Plastic Compounding Market 2021 – Business Strategies, Product Sales and Growth Rate, Assessment to 2026
According to a Global Market Insights, Inc., global plastic compounding market size is most probable to breach the US$56.9 billion mark by 2026. Incorporation of lightweight plastic materials for construction and automobile applications will drive the market forecast in the coming few years. Mentioned below are some recent tends fostering the industry size.
Plastic compounding plays a crucial role to fulfil the growing consumer requirements by improving the performance characteristics of plastic resins. To attain specific demand by packaging, electronics, and aerospace industries, the development of customized polymer formulation is extensively carried out.
The plastics industry is changing. Not only are global influences leading to greater competition, several other sectors that rely heavily on the plastics industry are also undergoing radical transformations. The leading automotive companies are extensively working towards developing more efficient electric vehicles to eliminate environmental effects and still maintaining the performance, cost, reliability, safety, and aesthetical aspects of the vehicles.
Plastics have a key role in protecting healthcare workers and members of society during the coronavirus pandemic. Many government bodies, including in the U.S. states of New York and Maine, have stopped plans to implement bans on single-use plastics such as retail shopping bags, as they are less likely to spread germs than frequently reused fabric carriers. Others have un-banned expanded polystyrene food containers, as they are unquestionably effective as packages for take-out and home-delivery food from restaurants.
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Application in infrastructure development and interior designing
The continuous need for residential and commercial infrastructure developments coupled with growing awareness and inclination towards attractive home interior designing will drive the plastic compounding market trends to some extent. Enhanced durability, insulation, corrosion resistance, and easy to install characteristics are rendering potential opportunities for plastics in interior design, insulation products, piping, and window frames.
Thermoplastic polymers and environmental effects
The exceptional properties offered by thermoplastic polymers such as excellent adaptability, durability, and flexibility enable their incorporation in the consumer goods and packaging industry. Additionally, advancement in chemical resistance and tensile strength consolidate product reusability and lifecycle.
Various programs and strategic initiatives were undertaken for limiting the environmental effects, that have escalated the adoption of reusable plastic and industrial compostable will render sustainable market expansion. On the other side, fluctuating crude oil prices will reflect in finished product costs, hampering the market size in years to come.
Plastic use in automobiles and bio-based products
Consumer preference towards vehicle reliability, safety, and economical fuel consumption are positively influencing the use of advanced automobile plastics in exterior, interior, and under the hood applications in automobiles. Strict vehicle emission standards and regulations directed by regional government organizations are favoring the integration of lightweight plastic products in automobiles. Also, technology-driven products such as bio-based FDME have additional capabilities to replace petroleum-based products in various applications in industries such as packaging, textile, and plastic engineering.
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The escalating demand for compounded plastics is rendering tremendous growth opportunities for the advancement of production capabilities and new product development to cater to a substantial consumer base in the next few years. Many strategies are adopted by the industry’s leading companies towards advancing their business operations across the globe. For example, SABIC introduced ‘HDPE P6006L’ polyethylene for the manufacturing of pipes of higher density and greater diameter while controlling higher flexibility and stability.
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