WASHINGTON, May 16, 2023 (GLOBE NEWSWIRE) -- The Global Plastic Compounding Market is valued at USD 61.5 Billion in 2022 and is projected to reach a value of USD 99.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.1% over the forecast period 2023-2030.
Market Overview
The demand for cars has been spurred by rapid industrialisation and an increase in personal disposable income in rising economies like China and India. Some of the key factors driving this market include the rise in light-weight vehicle production and the rising demand for electric vehicles. Additionally, due to R&D and technological developments in the electrical and electronic industry during the past several years, there has been a surge in demand for electronic and electrical equipment throughout the region. Plants from numerous top electronic component manufacturers have been established in South Korea, China, Indonesia, and India. The plastic compounding market is anticipated to develop as a result.
We forecast that polypropylene in plastic compounding market sales will account for more than 25% of total sales by 2030. Its compounds have a high impact resistance and serviceability level, making them widely employed in automotive applications. Both domestic manufacturing and vehicle sales have increased due to economic expansion in South American and Asian markets. Plastic usage in automotive applications is expected to increase significantly over the projection period due to rising automotive production, regulatory trends requiring manufacturers to enhance fuel efficiency, and pressure to reduce vehicle weight from consumers.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/plastic-compounding-market-2117/request-sample
Market Dynamics
Increase in PE Product Support the Market Growth
Several companies, including those in automobiles, buildings, electronics and electrical equipment, and packaging, employ polyethylene compounds extensively. PE is a crucial component in the packaging sector. With a sizable market share, construction is the primary application category for polyethylene compounds. Furthermore, it is anticipated that increased constraints on travel to stop the spread of COVID-19 worldwide will increase demand for packaged foods, containers for milk and fruit juices, caps for packaged food, trays, and other liquid food packaging.
Shifting Tastes Toward the Adoption of Lightweight Materials for Producing Automotive Parts Drives the Market Growth
Composite outstanding usability and good impact resistance have increased their popularity in the automotive sector. The automotive category is predicted to have the highest share owing to the increased utilization of plastics in place of metal and alloys in automotive components and replacement parts. After packing, construction, and building, the automotive industry is the third-largest consumer of polymers. Polypropylene (PP) and other materials are widely utilized in auto operations because they are lightweight composites that replace car metal components to lighten their load. This results in lower carbon emissions and improves the energy efficiency and productivity of the vehicles.
Top Players in the Global Plastic Compounding Market
- BASF SE (Germany)
- LyondellBasell Industries Holdings B.V. (Texas, U.S.)
- DuPont de Nemours Inc. (U.S.)
- Dow Inc (Midland, U.S.)
- SABIC (Riyadh, Saudi Arabia)
- Asahi Kasei Corporation (Tokyo, Japan)
- Covestro A (Germany)
- Kratom Polymers Inc. (U.S.)
- RTP Company Inc. (Minnesota, U.S.)
- S&E Specialty Polymers LLC (U.S.)
- Dynein GmbH & Co KG (Germany)
- Washington Penn Plastics (WPP) Co. Inc. (U.S.)
- Eurostar Engineering Plastic (France)
- Kuraray Plastics Co. Ltd. (Japan)
- A. Schulman Inc. (U.S.)
- Teijin Limited (Japan)
- LANXESS AG (Germany)
- Solvay S.A. (Brussels)
- Heritage Plastics Inc. (U.S.)
- MRC Polymers Inc. (U.S.)
- Flex Technologies Inc. (U.S.)
- Guangdong Silver Age Sci. & Tech. Co. Ltd. (China)
- China General Plastics Corporation (Taiwan)
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in the Global Plastic Compounding Market
- One trend that Vantage Market Research (VMR) expects to see in the plastic compounding industry is the growing advantages and superior physical properties of plastic compounds. The "plastic compounding" method involves combining various plastics and additives to transform the properties of thermoplastic polymers and basic plastics. Oxidants, lubricate, and other additives should be added to a supramolecular substance to create a plastic material.
- Another trend that VMR predicts will continue in the plastic compounding industry is a shifting preference for bio-based and recycled plastics. In a sustainable society where, virgin polymerization is manufactured from renewable or recovered raw materials, bio-based polyethylene is plastics derived from bio-based polymers that contribute to more sustainable commercial plastic life cycles. These plastics are made with nitrogen energy, and when a product's life cycle is complete, it is recyclable or reused (EOL). Bio-based plastics provide better material qualities and less carbon impact than fossil-based plastic components. They also work with current recycling systems, and some offer bioremediation in a predetermined or systematic manner.
Top Report Findings
- Based on the Product, the polypropylene category controls most of the Plastic Compounding market's revenue. Due to its high modulus of elasticity, impedance to liquid, and fatigue resistance, it is utilized in various aerospace, healthcare, and electronics applications. It has a low coefficient of friction and is easily repairable when damaged. Due to its low apparent viscosity and ease of melds, it has also gained popularity for injection moulding.
- Based on Application, the automotive category controls most of the Plastic Compounding market's revenue. The growing inclusion of plastics, distinguished from metals and alloys in automotive components, has been a primary element propelling the market expansion. Production of automobiles has increased significantly in recent years, due to the development of the industry and the manufacturing environment in emerging markets. China, India, and Brazil are the fastest-growing economies and key production hubs for autos. Future predictions indicate that this pattern will persist, fuelling demand for plastic compounds.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/plastic-compounding-market-2117/0
Recent Developments in the Global Plastic Compounding Market
- In October 2021, Dow announced investment programs to advance the use of circular plastics. These developments will help reduce plastic waste and greenhouse gas emissions and provide recycled plastics with properties similar to virgin plastics. These advancements will enable the company to supply circular plastics in early 2022.
