Selbyville, Delaware, Dec. 06, 2017 (GLOBE NEWSWIRE) —
Plastic Compounding Market share will exceed USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. Plastics usage has increased twentyfold in the past half-century and is expected to double again in the next 20 years. Plastic compounders play a vital role in enhancing the performance of plastic resin with key additives to meet the end-user industry needs. Global plastic compounding market will be propelled by rising automotive industry by 2024. Plastic compounding consumption per vehicle in the U.S. was roughly USD 52 per vehicle in 2016. Currently, an average car consists of around 10-15% plastics of total car weight. The tendency to use plastic in automotive will increase in the forecast timeframe due to government initiatives across the globe to reduce vehicular emissions by reducing automotive weight.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1533
Plastic compounding market will witness substantial demand in consumer goods by 2024. Plastics are used in consumer goods for a wide range of applications, including food packaging, furniture, household appliances, toys, etc. Packaging is integral to the delivery of safe, high-quality consumer products. Various household electrical appliances will have substantial demand for plastics in the coming years. PVC is widely used to insulate electric wiring, while thermosetting plastics are used for switches, light fittings and handles. 3D printing applications, innovative packaging techniques for consumer goods and surging demand for bioplastics will be few significant trends driving the global plastic compounding market by 2024.
Global plastic compounding market for thermoplastic polymers was valued at over USD 18 billion in 2016. Thermoplastic polymers are estimated to lead the global plastic compounding market by 2024. The higher demand will be attributed to their re-usable nature, wide range of applications and lower manufacturing costs compared to the other segments.
Thermoplastic elastomers segment was valued more than USD 7 billion in 2016. Thermoplastic elastomers have progressed as a substitute for metal, synthetic or natural rubber, wood, glass, etc. Cumulative expenditure in medical, automotive and construction sectors in addition to the supervisory compliances for sustainable product development will propel the plastic compounding market for thermoplastic elastomers by 2024.
Browse key industry insights spread across 274 pages with 338 market data tables & 28 figures & charts from the report, “Plastic Compounding Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Consumer goods was a key end-user segment in global plastic compounding market in 2016. The segment generated above USD 7 billion in 2016 and is projected to witness extensive gains by 2024. Plastic compounding market for consumer goods will have substantial demand for packaging, household appliances, furnishing applications, etc. in the coming years. Consumer goods is projected to be the fastest growing segment over the forecast period.
North America constituted approximately 18% of the global market share for plastic compounding in 2016. Presence of packaging giants as International Paper, Tetrapak, Reynolds Group, Ball Corporation and Owens-Illinois will have a positive impact on plastics demand in the region. Rising thermoplastic elastomer usage in sports equipment, paving & roofing, personal hygienic products and medical equipment will boost the regional plastic compounding market growth. Strong demand for 3D printing from aerospace and defense, healthcare, education, and consumer products industries will also boost the plastic compound market size particularly in the U.S.
Significant market players include: A. Schulman, RTP Company, Dow Chemical, LyondellBasell Industries, BASF, SABIC, Solvay, etc. Various research initiatives are constantly taken up by companies to improve the production capacity. For instance, in February 2016, A. Schulman expanded compounding capacity at its Kerpen plant in Germany, by adding two new production lines. the company had invested in a fully automatic packaging line in addition to the twin screw extruders, In December 2015, A. Schulman expanded the capacity of its polypropylene compounding plant in Saudi Arabia in a joint venture with Saudi resin maker National Petrochemical Industrial.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1533
Browse Related Reports:
Geosynthetics Market Forecast, 2017 – 2024
Geosynthetics Market size was over USD 7 billion in 2016 and industry expects consumption above 11 billion square meters by 2024. Growing need for new and improved infrastructure in both public and private sectors, along with strict regulatory norms should stimulate geosynthetics market size. Strong application outlook in construction industry with favourable government schemes for infrastructure development should boost product demand.
High Density Polyethylene (HDPE) Market Forecast, 2016 – 2024
High Density Polyethylene (HDPE) Market size was valued at approximately USD 60 billion in 2015 with gains of over 4% CAGR between 2016 and 2024. HDPE is widely used for packaging in personal care products, pharmaceuticals, and food & beverages. It has a greater strength to density ratio and better mechanical properties as compared to low density polyethylene (LDPE). Packaged food & beverage demand is increasing owing to the improved standard of living amongst youth.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
Connect with us: Facebook | Google+ | LinkedIn | Twitter