Sumitomo Chemical Company acquires Turkish compounder
Published Date | 2019 August 7
Sumika and Emas acquisition which was in line with its growth strategy is going to influence global plastic market
Sumitomo Chemical Group has acquired major Turkish plastics compounder Emaş Plastik AS and its affiliated companies, through its UK-based engineering compounds company Sumika Polymer Compounds Europe.
Major concern of this acquisition is expanding the number of the company's global compounding sites to 14 in the near future. This is an extremely positive development for Sumika Polymer Compounds Europe, which is increasing its production capacity to 140,000 tons a year. Sumika to invest in the production equipment of the sites in Turkey to quickly offer its entire range of PP fiberglass in this region. Emas is expected to enhance the Japanese materials supplier’s polypropylene (PP) compound business.
According to Blueweave Consulting, global plastic market is going to witness momentous growth in coming years. Owing to the concerns rising out due to the difficulty in decomposing the virgin plastics, growing awareness of energy savings, and the increasing use of these plastics in many applications are expected to positively influence the growth of the recycled plastics market. Recycled plastics can be used in a wide range of goods and hence the applications of recycled plastics are escalating owing to the advancements in superior recycling technologies. Furthermore, recycled plastics are gaining significance as the solution to limit the growing concerns of the effects of plastics pollution, as recycling results in the decrease in the use of energy and material and improve eco-efficiency. These factors play a significant role in driving the usage of recycled plastics over the coming years. Adaptable packaging, for example, bags and sacks just as shrink and stretch films are principally utilized for nutrition packaging, yet in addition as an auxiliary and tertiary bundling, for instance for transportation. Plastic films might be utilized as shopping bags, garbage can liners, mailing packs or as enormous packs for industrial and agriculture products.
According to BlueWeave Consulting’s upcoming report titled “Global Plastic Recycling Market by Source (Bottles,Films, Fibers, Foams, Others), By Material (Polyethylene Terephthalate (PET),Polypropylene(PP), High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Polystyrene(PS), Polyvinyl Chloride(PVC), Others), End-Use Industry (Packaging, Building & Construction, Textiles, Automotive, Electrical& Electronics), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Market Trend Analysis, Competitive Analysis, Size and Forecast, 2015-2025”
The global population is exponentially rising and economic and industrial activities thrive at an even faster rate which accounts for a large portion of total waste generated on an everyday basis from several sources thus raised the need to recycle the waste plastic. Moreover, the negative environmental impact of plastics disposal drives the global recycled plastics market. The production of plastics has increased manifold over the past few decades which have led to the generation of a huge amount of waste resulting in environmental concerns. PET is sought after for two main reasons – it is easily available in recycled waste scrap and it costs less when compared to other recycled plastics. In addition to this, the recycling rate of PET is high. However, High-density polyethylene is also growing owing to a large portion of the plastic scrap such as grocery bags, margarine tubes, and detergent bottles often consist of HDPE resins.
Global Automotive Plastic Market by Type (Acrylonitrile Butadiene Styrene, Polypropylene, Polyurethane, Polyvinyl Chloride, Polyethylene, Polycarbonate, Polymethyl Methacrylate, Polyamide), By Application (Power Trains, Electrical Components, Interior & Exterior Furnishing, Fuel System, Chassis, Engine Components), By Region; Size and Forecast, 2018-2025
Global Automotive Plastic market report provides analysis for the period 2013–2025, wherein the period from 2018 to 2025 is the forecast period and 2017 as base year. The market study reveals that the global automotive plastic market is expected to grow with a CAGR over 12.72% during 2018-2025 in terms of value. The market is expected to reach around USD 59 billion by 2025. This growth is driven by a number of reasons such as growing demand for light weight vehicles among automotive manufacturers, high investment on electric vehicles coupled with easy availability of automotive plastic via stores & e-commerce channels etc.