The Latin America, Middle East and Africa Plastic Compounding Market would witness market growth of 8.7% CAGR during the forecast period (2024-2031). In the year 2026, the LAMEA market's volume is expected to surge to 3,690.0 kilo tonnes, showcasing a growth of 6.3% (2024-2031).
The market has witnessed significant growth in recent years, with Polyethylene (PE) emerging as one of the key constituents driving this expansion. PE, a versatile thermoplastic polymer, finds extensive use in various industries owing to its numerous advantageous properties. Thus, the Nigeria market utilized 144.3 kilo tonnes of plastic compounds in the market 2023.
The Brazil market dominated the LAMEA Plastic Compounding Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,336.3 million by 2031. The Argentina market is registering a CAGR of 9.8% during (2024 - 2031). Additionally, The UAE market would showcase a CAGR of 8.3% during (2024 - 2031).
Technological advancements drive innovation in materials science and manufacturing processes, so the market is poised for further growth and expansion.
Additionally, the utilization of this has experienced substantial expansion recently, propelled by the rising need for customized properties in high-performance materials. Compound plastics are being utilized by businesses in all sectors to fulfill application-specific needs.
As per the Dubai Statistics Center, in 2022, there were 13,236 buildings under construction in Dubai and 1,941 completed buildings. Rapid urbanization has increased demand for housing, commercial spaces, and public amenities. Cities like Dubai and Abu Dhabi have grown substantially, requiring more infrastructure and real estate developments.
Free Valuable Insights: The Worldwide Plastic Compounding Market is Projected to reach USD 110.4 Billion by 2031, at a CAGR of 7.1%
Based on Product, the market is segmented into Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Polycarbonate (PC), Polyurethane (PU), Polymethyl Methacrylate (PMMA), Acrylonitrile Butadiene Styrene (ABS) and Others. Based on Source, the market is segmented into Fossil-based, Bio-based and Recycled. Based on Application, the market is segmented into Automotive, Building & Construction, Electrical & Electronics, Packaging, Consumer goods, Industrial Machinery, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Product (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Application> (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD billion, 2020-2031)
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