Conductive Plastic Compounds Market: Horizontal Opportunities Coming in from Numerous Industries
The conductive plastic compounds market is likely to grow 2X over the period of 2019-2027, and a significant share of this market value will arrive from the electronics industry. The recent trend – smart materials production, used for the manufacturing of artificial muscles as well as prostheses, is projected to strengthen revenue prospects from the electronics industry.
Besides this, the demand for conductive plastic compounds with better attributes is also found to drive advancements in filler material technology. As found by a recently published study by Transparency Market Research (TMR), among all the fillers, carbon nanotubes are anticipated to witness an exponential adoption rate on account of their property to enhance the electrical and conduction characteristics of conductive plastic compounds.
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In the future, opportunities from packaging, construction, and automotive industries will further catapult the growth of the conductive plastic compounds market.
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How Players in Conductive Plastic Compounds Market Can Offset Key Challenges
In 2018, the European Commission announced a set of measures to tackle burning concerns regarding plastic waste, according to which, strict legislation is passed against single-use plastic. Following this regulation, even states in North America came forward to address this global crisis. California, New York, and numerous other states in the U.S. have imposed fines/ban on the use of plastic. In addition, Maine has a state-wide ban on single-use polystyrene containers.
Since polymer-based conductive plastics hold a significant share of the total conductive plastics produced around the world, the environmentally-hazardous attributes of these compounds could instigate a shift towards their substitutes. Besides being hard on the environment, these compounds are also hard on the wallets, on account of fluctuations in the prices of petrochemicals that are used for the production of plastics.
It, therefore, becomes crucial for market players to learn about the environmental norms legislated in the targeted regions before expansion, and partner with raw material suppliers to avoid being a victim of frequent changes in raw material prices.
Key Winning Imperatives Adopted by Players in Conductive Plastic Compounds Market
To win in this moderately consolidated landscape, players in the conductive plastic compounds market rely on the expansion of their production facilities to cater to the local demand. A key player, RTP Company, illustrated the strategy. In March 2018, the company announced the expansion of its manufacturing facility in Poland, which is anticipated to address the regional demand for conductive plastic compounds in Europe.
Besides an increasing presence in domestic markets, inorganic growth strategies such as partnerships, acquisitions, and mergers are being leveraged by market players to establish their dominance in other regions. In addition, a custom-tailored product development approach remains an overall product-level strategy of manufacturers to have better shot at consolidation.
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