Global Masterbatch market to grow at a CAGR of 5.86% to reach US$14.75 bln by 2022

15-Mar-16

The global masterbatch market is valued at US$9.9 bln in 2015 and is expected to grow at a CAGR of 5.86% to reach US$14.75 bln by 2022, according to Stratistics MRC. Factors such as growing Gross Domestic Product (GDP), rapid growth in industrialization, augmented output of plastic components, packaging products and consumer goods acts as driving forces for the market. Packaging application accounted for a global market share of around 42% by value in 2015. The mounting plastic consumption in the automotive industry is anticipated to boost the masterbatch market during the forecast period. The Asia Pacific region is slated to be the major growing area owing to rapid growth in plastics processing. China is the major consumer of masterbatch products worldwide, and has a highest growth rate over the analysis period followed by the U.S. The consequent rise in foreign investments and increase in the numerous new manufacturing establishments are favoring Asia Pacific region to emerge as the largest market.