Plastic Compounding Market Study for 2020 to 2026 providing information on Key Players, Growth Drivers and Industry challenges
Selbyville, Delaware, United States, September 10 2020 (Wiredrelease) Global Market Insights, Inc –:Plastic compounding is a process that involves melt-bending of plastics with additives to change physical, thermal, electric and aesthetic properties. Global plastic compounding market share is slated to amass substantial gains over the coming years owing to various applications across critical industries such as construction, electronics and automotive.
The increase in construction activities in both developed and developing nations is a pivotal factor supporting product penetration worldwide. The construction industry in Australia generates more than A$350 billion in revenue, accounting for nearly 8% of the nation’s GDP annually.
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Evolving consumer preferences and increase in disposable income has fueled the demand for attractive interior designing solutions. Growing construction spending will magnify plastic compounding market size. In 2019, the total amount of construction expenditure across the U.S. was estimated at around US$1,324 billion and will continue to grow at a constant rate due to the high purchasing power among the citizens.
Moreover, the construction industry is witnessing widespread replacement of conventional materials with advanced engineered plastic substitutes and polymer composites. Window and door profiles, roofing, pipes and guttering, flooring, insulin materials, and cables are some of the applications of plastic compounds in construction equipment.
Key applications of plastic in automotive
It has been estimated that global plastic compounding industry size will surpass US$56 billion by 2026, owing to consistent demand from aerospace, automotive and electrical sectors.
The robust automobile industry, witnessing developments owing to the escalating demand from people around the globe is an integral driver outlining the revenue pockets of plastic compounding businesses. Automotive sector adds over £18.6 billion worth of value to the UK economy. Additionally, in the year 2018, over 1.52 million cars were produced in the region.
The advantages associated with the use of plastics in vehicles include substantial design freedom and minimal corrosion, allowing enhanced life span of vehicles, safety and comfort, flexibility in integrating components, superior impact strength, lightweight, cabin insulation and enhanced aesthetics, among various others.
Vehicle producers are increasingly aiming at reducing the overall weight of the vehicle to provide fuel efficiency which will in turn help in reducing the levels of carbon emission. Reports estimate that a passenger vehicle emits nearly 4.6 metric tons of carbon dioxide per year. Shifting preference of manufacturers to develop lightweight vehicles owing to physical and environmental benefits will add impetus to plastic compounding demand.
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Evolving aerospace industry in Europe
Regionally, Europe will be among the prominent plastic compounding market players owing to the growing demand for polyethylene (PE), polyurethanes and polypropylene (PP), particularly in the construction and aerospace industries.
High disposable income among people across the region is supporting the aerospace sector as more and more people travel for work, leisure, education, and medical treatments. Close to 1.10 billion people in EU traveled by air in the year 2018.
Plastics are widely used in aircraft due to advantages such as high impact resistance as compared to glass, thereby increasing safety. They are not prone to corrosion and do well in chemically harsh environments. Through plastic compounding, components can be fabricated economically and will help in reducing the weight of the airplane.
The presence of established chemical industries in countries such as Italy, Germany, Spain, France and Russia will amplify plastic compounding market forecast.
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