Portland, OR, April 08, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global plastic compounding market garnered $565.41 billion in 2018 and is anticipated to garner $932.33 billion by 2026, at a CAGR of 6.4% from 2019 to 2026. The report offers an in-depth analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in production of lightweight automobiles and increase in infrastructure development have propelled the growth of the global plastic compounding market. However, high prices of plastic compounds and harmful impact of VOCs present in the coating restrain the growth to some extent. Moreover, advancement in filter material technology is anticipated to offer multiple opportunities to the market in near future.
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Plastic compounding market is segmented on the basis of polymer type, end use, and region. Based on end use, the market is divided into automotive, building & construction, packaging, electrical & electronics, medical, and others. The packaging segment contributed to more than one-third of the total market share in 2018 and is expected to retain its top status during the forecast period. However, the building & construction segment, is expected to grow at the highest CAGR of 6.7% from 2019 to 2026.
Based on type, the market is segmented into polypropylene, polyethylene, polyvinyl chloride, polystyrene and expanded polystyrene, polyethylene terephthalate, polyurethane, acrylonitrile butadiene styrene, and other polymers. The polypropylene segment held the largest share in 2018, accounting for nearly one-fourth of the total market. On the other hand, the polyethylene segment is expected to grow at the fastest CAGR of 6.8% during the study period.
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Region wise, the market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific region garnered more than two-fifths of the total market share in 2018 and is expected to dominate throughout the forecast period. Moreover, the region across Europe is projected to grow at the fastest CAGR of 6.7% in between 2019 to 2026.
Key market players analyzed in the report include Celanese Corporation, SABIC, Kingfa Sci. and Tech. Co., Ltd., Solvay SA, DowDuPont Inc., Covestro AG, Asahi Kasei Corporation, PolyOne Corporation, LyondellBasell Industries Holdings B.V, and BASF SE.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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