LOS ANGELES, July 15, 2019 (GLOBE NEWSWIRE) -- The global plastic compounding market size is poised to reach over USD 95,425.3 Million by 2026 and is expected to grow at CAGR 6.9% during the forecast period, 2019-2026.
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The Global Plastic Compounding market registered significant growth over the past few years due to high growth in key end use industries, associated properties of plastic compounds, diverse product available, and trend for light weight plastic in the automotive industry. Moreover, Plastic emergence of plastic products as a suitable substitute to metal products is playing the key role while driving the growth of plastic compounding market.
Plastic compounding process involves various process form selection and determining the additive ratio to mixing and cooling before finalization of the products which allows creation of a diverse range of compounding products. Hence, availability range of compounding products is resulting in high demand in various industries.
Plastic compounding product has high content conductive fillers increases the conductivity of the compounding products by making it electrically conductive. Rising demand for electronically conductive plastic compounding products in electronics and electrical industry is increasing the growth of this market. On the other hand, higher VOC content associated with the plastic compounding products linked with the increased prices of the plastic compounding products. Prices related issues further expected to challenge the growth of this market. Nevertheless, technological advancement in the filler material technology is expected to offer healthy growth opportunities to key players in the plastic compounding market.
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The global Plastic Compounding market is segmented By Polymer Type, End Use, and region.
On the basis of Polymer Type, the market is segmented into polypropylene, polyethylene, polyvinyl chloride, polystyrene & expanded polystyrene, polyethylene terephthalate, polyurethane, acrylonitrile butadiene styrene, other polymers. Polypropylene emerged as the global leader as compared to other segments due to associated properties with it which include high impact resistance and serviceability. PVC plastic compounding products expected to be the next largest segment and likely to exhibit highest growth rate during the forecast period. PVC compounding products are majorly preferred in construction applications. Increasing construction spending as well as growing investment in infrastructure development expected to drive the demand for PVC products.
On the basis of end use, the global Plastic Compounding market is segmented into packaging, building & construction, automotive, electrical & electronics, medical, others. Automotive applications for plastic compounding acquired largest share among other segments. The segment is further expected to continue its dominance during the forecast period due to flourishing automotive industry growth across the globe. Shifting industry trend in packaging applications is likely to come up with new growth opportunities for plastic compounding products over the coming years. Low cost associated with plastic packaging and extended product life cycle expected to create novel application for plastic compound over the forthcoming years.
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Geographically, Plastic Compounding market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
Asia Pacific is the largest regional market among others in plastic compounding market. The region is the major manufacturer as well as consumers due to presence of wide consumer base as well as well emergence of China as a global manufacturing hub. Countries such as China, India, Japan are significantly contributing in this market as result of high automotive production, expanding construction industry, and largest electronics and electrical industry base.
Some of the key industry players operating in the Plastic Compounding market include Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DowDuPont Inc., Kingfa Sci. and Tech. Co., Ltd., LyondellBasell Industries Holdings B.V., Polyone Corporation, SABIC, and Solvay SA.
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