According to a new market research report published by sheer analytics and insights, “The Global Automotive Plastic Compounding Market was $290.2 Mn in 2020, and it is expected to reach $568.2 Mn by 2031. It is eventually growing at a commendable high compound of annual growth rate CAGR of 6.1% between 2021-2031”, as per the latest market research report titled, Global Automotive Plastic Compounding Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
According to the ODD, Automotive Distributors’ Association, the sales of passenger cars and light commercial vehicles jumped by 60% year-on-year in July 2021 owing to the support of marketing campaigns and easing of lockdown measures. However, the demand for automotive vehicles in the country is expected to drive market growth. Rising environmental awareness among the country people and strict regulations regarding pollution control have compelled the automotive component manufacturers to control spreading automotive emissions by utilizing some innovative lightweight materials. However, Car weight reduction is one of the ultimate methods of achieving carbon emission savings as weight reduction drastically eliminates pollution and boosts fuel efficiency to a large extent. Thus, plastic compounds of various chemistries are being utilized in several ways to the automotive interior and exterior components to ensure lower carbon emission levels. A massive investment in the automotive plastic compounding market is expected to drive the market during the forecast period.
However, in this current pandemic of COVID-19, the Automotive Plastic Compounding market affected much. It changes the growth rate graph slightly in the Automotive Plastic Compounding market. But it has been expected that after the pandemic situation, the global Automotive Plastic Compounding market will reach a high position in the graph. Apart from that, the rising of the Automotive Plastic Compounding sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Automotive Plastic Compounding Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Petkim Petrokimya Holding A.Ş., Alfa Polimer İnovasyon Plastik A.Ş., Tisan Mühendislik Plastikleri San. Tic. Ltd. Şti., Elastron TPE, EPSAN, Pimar-Plastics Limited, MASKOM Plastik San. ve Tic. Ltd. Şti., ALBIS Distribution GmbH und Co. KG, Tosaf, LANXESS, PolyOne Corporation, LyondellBasell Industries Holdings B.V, EUROTEC A.S., Kingfa, and SABIC among others.
The Global Automotive Plastic Compounding Market Has Been Segmented into:
Global Automotive Plastic Compounding Market: By Product
Global Automotive Plastic Compounding Market: By Application
Global Automotive Plastic Compounding Market: By Region