These aspects, Global Market Insights Inc., estimates that the plastic fillers market could cross USD 14.5 billion by 2026.
The plastic fillers market is predicted to garner noteworthy gains on account of its profound application across diverse industries like automotive and food & beverage. Increasing concerns over passenger safety and growing environmental awareness could elevate product adoption in automobile applications.
Rising consumer inclination towards packaged food products, mainly across urban areas, could benefit plastic filler industry share. For the uninitiated, plastic fillers are used in plastic packaging. Changing consumer lifestyle and hectic work schedules across urban cities has compelled working men and women to shift to packaged food products that utilize plastic packaging. This trend could accelerate the demand for plastic fillers in the food and beverage sector.
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Aspects fueling plastic filler demand:
Plastic fillers have gained significant traction across the construction sector, given to its remarkable qualities like flexibility, cost savings abilities and high strength. Increasing number of construction activities backed by huge investment, rapid industrialization and government initiatives could broaden the horizon for plastic fillers. Additionally, growing use of plastic fillers in vehicle components in order to attain maximum passenger safety and fuel efficiency could accelerate industry outlook.
Meanwhile, additional factors like mounting electricity distribution and rising disposable income is anticipated to augment kaolin plastic fillers adoption. These fillers are mainly used in electrical equipment, which currently is in high demand due to increasing electricity consumption. Earlier in 2019, the kaolin fillers segment had exceeded USD 625 million and is anticipated to maintain its momentous growth over the forecast time period.
Apparently, kaolin filler imparts chemical & electrical resistance, warp resistance and tensile & impact strength. It also enhances the smoothness & brightness of a product. Supportive federal initiatives to promote renewable sources of energy across industrial sectors could boost the demand for kaolin based electrical instruments.
Mentioned below are some of the trends influencing plastic fillers industry growth:
Proliferating demand across diverse application landscape-
Growing inclination towards packaged food products coupled with rising purchasing power could boost the demand for plastic fillers in packaging applications. Estimates claim that the plastic filler industry from packaging applications could observe growth over 4.5% by 2026. Plastic fillers improve the heat resisting, insulating, tensile strength and flexural of plastics making them an ideal choice for packaging materials.
Meanwhile, supportive federal policies pertaining to driverless/autonomous vehicles could stimulate product demand in the automotive industry. Carmakers are constantly working on integrating advanced AI-driven technologies in their latest vehicle models to minimize human error while driving, avoiding potential car crashes. Plastic fillers market are also vital for manufacturing automotive plastic components that ensure customer comfort and impart heat insulation.
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Adoption of business expansion strategies-
Suppliers and manufacturers in the plastic fillers market are involved in numerous product development and R&D activities to boost business reach. These activities also cater to certain requirements, attract more customers and achieve market leadership. Currently, Mineral Technologies Inc., Imerys, LKAB Group, Hoffman Minerals, Omya AG and Huber Engineered Materials are leading the plastic fillers market.
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