demand for production of resistors, semiconductors, and integrated circuits Moreover, development of infrastructure and light-weight vehicles is projected to fuel growth of the global plastic compounding market significantly.
Copolymers/polymers among other products is predicted to represent a leading segment in the global market. This segment is projected to witness over 300,000 tons in the global plastic compounding market by the end of 2025. In terms of sales, the additives is predicted to represent a high CAGR growth as compared to sales of copolymers/polymers in terms of volume throughout 2025. Colorants among other additives is predicted to account for considerable sales in terms of volume through 2025.
APAC among other regions is likely to represent the most profitable region in the global market. The plastic compounding market in this region is predicted to represent over 250,000 tons in terms of sales by the end of 2025. Sales in terms of volume in APAC is predicted to reflect a relatively high CAGR growth, followed by Latin America through 2025. The plastic compounding market in Europe is predicted to represent the second major market in volume terms. MEA among other regions will reflect a steady expansion in the global market in volume terms during the predicted period.
Automotive as compared to other applications of plastic compounding is predicted to remain dominant in the global market. Healthcare among other applications of plastic compound is expected to register a relatively fast growth in terms of volume sales throughout 2025. Packaging in several industries is predicted to represent the second major application segment among others in the global market. On the other hand, plastic compounds will witness a dip in demand in the textile industry among other applications during the projected period.
On the other hand, imposition of regulations by the environmental and governmental agencies regarding quantity, scope and norms of using plastic. Moreover, increasing availability of alternative products that are bio degradable is likely to inhibit growth of the global plastic compounding market during the projected period.
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