Rise in production of lightweight automobiles and Increase in infrastructure development have propelled the growth of the global plastic compounding market. By end use, the packaging segment held the lion’s share in 2018. Conversely, polyethylene segment, by type would manifest the fastest growth rate by 2026. Moreover, Asia Pacific region dominated the market in 2018, and would continue to dominate throughout the study period.
According to the report, the global plastic compounding market was estimated at $565.41 billion in 2018 and is expected to hit $932.33 billion by 2026, growing at a CAGR of 6.4% from 2019 to 2026.
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The packaging segment contributed to more than one-third of the total market share in 2018 and is expected to retain its top status during the forecast period. This is owing to the increased customer focus on hygiene, protection, contamination, and ease of transportation. The building & construction segment, on the other hand, is anticipated to grow at the highest CAGR of 6.7% during the period 2019–2026.
The market is segmented into polypropylene, polyethylene, polyvinyl chloride, polystyrene and expanded polystyrene, polyethylene terephthalate, polyurethane, acrylonitrile butadiene styrene, and other polymers. The polypropylene segment held the largest share in 2018, accounting for nearly one-fourth of the total market. On the other hand, the polyethylene segment is expected to grow at the fastest CAGR of 6.8% during the study period.
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The Asia-Pacific region garnered more than two-fifths of the total market share in 2018 and is expected to dominate throughout the forecast period. Cheap labor cost, low setup costs associated with manufacturing units, and low cost of plastic compounding raw materials in the region have spurred the growth. Europe, on the other hand, is projected to grow at the fastest CAGR of 6.7% through 2019– 2026.
Key market players analyzed in the report include Celanese Corporation, SABIC, Kingfa Sci. and Tech. Co., Ltd., Solvay SA, DowDuPont Inc., Covestro AG, Asahi Kasei Corporation, PolyOne Corporation, LyondellBasell Industries Holdings B.V, and BASF SE.
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