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Market Overview
Global Plastic Compounding Market is predicted to exceed a valuation of USD 7.62 billion by 2030.
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Market Dynamics
The growing demand for lightweight, fuel-efficient automotive components has opened up new markets for plastic compounding. Government policies to promote the use of lightweight cars in order to reduce carbon emissions are expected to have a significant impact on consumer growth. Plastic has emerged as a viable alternative to glass and metal as a result of compounding techniques. Furthermore, the booming packaging industry is critical to market participants' increased revenue generation. The rise is expected to be fueled by increased substitution for glass, metals, wood, natural rubber, and man-made materials like concrete. The market's rising demand for light and advanced materials is expected to play a key role in evaluating its growth potential over the forecast period. The global plastic compounding market is expected to expand due to the increased use of plastic in large-scale industries such as packaging, electronics, and automotive.
The plastic compounding industry is expected to be tested by the volatility in petrochemical prices, as the raw materials used in plastic compounding are primarily petrochemicals. However, the recent trend in the plastic compound industry of using bio-based and recycled plastic has cemented the mode for advancements and product portfolio innovations.
The COVID-19 crisis is causing major changes in buyer and seller conditions, which is expected to have significant rippling effects on a macro level, especially in markets for packaging and medical applications, which have fared well during the pandemic. Transactions in automobiles and some durable goods, such as appliances, have, on the other hand, shown a sluggish development. In the early days of the pandemic, trends arose, such as automakers pivoting to supplying and producing ventilators. It should also be noted that companies like LyondellBasell saw a rebound in automotive manufacturing in the third quarter of this year, as OEMs resumed assembly lines and produced their vehicle backlogs.
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Segmental Analysis
The plastic compounding market has been segmented into products and applications. Based on the segment, which is products, the market is categorized on the basis of polypropylene, polyethylene, polyethylene terephthalate, polyvinyl chloride, and others. In 2017, the polypropylene segment accounted for 31.07 percent of the global plastic compounding industry. During the assessment period, the segment is expected to grow at a CAGR of 6.5 percent. The segment's growth can be attributed to its increased impact tolerance, as well as its usability, which has fueled demand in the automotive industry.
Plastic compounding materials are widely used in a variety of industries, including automotive, electrical and electronics, and construction. The automobile industry currently holds the largest share of the overall market. In the foreseeable future, this trend is expected to continue. During the forecast era, the segment is expected to grow at a healthy CAGR of 7.53 percent. Plastic is used extensively in the manufacture of automotive components, which is expected to accelerate the segment's development.
Regional Analysis
In 2017, Asia Pacific accounted for 47.6% of the global market and is projected to remain a highly lucrative market over the forecast period. During the forecast era, Asia Pacific is expected to develop at a 6.25 percent CAGR. The expansion is due to an increase in demand from the booming automotive industries. The region's rapidly increasing population is causing emerging markets such as Thailand, India, China, and South Korea to consolidate, creating opportunities for plastic compounding business companies.
Europe will come in second, accounting for 20.8 percent of the global plastic compounding industry. During the forecast period, the market is expected to remain highly profitable, with a CAGR of 5.72 percent. The growth of the packaging industry in the area is critical to increasing demand for plastic compounding. During the review era, Germany was Europe's leading plastic manufacturer. Plastic production in the country is self-sufficient, with an adequate number of plants and production capacity to meet local demand. Furthermore, due to its high quality and wide production base, the country exports Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), and other products to neighboring countries. In addition, the nation recycles a large amount of waste plastic into items like fibers, sheets, and film. With its cutting-edge network of chemical parks, industrial facilities, and unique cluster model, Germany is setting international standards as a key plastic industry located in Europe, allowing industry players to quickly reach all sections of the plastic industry value chain.
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Competitive Analysis
The notable players are SABIC, Borealis, LyondellBasell Industries NV, INEOS, DuPont, Versalis S.p.A (Eni S.p.A), BASF SE, Asahi Kasei Corporation, SO.F.TER S.r.l, Covestro AG, 3M (Dyneon GmbH), Total SA, and LANXESS AG, are some of the leading players in the global plastic compounding market.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Market Synopsis
The global fluoropolymer films market is likely to expand at a significant CAGR during the forecast period (2021-2030) owing to the growing electrical and electronics industry globally, asserts market Research Future (MRFR). Fluoropolymer films are made of complex base materials offering weather resistance, high chemical resistance, optical properties, low coefficient of friction, dielectric properties, and others. Such properties make it suitable for several end-use industries like aerospace, construction, pharmaceutical, electrical & electronics, automotive, and renewable energy.
