“Plastic Compounds Market by Product (PVC, PP, PE, PS, PA, PC, PET, PU, ABS), Source, End-use Industry (Automotive, Packaging, Electrical & Electronics, Building & Construction, Consumer Goods, Medical), and Region – Global Forecast to 2029” projects that the market will reach a size of USD 70.8 billion in 2024 and USD 97.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.6% over the course of the forecast period. The plastic compounds industry is expanding due to a number of important factors. Plastic compounds are becoming more and more in demand for a variety of uses in the building and construction as well as packaging sectors. Consumers and companies are placing an increasing amount of demand on sustainable and eco-friendly products. The search is on for recyclable plastic compounds as an alternative to traditional plastic compounds.
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265 pages, 259 market data tables, 54 figures, and a comprehensive TOC on the “Plastic Compounds Market – Global Forecast to 2029” are included.
Among the well-known pivotal figures are:
· German company BASF SE
· The Dow Chemical Company (United States)
· LyondellBasell Industries Holdings B.V., located in the Netherlands
· SABIC, a Saudi Arabian company
· Japan’s Asahi Kasei Corporation
The German company Covestro AG
· Arkema, in the French region
· RTP Corporation (USA)
· Westlake Corporation (US)
Factor: Growing demand in the building and construction and packaging sectors
Plastic compounds are becoming more and more in demand for a variety of uses in the building and construction as well as packaging sectors. The packaging industry has seen a rise in demand for strong, flexible, and reasonably priced plastic compounds due to the growing requirement for caps for a variety of items and containers for food and drinks. Because of their affordability, robustness, and adaptability, plastic compounds are used extensively in the building and construction sector as insulators, pipe fittings, and other construction components. The industry’s need for plastic compounds has increased due to the shift toward energy-efficient building techniques. Overall, plastic compounds’ versatility and range of qualities have made them essential for satisfying the changing demands of the building and construction as well as packaging sectors, which has fueled the expansion of the worldwide plastic compounds market.
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According to application, the carbon fiber market is expected to grow at the fastest rate in the composites application.
Carbon fiber and a resin, like epoxy or vinyl ester, are combined to generate carbon fiber composites, which have better performance qualities than the constituent parts. In many situations, they are superior to metal or wood because they are more robust, lighter, and long-lasting. CFRP composites have an average density of 1.55 g/cc, tensile strengths ranging from 400 to 500 ksi, and may be up to 10 times stronger and 5 times lighter than steel. High strength-to-weight ratio, corrosion resistance, rigidity, and longevity are all well-known properties of CFRP materials.
During the projection period, Europe is expected to have the greatest market share.
The proportion of passenger cars and vans, sometimes referred to as “light commercial vehicles,” in the EU’s total carbon dioxide (CO2) emissions is around 12% and 2.5%, respectively. More stringent CO2 emission standards have been in place from 2020. The average CO2 emissions from all new passenger cars registered in Europe decreased by 12.5% between 2020 and 2021 and by 12% between 2019 and 2020. By 2021, 10% of the EU fleet will be made up of zero-emission passenger cars, which is the primary driver of the emissions reduction. In keeping with the European Union’s heightened climate ambition, the European Parliament and Council enacted Regulation (EU) 2023/851 on April 19, 2023, modifying Regulation (EU) 2019/631 to strengthen CO2 emission performance criteria for new passenger cars and light commercial vehicles. Specifically, the amendment sets a 100% reduction objective for vehicles and vans starting in 2035 and reinforces the emission standards that are in effect as of 2030. As a result, carbon fiber is widely used in the area’s electric and lightweight automobiles.
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