Plastic Compounds Market Size Worth $98.65 Billion By 2028
Plastic Compounds Industry Overview The plastic compounds market size was valued at USD 66.74 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028. Increasing demand from the automotive industry is anticipated to significantly drive the market growth during the forecast period. The use of compounded plastic products in automotive applications helps reduce fuel consumption on account of their lightweight. Increasing awareness regarding consumer safety and health hazards in various industries, such as automotive, healthcare, and others is expected to drive the global demand for plastics over the forecast period. In the automotive industry, compounded plastics find application in under-the-hood components, structural parts, electrical components & lighting, and others. Gather more insights about the market drivers, restrains and growth of the Global Plastic Compounds Market The product application in the automotive in...