The Plastic Compounding Market size is set to gain traction from their increasing usage in the automotive and packaging industry. Besides, construction activities in emerging economies are increasing at a fast pace. In addition to that, ongoing technological advancements in the electrical and automotive industries would affect the market positively in the coming years. As per the report, the plastic compounding market size stood at USD 52.74 billion in 2018. It is set to reach USD 87.11 billion by 2026, thereby exhibiting a CAGR of 6.5% during the forecast period.
Drivers & Restraints-
Increasing Number of Commercial & Residential Projects to Augment Growth
Nowadays, plastics are being used extensively in the insulation of infrastructures and buildings. Several products required for construction are made mainly by utilizing plastics. These include pipes, cables, doors, safety windows, and flooring. Compounded plastics possess numerous features that are similar to steel.