According to Global Market Insights, Inc., “Masterbatch Market size was estimated over USD 9 billion in 2017 and the industry will grow by a CAGR of more than 5% up to 2024.” The swift emergence of masterbatch market on the global business landscape can primarily be attributed to the ever-rising demand for masterbatches in a host of end-user sectors including automotive, agriculture, consumer goods, construction, and packaging among others. The rapid expansion of these end-user industries has, in turn, vigorously augmented the pace at which the masterbatch industry has been progressing in the recent times.
Moreover, in a bid to enhance the quality of the existing bio-degradable masterbatches, which are predominantly utilized to manufacture agricultural films, a range of prominent masterbatch industry participants have been initiating a sizeable number of research and development activities which has further embellished the growth potential of this business space. As a consequence of the aforementioned factors, the overall masterbatch market has, of late, been garnering considerable recognition as one of the most fledgling and promising verticals of the worldwide polymers and advanced materials industry.
The consistent research and development activities being undertaken to develop advanced tech has eventually improved the application of polymers as an alternative to traditional auto parts made of metal. This has necessitated the increased production of polymer auto parts in the automotive industry, given that they provide better durability and high strength.
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Moreover, the massive investments being made to develop electric vehicles would further drive the masterbatch market size expansion. Owing to the aforementioned factors, the automotive industry, out of all end-user industries, seized a commendable share of the masterbatch market revenue share in the year 2017. As per reliable reports, the masterbatch industry size from automotive sector is projected to record an appreciable y-o-y growth rate over 2018-2024.
Concurrently, it is rather imperative to take note of the fact that the leading industry participants appear to be optimistic pertaining to the prospective growth of the global masterbatch market size. Apparently, as a result of the increased optimism, it is being observed that a number of preeminent market players have been investing heavily to expand their current production capacities to cater the growing product demand from the diverse end-use industries arena.
Following are a few instances which demonstrate the growing prominence of expansion strategies that are being undertaken across the globe:
- The U.S. based plastics material and resin manufacturing firm A. Schulman, for instance, has recently made it to the headlines for expanding its current capacity for color masterbatch production in Europe. The firm, regarded as one of the major masterbatch industry players, has reportedly announced to add three additional extruders to its manufacturing plants in Italy, Hungary, and Poland. This expansion, according to industry analysts would complement the firm’s existing manufacturing facilities and competence centers where customized color masterbatches are developed. Needless to say, this proactive move by A. Schulman would undoubtedly boost the masterbatch market size in Europe.
- Switzerland headquartered specialty chemicals manufacturer, Clariant has recently inaugurated its new cutting-edge masterbatch production plant in Saudi Arabia. The facility, a joint venture between Clariant and the Kingdom’s leading plastic products manufacturer Rowad, is being built in Yanbu Industrial Zone and would chiefly focus on white masterbatches production. The additional capability would allow the firm to accentuate its profitability quotient and extend its masterbatch market share in the Middle East and Africa region.
Owing to the vast expanse of end-user industries coupled with the efforts that are being employed by the foremost masterbatch industry giants to expand their reach across the globe, it is anticipated that this business space would undergo remarkable alterations in the immediate future. According to a report collated by Global Market Insights, Inc., masterbatch market size is anticipated to surpass a total remuneration portfolio of USD 13 billion by 2024.