02-Aug-16 Growing applications in plastics and polymer processing industry coupled with improving macroeconomic scenario to boost masterbatch market in Europe through 2021. The masterbatch market in Europe is projected to cross US$6.3 bln (EUR5.7 bln) by 2021, as per TechSci Research. Masterbatches are being used during the processing of plastics and polymers to provide certain specific properties to base plastics and polymers. Masterbatch consumption in packaging industry has increased significantly in the region over the last five years due to rising popularity of small pack sizes, expanding sales & distribution network of plastic processors and plastic products, and booming flexible packaging market. In Europe, the plastic production increased from 55 million tons in 2009 to 59 million tons in 2014. Increase in the consumption of plastics for vehicle production is another major factor aiding the demand for masterbatches in Europe. In Europe, around 90.78 million automobiles were produced in 2015. Consequently, the share of Europe in the global automobile manufacturing increased from 22.76% in 2014 to 23.24% in 2015. Abundant availability of raw materials coupled with a pro-business environment has generated opportunities for OEM manufacturers to establish production bases in Europe, and this is projected to boost the demand for masterbatch in the region over the next five years.
In 2015, Germany dominated the Europe masterbatch market, and the country is anticipated to maintain its dominance through 2021, as it is one of the largest manufacturers of automobiles, especially passenger cars. Globally, the country accounts for about 30% of total passenger cars manufactured coupled with 20% of new registrations of vehicles. AC Automotive, Audi, BMW, Ford, Iveco, MAN, Mercedes, Neoplan, Opel, Porsche, Volkswagen and Wiesmann are some of the major companies present in Germany", said Mr. Karan Chechi, Research Director with TechSci Research.
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