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.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- GMI presents a most up-to-date research on "Masterbatch Market – Global Industry Analysis, Size, Share, Products (Black, White, Color, Additive), Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Indonesia, South Korea, Brazil, Mexico, South Arabia, South Africa, UAE) and Forecast 2017 – 2024".
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 swift emergence of masterbatch market on the global business landscape can primarily be attributed to the ever-rising demand for masterbatches in a host of end-user sectors including automotive, agriculture, consumer goods, construction, and packaging among others.
The rapid expansion of these end-user industries has, in turn, vigorously augmented the pace at which the masterbatch industry has been progressing in the recent times. Moreover, in a bid to enhance the quality of the existing bio-degradable masterbatches, which are predominantly utilized to manufacture agricultural films, a range of prominent masterbatch industry participants have been initiating a sizeable number of research and development activities which has further embellished the growth potential of this business space.
As a consequence of the aforementioned factors, the overall masterbatch market has, of late, been garnering considerable recognition as one of the most fledgling and promising verticals of the worldwide polymers and advanced materials industry. Testament of the fact is the research report compiled by Global Market Insights, Inc., which records that the global masterbatch industry garnered a total remuneration in excess of USD 9 billion in 2016 and is set to grow at an impressive CAGR of over 5.4 percent over the estimated time frame.
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Asia Pacific, primarily China, is expected to grow at a significant rate during forecast timeframe. Automotive, consumer goods and packaging are growing industries of Asia Pacific. Countries for instance India and China are spending massive amount to develop these industries for economic growth, which is positively influencing the market size in coming years.
The region is witnessing high investment in construction and automotive industry which will gain significant demand for plastic favoring masterbatch market. Europe is second highest country in terms of market share with CAGR of around 5.6%, high automobile production and improving market condition post rescission is likely to grow the market.
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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.
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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.