- In March 2021, LyondellBasell and Sasol disclosed the completion of their joint venture, Louisiana Integrated Polyethylene (LIP), which will use Sasol's technology to produce low-density and linear low-density polyethylene (PP).
- In February 2021, Clariant, a specialty chemicals company, announced the acquisition of Masterbatches do Brazil, a Brazilian pigment and masterbatches producer, to strengthen its position in the South American Plastic Compounding market.
- In January 2021, Celanese Corporation announced plans to acquire Next Polymers Ltd, an Indian engineering thermoplastics compounder, to broaden its Plastic Compounding product offerings and customer base in Asia-Pacific.
- In January 2021, a key player named Celanese Corporation, a worldwide chemical and specialty materials firm, declared a rise in price in the whole plastics engineering category, citing increases in energy, transportation, and raw material prices as well as surged demand for its goods. The company's polyamides and PET costs are expected to climb per kg.
- In May 2019, the capacity of the plastic compounding plant in Altamira was increased by BASF. The company also provided an engineering plastics product line in which the production capacity was increased by 15 KT per annum, including Ultradry and Ultramar. This expansion increased the demand for engineering plastics in Mexico.
Automotive Category of the Application Segment of the Global Plastic Compounding Market to Generate A Substantial Revenue in the Segment in the Projected Period
The Application divides the Plastic Compounding market into Automotive, Building & Construction, Electrical & Electronics, Packaging, Consumer Goods, Industrial Machinery, Medical Devices, Optical Media and Other Applications.
The Automotive category of the Application segment is anticipated to hold the top spot during the projected period. In the past, the Construction industry has been a major user of plastics for various purposes, including insulators, pipe fittings, masonry tools, and materials. Plastic materials can be reshaped to meet their needs. For instance, polyvinyl chloride molecules are combined with flame retardant chemicals to provide a very important component of construction materials. Building insulation is achieved using polyurethane compounding. The building industry frequently uses polystyrene and polypropylene compounding because of its affordability, inherent strength, and stress-free composability. Building designers, contractors, and service consultants always look for ways to improve energy efficiency. Plastic compounding is becoming more popular since it is necessary for more electricity buildings and because energy prices are rising quickly.
On the other hand, the Packaging category is anticipated to grow significantly. Due to the disparate growth across materials and formats, which is significantly fuelling the fundamental shifts in the packaging industry, the adoption of plastic compounding machinery is anticipated to increase significantly. These differences are a by-product of shifting customer habits and market-based product innovation. Moreover, the packaging is the largest end-user market for plastic goods, accounting for more than 40% of global plastic usage. Additionally, consumers have shown a growing preference for packaging made of Plastic because it is lighter and more comfortable to handle.
Asia Pacific Region of the Plastic Compounding Market Forecast to Generate A Major Proportion of the Total Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. The economic environment and the emergence of plastic manufacturers favour growth. The region's automotive, industrial machinery, construction, packaging, and electrical and electronics industries will experience increased demand due to the expanding manufacturing sector. It is the largest producer and consumer of automobiles, consumer goods, and packaging materials that paved the way for regional market growth. Most producers work in one of the value chain segments of the plastics industry. APAC is also one of the leading customers and manufacturers of technological and electrical items, such as equipment and wires, which further fuels the regional demand.
The North America region is expected to grow the fastest in the plastic compounding market. Accelerated infrastructure investment in the U.S. and Mexico will augment product demand in the forecast period. The building market is anticipated to benefit from government rules that assist the housing sector's recovery. Due to rapid modernization, rehabilitation activities in the U.S. and infrastructure development in Canada and Mexico are expected to boost market growth in North America over the forecast period. However, the rising number of COVID-19 true positives in the area has decreased requirements and restricted inter-trade, which has hurt the market's expansion.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Plastic Compounding Market Forecast Report (2023-2030).
Global Plastic Compounding Market Segmentation
By Product
- Polyethylene (PE)
- Polypropylene (PP)
- Thermoplastic Vulcanizates (TPV)
- Thermoplastic Polyolefins (TPO)
- Poly Vinyl Chloride (PVC)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polybutylene Terephthalate (PBT)
- Polyamide
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Other Products
By Application
- Automotive
- Building & Construction
- Electrical & Electronics
- Packaging
- Consumer Goods
- Industrial Machinery
- Medical Devices
- Optical Media
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/plastic-compounding-market-2117
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 61.5 Billion |
| Revenue Forecast by 2030 | USD 99.4 Billion |
| CAGR | 7.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | BASF SE, LyondellBasell Industries Holdings B.V., DuPont de Nemours Inc., Dow Inc, SABIC, Asahi Kasei Corporation, Covestro A, Kratom Polymers Inc., RTP Company Inc., S&E Specialty Polymers LLC, Dynein GmbH & Co KG, Washington Penn Plastics (WPP) Co. Inc., Eurostar Engineering Plastic, Kuraray Plastics Co. Ltd., A. Schulman Inc., Teijin Limited, LANXESS AG, Solvay S.A., Heritage Plastics Inc., MRC Polymers Inc., Flex Technologies Inc., Guangdong Silver Age Sci. & Tech. Co. Ltd., China General Plastics Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/plastic-compounding-market-2117/request-sample |
Browse More Reports from Vantage Library:
- Emulsion Polymer Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/emulsion-polymer-market-2127
- Polymethyl Methacrylate Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/polymethyl-methacrylate-market-2115
- Expanded Polystyrene Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/expanded-polystyrene-market-2114
- Breathable Films Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/breathable-films-market-2099
- Conductive Polymers Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/conductive-polymers-market-2075
- Bioresorbable Polymers Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/bioresorbable-polymers-market-2060
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
