The growth of the plastic fillers market is propelled by their increasing demand in packaging applications, usage in the automotive industry owing to the rising passenger safety concerns, says the report.
Selbyville, Delaware, March 24, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global plastic fillers market was estimated at $10 billion in 2019 and is expected to surpass $14.5 billion by 2026, registering a CAGR of 5.2% from 2020 to 2026. This report offers a detailed analysis of the market estimations and size, top winning strategies, major investment pockets, drivers & opportunities, wavering market trends, and competitive scenario.
Speaking of growth in product demand, flexibility, high strength, and cost savings increase the need of plastic fillers for the reinforcement of construction plastics. The growing prevalence of construction activities owing to favorable government initiatives, increasing investment, and industrialization is likely to fuel product demand. In addition, expanding the application of plastic fillers across automotive components to ensure the safety of vehicle occupants and better fuel efficiency would proliferate the plastic fillers market share.
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Based on type, the kaolin plastic fillers segment is expected to showcase appreciable growth. Increasing disposable income, rising electricity distribution, and industrialization have surged the need for electrical equipment further boosting their adoption in the plastic fillers market. Due to these growth factors, kaolin fillers exceeded $625 million back in 2019. The product imparts tensile & impact strength, warp resistance, provides better chemical and electrical resistance and enhances smoothness and brightness.
Key reasons for plastic fillers market growth:
- Increasing demand in the packaging sector.
- Rising need to quell passenger safety concerns throughout the automotive sector.
- Growing demand for electrical equipment.
2026 forecasts show the ‘packaging’ segment registering appreciable growth:
Based on applications, the packaging segment is anticipated to witness considerable growth and would observe CAGR of more than 4.5% through 2020-2026. Growing disposable income and shifting customer preferences towards plastic fillers for packaging is driving the plastic fillers market segment growth. The plastic fillers improve the heat resisting, insulating, tensile and flexural strength of plastics, further making them ideal and impermeable packaging materials.
North America and Europe to record distinguished revenue growth:
Based on geography, North America is poised to observe a growth rate of more than 4.5% over the projected timeframe. This growth is attributed to the increasing number of government subsidies and incentives to increase the sales of electric vehicles and rising technological innovation as well as affordability.
Meanwhile, growing demand for passenger safety has augmented demand for seatbelts & airbags in the European automotive industry. The Europe plastic fillers market was valued at $2.65 billion back in 2019, and the growing passenger safety concerns mentioned above are likely to further drive industry growth throughout the region.
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Leading market players:
The key market players analyzed in the global plastic fillers industry report include Omya AG, Huber Engineered Materials, LKAB Group, Hoffman Minerals, Mineral Technologies Inc., and Imerys among others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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