Increased Application Due to Infrastructure Development Fortifies the Global Plastic Compounding Market Growth

Inkwood Research predicts that the Global Plastic Compounding Market is evaluated to record a CAGR of 6.33% in terms of revenue and 4.61% in terms of volume during the forecasted period of 2021-2028.

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Plastic compounding is defined as the process of blending plastics with additives in their molten state. During this process, the characteristics and properties are changed in order to suit the application's requirements. The final product obtained during the process is called a plastic composite or a plastic compound.

Increased application due to Infrastructure Development Augments Market Growth
Although COVID-19 halted infrastructure growth globally, the industry is anticipated to bolster, particularly in emerging countries. Infrastructure includes developing new expressways/highways, metro-rail, modern seaports, airports, as well as multi-modal logistics parks. The government sector contributes towards the growth of infrastructure advancement, as well. Moreover, numerous rules and regulations associated with the development of highways, roads, airports, and railways are established in order to boost an individual nation's economy. Presently, plastics observe increased usage in buildings, predominantly in thin coverings, pipes, sheets, panels, foams, and others. In addition, plastic compounding is also used to expand the utility and life of conventional building materials, thereby enabling them to function more economically and efficiently.
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Industrial Machinery to be the Leading Application in Terms of Volume and Revenue
Industrial machinery, such as heavy-duty machinery, process equipment, and tools, are often composed of plastics in combination with metals with high durability, structural rigidity, and corrosion and heat resistance. In addition, numerous machinery components like shells, filters, encapsulation components, and tubing usually constitute plastics modified accordingly in order to meet operational specifications.

Europe to Lead the Global Market in terms of Revenue and Volume
Europe is projected to grow with the highest CAGR in terms of volume and revenue during the forecasting years. The region's market growth is ascribed to the augmenting need for green building activities, the high demand for electric vehicles, as well as the initiatives and incentives introduced by the government.
However, Europe is characterized by strict environmental regulations from authorities such as the European Commission, ECHA, and numerous federal level agencies. These regulatory policies, although challenging, are likely to aid in industrial development since they develop sustainable technologies and products and optimize processes.
The global plastic compounding market entails various international and domestic firms with a substantial presence across the value chain. Moreover, the emergence of minor market players, on account of the unorganized industrial nature and the low entry barrier, is projected to increase rivalry among industry participants.
Some of the top enterprises operating in the market are Dow Chemical Company, BASF SE, Solvay SA, etc.

Related Reports:
GLOBAL BLOW MOLDED PLASTICS MARKET
GLOBAL BUILDING AND CONSTRUCTION PLASTICS MARKET
GLOBAL AUTOMOTIVE PLASTICS MARKET
GLOBAL BIODEGRADABLE PLASTICS MARKET

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