Plastic Compounding Market Size Worth $112.08 Billion By 2030
Plastic Compounding Industry Overview The global plastic compounding market size was valued at USD 60.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. Increasing substitution of natural rubber, wood, metals, glass, and concrete for plastic is expected to fuel the market growth. The demand for plastic is rising due to its use in various industrial applications on account of its ability to form desired shapes and easy molding. Plastic fittings are considered to be very easy to install as compared to metal or wood fittings. These fittings are available in a wide range of color combinations, which adds to their aesthetic appeal. Moreover, plastic fittings can be sealed very tightly, thus creating a barrier for external unwanted factors like dust or water. The properties of plastic compounds can drive the market in the coming years. Plastic compounding involves an elaborate process with various stages such as deter...