Market Size in 2020 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 63.1 Billion | USD 101.28 Billion | 6.9% | 2020 |
FrequentlyAsked Questions
Growth of plastic compounding market over forecast timeline is due to its easy molding features and ability to form various kinds of shapes. Massive need for glass, wood, metal, and natural rubber substitution will culminate into humungous business growth. Apart from this, surging demand for plastics in construction, electrical & electronics, and automotive sectors is predicted to be a key factor influencing industry growth in a long run.
According to Zion market research report, the global Plastic Compounding Market accrued earnings worth approximately 63.1 (USD Billion) in 2020 and is predicted to gain revenue of about 101.28 (USD Billion) by 2028, is set to record a CAGR of nearly 6.9% over the period from 2021 to 2028.
Asia Pacific will contribute lucratively towards the global market earnings over the projected timeline. The regional market surge is subject to humungous demand for modified plastics in automotive, electronics, and construction sectors. Growing trend of producing eco-friendly or recyclable plastic materials in countries such as India and China owing to ban on use of conventional plastic materials will boost regional market growth. Additionally, inclination towards green plastics production among plastic manufacturers in sub-continent will prop up market expansion in Asia Pacific over forecast timeframe.
The key market participants include Agiplast, Adell Plastics, Inc., Sojitz Corporation, BASF SE, DuPont, RTP Company, Inc., S & E Speciality Polymers, LLC, Coperion K-Tron, Kingfa Science & Technology Co. Ltd., and Plstiblends India Ltd.
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