Asia Pacific Plastic Compounding Market Forecast 2019-2027
The plastic compounding market in the Asia Pacific is estimated to register a CAGR of 6.27% with regard to revenue, and 4.99% in terms of volume, during the forecasted period, between 2019 and 2027. The large presence of prominent players in the market, along with product innovations, are the factors pushing the growth of the market in the region.
The Asia Pacific region, with regard to the plastic compounding market, is assessed through the market regions of China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. The polymer industries in regions like Japan have been showing great growth potential for the past few years. The strong manufacturing system of the region entails home-appliances, electronics, and medical equipment sectors. There is an increasing demand for plastic from these sectors, and a surge in the use of plastic compounding by the automotive applications in the region. These factors are set to enhance the growth of the plastic compounding market in the region of Japan. In Australia, the plastic industry plays an important within the country’s supply chains. The product portfolio of the Australian plastic industry includes, packaging, garbage bins, pipe fittings, toys, housewares, electrical appliances, etc. The plastic industry in Australia thus utilizes plastic compounding on a large scale, thereby driving its market growth in the country.
Lanxess Ag, Washington Penn Plastics (Wpp), Teijin Limited, Covestro Ag, Kuraray Plastics Co., Ltd., So.F.Ter Group (Acquired by Celanese), Solvay S.A., are among the well-established players benefiting the market growth.
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