Black Masterbatch Market to Grow at 5.7% CAGR over 2017-2024
Black Masterbatch Market to Grow at 5.7% CAGR over 2017-2024
Automotive industry holds highest Masterbatch Market share in terms of revenue with USD 6.3 Billion in 2016, the industry is witnessing high growth in Asia Pacific and Europe. China is majorly dominating the market owing to government automotive mid and long-term development plan.
SELBYVILLE, Del., April 25, 2018 /PRNewswire-iReach/ -- Masterbatch market for automotive industry will grow at a CAGR of 5.8% during 2017-2024. The demand for black and color masterbatch will substantially grow in Asia Pacific and Europe owing to high dominance of automotive industry.
Masterbatch Market size is forecast to exceed USD 14 billion by 2024. 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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Growing percentage of agricultural land due to increasing population will enhance the demand for agricultural films. This film is manufactured by polymers which comprises of masterbatches synthesized from bioplastics. Moreover, rising trend for eco-friendly products among the industrial players and consumers is driving the masterbatch market for bioplastics, further excellent moisture shielding and protecting properties had increased crop productivity which is significantly driving the market.
Market growth is challenged by rise in prices of masterbatch products influenced by changing market dynamics such as heavy demand from end-user industries and growing price of raw material. The demand for masterbatch product will be negatively impacted by these factors in the forecast period. Moreover, implementation of stringent regulation by several government across the globe for guiding application of certain pigments in food packaging and holding material will decelerate market demand in coming years.
Black masterbatch product is significantly growing with a CAGR of around 5.7%, owing to increasing application in automotive industry. It is highly consumed product in various end-user industry. Second largest segment is color masterbatch which have widespread application in various consumer goods and packaging products. Shift in consumer preference toward packaged food product is augmenting market demand for polymers which is favoring the market.
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Automotive industry holds highest market share in terms of revenue with USD 6.3 Billion in 2016, the industry is witnessing high growth in Asia Pacific and Europe. China is majorly dominating the market owing to government automotive mid and long-term development plan. In addition, government is highly investing to develop electric vehicle which will drive polymers market in coming years. Agriculture is estimated to grow with CAGR of around 6.0%, the market growth is significantly driven by growing percentage of cultivation land and rapidly increasing population. Followed by agriculture, consumer good segment will witness substantial growth in coming years with increasing application of polymer in home appliance products.
Asia Pacific, primarily China, is expected to grow at a significant rate during forecast timeframe. Automotive, consumer goods and packaging are growing industries of Asia Pacific. Countries for instance India and China are spending massive amount to develop these industries for economic growth, which is positively influencing the market size in coming years. The region is witnessing high investment in construction and automotive industry which will gain significant demand for plastic favouring masterbatch market. Europe is second highest country in terms of market share with CAGR of around 5.6%, high automobile production and improving market condition post rescission is likely to grow the market.
The masterbatch market is highly fragmented comprises of numerous local & global manufacturers, supplier and distributors operating worldwide. Few of these market players follow both backward and forward integration system. BASF and Clariant follow backward integration by manufacturing pigments for their masterbatch products. Prominent industry players include Cabot Corporation, PolyOne, RTP, Ampacet, Plastika Kritis S.A. and Tosaf Group.
Browse key industry insights spread across 200 pages with 293 market data tables & 23 figures & charts from the report, "Masterbatch Market Size By Product (Black, White, Color, Additive), By End-user (Automotive, Consumer Goods, Packaging, Agriculture, Construction), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Indonesia, South Korea, Brazil, Mexico, South Arabia, South Africa, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" in detail along with the table of contents:
https://www.gminsights.com/toc/detail/masterbatch-market
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