SAN FRANCISCO, March 3, 2020 /PRNewswire/ -- The global plastic compounding market size is projected to reach USD 104.41 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.5% during the forecast period. Rapidly developing construction and automobile sectors are anticipated to drive the demand for interiors, exteriors, and under hood components. Maximum application of plastic compounding in under hood components in the automotive industry, building interior and exteriors in construction and infrastructure industries, and in electronics, durables, and wire and cable industries is anticipated to further fuel the growth.

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Key suggestions from the report:

In terms of revenue and volume, polypropylene is the most consumed plastic compounding product. The rise in its production can be attributed to high demand from packaging and medical device industries across the globe

Increasing requirement for flame retardancy, heat resistance, and improved serviceability is anticipated to drive growth in electronics and electrical industry

Construction is the leading application segment for polyethylene compounds with the segment accounting for a mass application globally

Major plastic compound manufacturers have been acquiring independent compounding facilities, rather than establishing plants, to strengthen their position

Key players operating in the plastic compounding market include BASF SE., LyondellBasell Industries, N.V., and The Dow Chemical Company.

Read 216 page research report with ToC on "Plastic Compounding Market Size, Share & Trends Analysis Report By Product (PP, PET, TPV, TPO, PVC, PBT, ABS), By Application (Automotive, Electrical & Electronics, Construction), And Segment Forecasts, 2020 - 2027"

Polyethylene Terephthalate (PET), is the plastic used for manufacturing bottle containers used for packaged water and carbonated beverages. As a raw material, PET is recognized as a safe, strong, flexible, non-toxic, and lightweight material that is 100% recyclable. Hence, it has gained wide acceptability and in turn is anticipated to drive the growth of the market for plastic compounding over the forecast period.