According to business intelligence report titled ‘Asia Pacific Plastic Compounding Market Size, By Industry, By Product, Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, Asia-Pacific plastic compounding market valuation is anticipated to cross USD 71.7 billion mark by the year 2026.
 

As per the findings of the report, favorable government initiatives aimed at reducing dependency on fossil fuels, growing population, and advent of bio-based plastic compounding techniques are spurring Asia-Pacific plastic compounding market growth.
 

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Additionally, rising adoption of engineered plastics across various industrial sectors, along with increasing utilization of plastic compounding for construction applications such as building panels, doors, windows, and roofing are positively swaying the market dynamics.
 

Industry experts claim that rising disposable incomes, coupled with strategic collaborations such as mergers, partnerships, and acquisitions among players are stimulating Asia-Pacific plastic compounding market outlook.
 

On the downside, strict regulations pertaining to plastic usage and cognizance about the environmental threats are arresting the industry expansion.
 

Speaking of product terrain, the industry vertical is fragmented into thermoplastic elastomers, thermosetting polymers, and thermoplastic polymers among others.
 

With regards to end-user landscape, automotive sector captured around 30% market share in 2019 and is expected to showcase similar growth trends during the analysis timeframe. Escalating demand for luxury cars in Malaysia, India, and Japan, followed by a subsequent increase in production volumes of passenger cars are catalyzing the demand for plastic compounding.
 

Elaborating on the country wise assessment, China, Thailand, Indonesia, India, Australia, and Japan are the key contributors of Asia-Pacific plastic compounding market valuation.
 

Leading companies which formulate the competitive dashboard of the market are Saudi Basic Industries Corporation (SABIC), BASF SE, MRC Polymers Inc., Dow Chemical Company, LyondellBasell Industries N.V., Solvay S.A., Lanxess AG, Kraton Corporation, A. Schulman Inc., Foster Corporation, Aurora Plastics LLC, RTP Company Inc., Asahi Kasei Plastics North America Inc., Kuraray Plastics Co. Ltd, Chevron Phillips Chemical Company LLC, Covestro AG, and PolyOne (Avient Corporation).