Masterbatch market growth to be driven by escalating product popularity in automotive sector
Date: 2018-06-25   Author: Dhananjay Punekar  Category: #market

Masterbatch market growth to be driven by escalating product popularity in automotive sector

The extensive demand for masterbatch across the ever-growing automotive sector, specifically in the APAC & Europe belts, will reportedly drive masterbatch market trends over 2017-2024. Favorable government initiatives & regulations leveraging the automobile production in these regions will further augment the industry growth over the coming six years.

Five trends defining the masterbatch industry:

  • Asia Pacific masterbatch market size is forecast to expand substantially over 2017-2024, driven by the increasing popularity of the product in myriad end-use sectors such as agriculture, consumer goods, packaging, and automotive. Reportedly, China is a dominant regional player in APAC and is expected to register a CAGR of 6.2% over 2017-2024.
  • Black masterbatch market is expected to grow at a cumulative rate of 5.7% over 2017-2024, subject to extensive product deployment in numerous vehicle parts.
  • Europe masterbatch market is anticipated to record a CAGR of 5.6% over the next six years. The growth can be attributed to rising vehicle production in the countries such as France and Germany.
  • The automotive sector held the highest share in masterbatch market in 2016. Having accounted for USD 6.3 billion of the overall revenue in 2016, automotive applications will emerge as a lucrative avenue for masterbatch market. The growth can be credited to the escalating demand for masterbatch in the production of polymer auto parts.
  • Masterbatch market size for the agricultural sector is likely to grow at a rate of 6% over 2017-2024, owing to significant product use in agricultural films to offer protection against tough climatic conditions.

The competitive landscape of masterbatch industry is highly fragmented and includes both regional & global manufacturers. Reportedly, some of the top brands partaking in masterbatch market share include RTP Company, Cabot Corporation, Chevron Phillips Chemical Company, The Dow Chemical Company, Clariant, LANXESS AG, and Chevron Phillips Chemical Company.

About Author

Dhananjay Punekar

Dhananjay Punekar

Dhananjay currently works as a content writer at AlgosOnline. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted fo...

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