According to the report titled ‘North America Plastic Compounding Market Forecast 2027 By Product, By Industry, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America plastic compounding market is expected to amass USD 23.38 billion by the year 2026.
 

Growing consumer awareness about the harmful effects of plastic waste on the environment, as well as widening adoption of bio-based plastic in end-use industries such as consumer goods, construction, and automotive, are driving the growth of North America plastic compounding market.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4229236/
 

Apparently, one-third of the 30000 automotive components are made of plastic. With strict emission regulations, automobile manufacturers are focusing on improving vehicle fuel economy by weight reduction through usage of plastic compounding. This factor, along with benefits like enhance performance and safety of vehicles are impelling the demand for plastic compounding in automotive sector. To that end, a number of automakers, including Toyota, Mazda, and others, are launching innovative bioplastic grades.
 

For those unaware, bioplastics are made from plant-derived materials, hence minimizing the use of petroleum resources and, as a result, restricting greenhouse gas emissions. As per the report, bioplastic innovations are envisaged to accelerate industry development in the coming years.
 

Based on industry spectrum, the consumer goods segment of North America plastic compounding market is projected to grow at 6.7% CAGR during the analysis period, due to increased demand for goods like TVs, microwaves, refrigerators, and other home appliances that use innovative packaging as marketing tactics to attract customers.
 

In terms of product type, the thermoplastic segment garnered 88% volume share in the industry in 2019 and is anticipated to generate considerable returns during the projected timeframe, owing to its lower density features suitable for automobiles and other weight-critical applications.
.

From a regional standpoint, the United States market is predicted to exhibit substantial growth over the study period as a result of stringent pollution standards imposed by the government, alongside successful business strategies undertaken by established players in the nation.
 

The competitive landscape of North America plastic compounding market is defined by companies such as Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries N.V., Kraton Corporation, Aurora Plastics Inc., Foster Corporation, Owens Corning Corporation, The Dow Chemical Company, BASF SE, and Solvay S.A. among others.