Newark, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 65.42 Billion in 2022 plastic compounding market will reach USD 133.08 Billion by 2032. Plastic is in high demand in various industrial applications due to its ability to manufacture desired shapes and ease of moulding. Plastic components are considered less difficult to install than metal or wood fittings. These fittings come in several colour combinations, which enhances their visual appeal.
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Key Insight of the Plastic Compounding Market
North America is anticipated to expand at the highest CAGR of 9.47% over the projection period.
North America is expected to grow at the highest CAGR of 9.47% over the forecast period. Rapid infrastructure development in the United States and Mexico will boost product demand throughout the projected period. Government policies rehabilitating the housing sector are expected to impact the construction market favourably. Reconstruction efforts in the United States and infrastructure development in Canada and Mexico as a result of rising industrialization are likely to drive the North American market throughout the projection period.
The Polyethylene (PE) segment is expected to register the highest CAGR of 10.82% over the projected period in the plastic compounding market.
The Polyethylene (PE) segment is anticipated to grow at the highest CAGR of 10.82% in the plastic compounding market. Polyethylene compounds are widely employed in various industries, including automotive, construction, electrical and electronics, and packaging. PE is an essential material in the packaging industry. Construction is the most important application market for polyethylene compounds, accounting for a sizable global market share. Furthermore, rising demand for packaged food, bottles for fruit juices and milk, caps for food packaging, trays, drums, and other liquid food packaging around the world is expected to drive demand for polyethylene compounds.
Over the projected period, the packaging segment is expected to register the highest CAGR of 10.35% in the plastic compounding market.
Over the forecasted period, the packaging segment is anticipated to grow at the highest CAGR of 10.35% in the plastic compounding market. Consumption in major developed nations such as the United States, China, Germany, India, and Brazil increases demand for plastic compounding in the packaging industry. Various regulatory bodies have created criteria for packaging materials used in food contact applications. Polypropylene compounding is a low-cost packaging solution that improves impact clarity, flexibility, strength, and efficiency. The growing demand for polyethylene in the packaging industry has propelled the expansion of the plastic compounding market.
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Market Dynamics
Driver: Increased use of plastic in infrastructure development
As consumer awareness of the importance of aesthetic interior design develops, so does the demand for certain materials in interior design. Furthermore, increased residential and commercial development in developing countries promotes infrastructural development. The expanding construction sector will benefit the plastic compounding business. PVC and CPVC, through various goods such as pipes, wires, cables, waterproofing membranes, and wood PVC composites, play an essential part in the long-term management of this market. Most developing countries are predicted to benefit from increased construction investment and customers' preference for sustainable and lightweight building materials over traditional ones such as metals and alloys.
Restraint: Bio-based alternatives have a high substitution potential
Various government rules prohibiting polymers derived from petrochemicals have encouraged bio-based polymer synthesis. Instead of fossil fuels, these bio-compound polymers are manufactured from plants or other renewable resources. Polymers generated from bio-based sources, such as Polyhydroxyalkanoate (PHA), Polylactic Acid (PLA), and Polybutylene Succinate (PBS), are known to have outstanding biodegradability, which their petrochemical-derived equivalents substantially lack. As a result, these products are becoming increasingly popular, particularly for biomedical and agricultural applications.
Opportunity: Continuous catalyst technology advancement to improve resin performance and yield
Some catalysts can enhance resin yield, generating quality issues and poor product performance. The performance, adaptability, and yield of polyethylene and other resins will thus be improved by continuously expanding polymerization catalyst technologies, providing a lucrative opportunity for the market's leading players to increase output and compete favourably.
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Some of the major players operating in the plastic compounding market are:
• LyondellBasell Industries Holdings B.V.
• DuPont
• RTP Company
• Asahi Kasei Corporation
• Washington Penn
• BASF SE
• SABIC
• Covestro AG
• Dow, Inc.
• S&E Specialty Polymers, LLC (Aurora Plastics)
Key Segments cover in the market:
By Product Type:
• Polypropylene (PP)
• Thermoplastic Polyolefins (TPO)
• Polystyrene (PS)
• Polybutylene Terephthalate (PBT)
• Polycarbonate (PC)
• Polyethylene (PE)
• Polyvinyl Chloride (PVC)
• Polyamide (PA)
• Thermoplastic Vulcanizates (TPV)
• Acrylonitrile Butadiene Systems (ABS)
• Polyethylene Terephthalate (PET)
• Others
By Application:
• Building & Construction
• Packaging
• Industrial Machinery
• Optical Media
• Automotive
• Consumer Goods
• Electrical & Electronics
• Medical Devices
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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