Sellbyville, DE -- (SBWIRE) -- 11/23/2018 -- The qualitative research study conducted by Global Market Insights, Inc. titled "Masterbatch Market" provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the Global Masterbatch Market.

Masterbatch market is likely to grow at a CAGR of over 5.4% in the forecast timeframe, rising usage of plastic alternative to metal in automotive will accelerate growth. Government investment plan and stable policy framework for automobile manufacturers in Asia Pacific will significantly impact market growth by 2024. Further changing consumer preferences toward better living standards with growing per capita income in the region is cumulating purchasing power of customer, will substantially boost revenue generation of automotive industry. These factors will positively grow market demand for polymers in automotive industry, promoting growth for masterbatch products by the end of forecast period.

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The automotive sector is one of the biggest consumers of plastic products, making it a thriving ground for masterbatch market. Automobile manufacturing requires extensive metal part replacement with plastic, since the latter makes a substantial difference in the economic and ecological requirements of the automotive industry, given the weight reduction and less fuel consumption factors. Masterbatches also help in elevating the aesthetics of the plastic parts and create new design avenue in the form of color. Colors protect the vehicle against environmental effects and make it more attractive and damage resistant, thereby creating a viable avenue for masterbatch industry growth.

Apart from exterior parts such as bumpers, fenders, roof box, headlight and tail light, plastic parts are also used in interior trims such as steering wheels, carpets, door linings, seatbelts, dashboard and airbags, all of which are colored using masterbatches. Thus, it is evident that the growth of the masterbatch industry is directly proportional to the expansion of the global automotive sector. It is estimated that the masterbatch market size from the automotive space will witness a CAGR of 5.8% over 2017-2024.

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Speaking of improving the product's attraction with colors, the packaging industry also employs the masterbatch technique – especially with regards to the quality of the color used in food packaging. This has indeed been a matter of concern since long, on the grounds of which biodegradable masterbatches have come to the fore, adding a new dimension to masterbatch market. With global regulatory authorities increasing the restriction on the quality of colors and plastics that can be used in food packaging, biodegradable masterbatches are increasingly being used across the packaging space, even for agricultural films that not only protect crops but also maintain soil moisture. As innovation and research in the field of masterbatch are bringing about modifications in the product quality and disposition, masterbatch market stands to gain commendable gains over 2017-2024.

The massive end-use spectrum of masterbatch market is indeed likely to majorly contribute toward the growth of this business space. Estimates claim that countries across the Asia Pacific, especially China, are certain to emerge as viable growth grounds for the regional masterbatch market due to the presence of large scale manufacturing units in the country. All in all, with the expanding application range of plastics across a slew of end-use domains, masterbatch industry size is projected to cross USD 14 billion by 2024.

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The masterbatch market is highly fragmented comprises of numerous local & global manufacturers, supplier and distributors operating worldwide. Few of these market players follow both backward and forward integration system. BASF and Clariant follow backward integration by manufacturing pigments for their masterbatch products. Prominent industry players include Cabot Corporation, PolyOne, RTP, Ampacet, Plastika Kritis S.A. and Tosaf Group.

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.