The demand from the consumer goods sector will propel the plastic compounding market by 2024.

Sellbyville, DE -- (SBWire) -- 05/07/2019 --Global Market Insights recently introduced new report on global Plastic Compounding market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Plastic Compounding industry considering all the major industry trends, market dynamics and competitive scenario.

The demand from the consumer goods sector will propel the plastic compounding market by 2024. The sector will have plastic compounding requirement for various applications including, packaging, home appliances, 3D printing, furniture, etc. Fluctuating crude oil prices will be a growth restraint over the forecast timespan.

Request for a sample copy of this report @
https://www.gminsights.com/request-sample/detail/1533

In 2016, North America held a share close to 19% in the plastic compounding market. Robust demand for 3D printing especially from defense & aerospace, education, healthcare, and consumer goods sectors will drive plastic compounding demand in the region by 2024. Latin America market is estimated to grow at a CAGR of over 5% over the forecast period. In 2016, thermoplastic polymers generated above USD 18.4 billion in the global market. Thermoplastic polymers will lead the market throughout the forecast timespan. These will witness a vast demand from various end-user industries owing to their re-usability, moldability, and lesser manufacturing costs.

Electrical & electronics segment will witness growth at a CAGR of over 4% in the plastic compounding market by 2024. Various electrical applications of plastic include sockets, switches, semiconductors, wires & cables, enclosures, etc. PE and polyvinyl chloride (PVC) will be the leading polymers used in the segment by 2024.
The enormous growth in the automotive sector is expected to be a key driver for plastic compounding market in the future years. The automotive sector held a share of over 30% in the global market in 2016. China, Australia, Japan, India, Malaysia, Thailand, and Indonesia accounted for over 40 million automobile units (including passenger cars, trucks, and light commercial vehicles) in 2016.

Make an Inquiry for Purchasing this Report @
https://www.gminsights.com/inquiry-before-buying/1533

Germany, Poland. France, Italy, Spain, and the UK together constitute more than 60% automotive demand in Europe. Plastic involved in a car contributes about 10-15% of the total car weight and thus plays a crucial role in propelling plastic compounding market. Additionally, in 2016, the plastic compounding consumption per vehicle in the U.S. was approximately USD 52 per vehicle. Regulations encouraging automotive weight reduction to reduce vehicular emissions will support market growth over the forecast period.

Foremost participants, such as Honda, Nissan, and Mazda, have been investing in the industrial facilities in the central region of Mexico, which would encourage the automotive plastics demand in the region. These trends present a strong potential for the market in LATAM by 2024. The MEA plastic compounding market generated revenue more than USD 2 billion in the year 2016. The development of the downstream petrochemical industry by the Middle East government will propel the market during the forecast timeframe.

The Plastic Compounding Market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Plastic Compounding market based on product, technology, end user and region.

Browse Report Summery @
https://www.gminsights.com/industry-analysis/plastic-compounding-market

Significant market players include:

- RTP Company
- Schulman
- The Dow Chemical
- BASF
- LyondellBasell Industries
- Solvay
- SABIC

Major industry giants are involved in expanding their production capacity. For example, in 2015, RTP Company expanded its thermoplastic compounding facility in Mexico to support the regional demand and bolstered its supply to its customer base in Central and South American countries.

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.