Germany Plastic Compounding Market Forecast 2021-2026
The Germany plastic compounding market is forecasted to register a CAGR of 4.82% in terms of volume and 6.42% in terms of revenue over the estimated period. Factors such as the augmenting robotics sector, the growing application of plastic compounding, and the rising automotive production are predominately associated with the market growth of the country. The base year considered for the market study is 2020, and the estimated years are from 2021 to 2026.
Polypropylene, as well as polystyrene, are specifically used in applications such as packaging, electronics components, automotive components, and consumer goods, in addition to building activities. Additionally, plastic compounding is increasingly utilized in packaging applications, as well.
Germany is home to the largest advanced materials market across Europe. Moreover, the robust development of the country’s high-tech industries necessitates appropriate materials. However, currently, the growth rates are hampered on account of the COVID-19 pandemic. Nevertheless, German sectors are anticipated to regain momentum immediately following the outbreak’s containment by a vaccine. Germany also leads the automotive manufacturing division in Europe. As a result, the country’s opportunities for electric vehicle production are high, thereby generating lucrative opportunities for the plastic compounding market. Therefore, the drivers mentioned above are anticipated to play an essential role in propagating the market growth in Germany over the forecast period.
The top companies operating in the market are BASF SE, Lanxess AG, Dow Chemical Company, etc.
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