Selbyville, Delaware, May 02, 2018 (GLOBE NEWSWIRE) --
Black Masterbatch Market is significantly growing with a CAGR of around 5.7%, owing to increasing application in automotive industry. It is highly consumed product in various end-user industry. Second largest Masterbatch Market segment is color masterbatch which have widespread application in various consumer goods and packaging products. Shift in consumer preference toward packaged food product is augmenting market demand for polymers which is favouring the market.
Masterbatch Market is expected to surpass USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc. 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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Growing percentage of agricultural land due to increasing population will enhance the demand for agricultural films. This film is manufactured by polymers which comprises bio based masterbatch that helps to degrade polymers. Rising trend for eco-friendly products among the industrial players and consumers is driving bio based masterbatch market, further excellent moisture shielding and protecting properties had increased crop productivity which is significantly driving the market.
Market growth is challenged by rise in prices of masterbatch products influenced by changing market dynamics such as heavy demand from end-user industries and growing price of raw material. The demand for masterbatch product will be negatively impacted by these factors in the forecast period. Moreover, implementation of stringent regulation by several government across the globe for guiding application of certain pigments in food packaging and holding material will decelerate market demand in coming years.
Automotive industry holds highest market share in terms of revenue with USD 6.3 Billion in 2016, the industry is witnessing high growth in Asia Pacific and Europe. China is majorly dominating the market owing to government automotive mid and long-term development plan. In addition, government is highly investing to develop electric vehicle which will drive polymers market in coming years. Agriculture is estimated to grow with CAGR of around 6.0%, the market growth is significantly driven by growing percentage of cultivation land and rapidly increasing population. Followed by agriculture, consumer good segment will witness substantial growth in coming years with increasing application of polymer in home appliance products.
Browse key industry insights spread across 200 pages with 293 market data tables & 23 figures & charts from the report, “Masterbatch Market Size By Product (Black, White, Color, Additive), By End-user (Automotive, Consumer Goods, Packaging, Agriculture, Construction), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Indonesia, South Korea, Brazil, Mexico, South Arabia, South Africa, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/masterbatch-market
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.
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.
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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.