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San Francisco, December 2, 2021/PRNewswire/-According to a new report by Grand View Research, Inc., by 2028, the global plastic compounds market is expected to reach 98.65 billion U.S. dollars. It is expected to grow at a compound annual growth rate of 5.1% from 2021 to 2028. It is estimated that the market will be driven by global packaging applications. High consumerism in major economies such as China, India, Germany, the United States and Brazil has promoted product demand in the packaging industry. Various regulatory agencies have developed guidelines for packaging materials in food contact applications. Polypropylene (PP) compounds provide a cost-effective packaging solution that helps improve impact strength, flexibility, transparency and process efficiency. The high demand for polyethylene (PE) in the packaging industry has mainly driven the growth of the packaging end-use sector.
The main insights and findings of the report:
Read the 142-page market research report, "Plastic compound market size, sharing and trends by resin (PP, PE), by technology (injection, extrusion), by filler (unfilled, filled with calcium carbonate), and by end use Analysis report, forecast by region and market segment, 2021-2028", Grand View Research
The global COVID-19 pandemic in 2020 will have a moderate impact on product demand for packaging applications. Packaging demand for health care products, food, groceries and e-commerce transportation has grown substantially, while demand for luxury goods, industrial and part of B2B transportation has declined due to the slowdown and stagnation of industrial operations. It is expected that the restart of industrial operations will have a positive impact on the demand for industrial and B2B transport packaging in the next few years.
The glass fiber reinforced filler segment market is expected to witness significant growth during the forecast period as these compounds are widely used in building and construction applications. In addition, they are also used to build domes, fountains, pillars, flower pots, panels, sculptures, exterior walls, roofs and various other building components. The weight of parts produced using glass fiber reinforced plastic is one-fourth that of steel, but has similar tensile and compressive strengths. Therefore, during the forecast period, the growth of global construction and construction activities may promote the development of this market segment. Glass fiber reinforced plastics are also used to make ships, which need to be waterproofed to prevent corrosion and increase the life of the ship.
Grand View Research has segmented the global plastic compounds market based on resins, technologies, fillers, end-uses, and regions:
List of major players in the plastic composite market
Check out more plastic-related research conducted by Grand View Research:
Browse Grand View Research's coverage of the global plastics, polymer and resin industries.
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Grand View Research is a US-based market research and consulting company that provides joint and customized research reports and consulting services. The company is registered in California, headquartered in San Francisco, has more than 425 analysts and consultants, and adds more than 1,200 market research reports to its huge database every year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and well-known academic institutions understand the global and regional business environment and seize future opportunities.
Sherry James Enterprise Sales Specialist, Grand View Research, Inc., USA Tel: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [Email Protection] Website: https://www.grandviewresearch. com us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.
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