Masterbatch Market to grow at 5.4% CAGR over 2018 to 2024
Date: 2018-11-28   Author: Rahul Varpe  Category: #market

Masterbatch Market to grow at 5.4% CAGR over 2018 to 2024

Global Market Insights, Inc. adds a new Masterbatch Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Masterbatch market is likely to grow at a CAGR of over 5.4% in the forecast timeframe, rising usage of plastic alternative to metal in automotive will accelerate growth. Government investment plan and stable policy framework for automobile manufacturers in Asia Pacific will significantly impact market growth by 2024. Further changing consumer preferences toward better living standards with growing per capita income in the region is cumulating purchasing power of customer, will substantially boost revenue generation of automotive industry. These factors will positively grow market demand for polymers in automotive industry, promoting growth for masterbatch products by the end of forecast period.

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The automotive sector is one of the biggest consumers of plastic products, making it a thriving ground for masterbatch market. Automobile manufacturing requires extensive metal part replacement with plastic, since the latter makes a substantial difference in the economic and ecological requirements of the automotive industry, given the weight reduction and less fuel consumption factors. Masterbatches also help in elevating the aesthetics of the plastic parts and create new design avenue in the form of color. Colors protect the vehicle against environmental effects and make it more attractive and damage resistant, thereby creating a viable avenue for masterbatch industry growth.

Apart from exterior parts such as bumpers, fenders, roof box, headlight and tail light, plastic parts are also used in interior trims such as steering wheels, carpets, door linings, seatbelts, dashboard and airbags, all of which are colored using masterbatches. Thus, it is evident that the growth of the masterbatch industry is directly proportional to the expansion of the global automotive sector. It is estimated that the masterbatch market size from the automotive space will witness a CAGR of 5.8% over 2017-2024.

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Speaking of improving the product’s attraction with colors, the packaging industry also employs the masterbatch technique – especially with regards to the quality of the color used in food packaging. This has indeed been a matter of concern since long, on the grounds of which biodegradable masterbatches have come to the fore, adding a new dimension to masterbatch market. With global regulatory authorities increasing the restriction on the quality of colors and plastics that can be used in food packaging, biodegradable masterbatches are increasingly being used across the packaging space, even for agricultural films that not only protect crops but also maintain soil moisture. As innovation and research in the field of masterbatch are bringing about modifications in the product quality and disposition, masterbatch market stands to gain commendable gains over 2017-2024.

The massive end-use spectrum of masterbatch market is indeed likely to majorly contribute toward the growth of this business space. Estimates claim that countries across the Asia Pacific, especially China, are certain to emerge as viable growth grounds for the regional masterbatch market due to the presence of large scale manufacturing units in the country. All in all, with the expanding application range of plastics across a slew of end-use domains, masterbatch industry size is projected to cross USD 14 billion by 2024.

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The consumer goods industry has also significantly contributed towards the growth of masterbatch market, as almost all plastic consumer goods require the application of colors and textures to enhance salability and efficiency. Manufacturers aim to boost the market appeal and performance of their products as well as add special effects and enhance safety features like UV absorbency and flame retardancy - all of which can be accomplished successfully with masterbatch colors and additives.

Since consumer goods are all pervasive, masterbatch industry receives a huge stimulus from the product application in the consumer goods industry, which includes personal care and hygiene products, electrical and other major appliances, furniture, toys, sports equipment, kitchen appliances, lawn and garden tools.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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