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Drivers and Growth Factors Impacting the Market
Fluoropolymer is extensively used in fuel tubes for vehicles, wires, and cables, mold release for microphones, semiconductor tube parts, roofing material, solar cells, photovoltaic module, cap liner, and others. With the rapidly increasing electrical and electronic industry worldwide, the global market for fluoropolymer is likely to expand during the forecast period. Increasing demand for personal devices like smartphones, television, smartwatches, wearable devices, and home appliances is predicted to foster the market growth over the assessment period. Moreover, growing investment in commercial and residential construction activities in the developing economies along with improving living standard of the consumers is propelling the market growth over the years.
On the flip side, industry participants have innovated high-cost technologies which comprise complex manufacturing process. Owing to high cost of raw material, the market is expected to lag behind during the forecast period.
Global Fluoropolymer Films Market: Segmental Analysis
The fluoropolymer films industry has been segmented on the basis of application, type, and region.
By mode of type, the global fluoropolymer films market has been segmented into ethylene tetrafluoroethylene (ETFE), polychlorotrifluoroethylene (PCTFE), perfluoroalkoxy alkane (PFA), fluorinated ethylene propylene (FEP), polyvinylidene difluoride (PVDF), polytetrafluoroethylene (PTFE), and others. Among these, the PTFE segment holds the highest share in the market and is predicted to maintain its dominance during the assessment period due to their application in electrical and electronics, chemical processing, and other end-user industries.
By mode of application, the market has been segmented into renewable energy, pharmaceuticals, automobile, aerospace, electrical & electronics, packaging & specialty films, construction, and others. Among these, the construction segment holds a significant share and is anticipated to maintain its dominance over the forecast period. Fluorine-based organic polymer films are extensively used in construction applications like anti-graffiti coverings, water-repellent architectural fabrics, protection against extreme corrosion, cracking, fading, and others. The product is high in demand due to its characteristics such as weatherability, flame retardancy, thermal stability, etc.
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Regional Insights
Asia Pacific region accounts for the largest share and is anticipated to showcase a significant growth rate during the assessment period. With the increasing industries in the developing countries like Thailand, India, and China along with growing demand for smartphones, home appliances, and laptops, the market is likely to propel in this region. Moreover, increasing production of automobiles in China is fostering the product demand.
North America is a prominent region owing to the surging demand for miniaturized electronics like wireless speakers, smartphones, and others. Moreover, the reviving automotive industry along with growing production of lightweight and fuel-efficient vehicles are likely to propel the market growth.
Europe is predicted to showcase a significant growth rate owing to the surging demand from end-use industries such as electrical & electronics, construction industry, aerospace, automotive, and others.
Industry News
A nanostructured gate dielectric is the most significant obstacle to expanding the use of organic semiconductors for thin-film transistors. Composed of a fluoropolymer layer followed by a nanolaminate made from two metal oxide materials, the structure serves as gate dielectric and protects the organic semiconductor which was previously vulnerable to damage from the ambient environment, even underwater.
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Competitive Analysis
The major players operating the global market are Polyfon Technology Ltd. (U.K.), Textiles Coated International (U.S.), 3M (U.S.), DUNMORE Corporation (U.S.), DowDuPont (U.S.), Honeywell International Inc (U.S.), Chemours Company (U.S.), Evonik Industries (Germany), Saint-Gobain S.A. (France), J.V. Corporation (India), Guarniflon S.p.A. (Italy), Daikin Industries Ltd. (Japan), CHUKOH CHEMICALS INDUSTRIES LTD. (Japan), ASAHI GLASS CO. LTD. (Japan), NITTO DENKO CORPORATION (Japan), and others.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Acrylic Fiber Market Driven by Growing Demand for Household Furnishings
The global acrylic fiber market is expected to exhibit a steady but slow 1.38% CAGR over the forecast period from 2021 to 2030, according to the latest research report from Market Research Future (MRFR). The global acrylic fiber market is expected to rise to a valuation of more than USD 5 billion by 2030. The report presents a detailed analysis of the growth trajectory of the global acrylic fiber market, including a detailed analysis of the global market’s historical growth trajectory. This is used to base projections regarding the market’s growth over the forecast period from 2021 to 2030. The impact of the COVID-19 pandemic on the global acrylic fiber market is also examined in the report.
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Acrylic fibers are widely used in apparels. Acrylic fibers present several advantages to the apparel industry, such as low density, high elasticity, and high electric resistance. Industrial apparel is likely to remain a major end use for the global acrylic fiber market over the forecast period due to the growing demand for effective apparel that protects the wearers from common industrial risks such as fire and electricity. The low density of acrylic fiber also makes it a popular material for apparel, as the apparel obtained from acrylic fiber is lighter than conventional clothing and thus helps enable easy movement for the wearer. The increasing demand for protective industrial apparel that lets the user move freely without restricting their movement is likely to be a major driver for the global acrylic fiber market over the forecast period.
The growing demand for acrylic fiber in household furnishings is also likely to be a major driver for the global acrylic fiber market over the forecast period. The low density and high elasticity of acrylic fiber make it perfect for use in household furnishings, which need to be light and moderately stretchable. The growing residential construction industry and urbanization in developing economies is likely to be a major driver for the global acrylic fiber market over the forecast period. As the number of households in urban areas has increased, the demand for high-class household furnishings that reflect a certain lifestyle has increased. This has been a key driver for the global acrylic fiber market and is likely to remain a vital driver for the market over the forecast period.
On the other hand, fluctuating raw material prices are likely to remain a key restraint on the global acrylic fiber market over the forecast period from 2021 to 2030.
Competitive Analysis:
Leading players in the global acrylic fiber industry include Polymir, Formosa Plastic Group, SINOPEC, Pasupati Acrylon Limited, Indian Acrylics Ltd., Kaltex, Thai Acrylic Fiber Co. Ltd., Jilin Qifeng Chemical Fiber Co. Ltd., Dralon, and Aksa Akrilik Kimya Sanayii AS.
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Segmentation:
The global acrylic fiber market is segmented on the basis of form, blending, end use industry, and region.
By form, the global acrylic fiber market is segmented into staple and filament.
By blending, the global acrylic fiber market is segmented into cotton, wool, and others. The cotton segment holds a dominant share in the global acrylic fiber market and is likely to remain a major segment of the global acrylic fiber market over the forecast period. Wool blending is also an important segment of the global acrylic fiber market and is likely to retain an important share over the forecast period.
By end use, the global acrylic fiber market is segmented into apparel, household furnishing, industrial, and others. The apparel and household furnishing segments dominate the global acrylic fiber market.
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Regional Analysis:
Asia Pacific is likely to be the largest regional market for acrylic fiber over the forecast period. The growing industrial sector in Asia Pacific is likely to remain a major driver for the global acrylic fiber market over the forecast period. The growing urbanization in APAC economies such as China and India is also likely to be a major driver for the global acrylic fiber market.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Market Overview
The Global Peracetic Acid Market is projected to register a healthy CAGR of over 8% during the review period. The prime factor driving the growth of the global peracetic acid market is the extensive use of the product in the food & beverage industry as a sanitizer, disinfectant, sterilant, and bleaching agent.
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Market Segmentation
The global peracetic acid industry has been segmented based on application, end-use industry, and region.
Peracetic acid finds application in sanitizer, disinfectant, sterilant, bleaching agent, oxidizer, biocide, polymerization catalyst, and others Among various applications, the sterilant segment is expected to be the fastest-growing segment due to the increasing adoption of peracetic acid as a sterilization agent in the food & beverage industry. The growth of the segment is attributed to the advantages offered by peracetic acid as a sterilant such as water solubility, no residue after rinsing, and no harmful health or environmental effects.
Bases on end-use industry, the global peracetic acid market has been segmented into food & beverage, water treatment, healthcare, pulp & paper, chemicals, agriculture, and others. Changing lifestyles and increasing working population have surged the demand for processed food, which is expected to drive the demand for peracetic acid. The water treatment segment is projected to register a significant CAGR on account of expanding industrial base in both developed and developing countries.
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Regional Analysis
The regions analyzed under the scope of the study are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The maximum market share was held by the European market in 2018 on the backdrop of the high demand for peracetic acid in major end-use industries such as healthcare, food & beverage, water treatment, pulp & paper, and others. The high demand for peracetic acid is supported by the advantages of peracetic acid such as high effectiveness at a lower temperature, decomposition to non-toxic by-products, and lower consumption of energy.
Asia-Pacific is projected to be the fastest-growing regional market owing to the increasing demand for the product in the rapidly expanding end-use industries. The expanding agricultural industry in countries such as India, Vietnam, Thailand, and Malaysia is expected to fuel the demand for low concentration (1–15%) peracetic acid as sanitizers, disinfectants, and sterilants.
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Competitive Analysis
Ecolab (US), Hydrite Chemical (US), MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan), Solvay (Belgium), Evonik Industries AG (Germany), Promox (Italy), ACURO ORGANICS LIMITED (India), Jubilant Life Sciences Ltd (India), Aditya Birla Chemicals (India), Belinka Perkemija, d.o.o. (Solvenia), Enviro Tech Chemical Services, Inc (US), and Kemira Oyj (Finland).
Industry News
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Website: https://www.marketresearchfuture.com