OTTAWA, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The global plastic compounding market size was valued at US$ 58.79 billion in 2019 and is projected to record compound annual growth rate (CAGR) of around 6.71% during period 2020 to 2027. View More Details - https://www.precedenceresearch.com/plastic-compounding-market
The global plastic compounding market size is expected to hit around US$ 104.1 billion by 2027.
Plastic compounding involves blending of plastics with additives in the molten phase. In this process of compounding characteristics and properties are altered to match the specification of particular application. The end product produced with this process is known as compound or composite. Polyethylene Terephthalate is the plastic utilized for producing bottle containers employed for carbonated beverages and packaged water. As a raw material, Polyethylene Terephthalate (PET) is knows as a robust, lightweight flexible, safe, non-toxic material which is 100% recyclable. Due to these properties it has attained extensive acceptance. All this advantages in turn are projected to spur the plastic compounding market growth during coming years.
Growing demand of design, more durable, necessity for lightweight and low emission materials are some of the factors that are pushing plastics and polymer sector to cultivatenovel and inventive materials. Polymer compound and material improvementoccurs in each stage of polymer research and development process to manufacture materials with divers equalities, to the base material or to create material with anticipated properties with the help of multiple additives.
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Growth Factors
Plastic is extensively used in numerous activities of infrastructure sector. Plastic compounding is regularly being utilized to widen the utility and life of outdated building materials, and helps them to function more economically and reliably. Augmented use in the infrastructure area is one of the prominent influencing factors for the growth of plastic compounding market globally. Infrastructure sector is showing tremendous growth on account of rising development of new highways/expressways, airports, modern seaports, multi-modal logistics parks and metro-rail. Government organizations further support the various development activities in the infrastructure sector across the world. There are numerous regulations and rules on the development of roads, airports, highways, and railways to enhance specific country’s economy.
Report Highlights
- In terms of volume and revenue, polypropylene emerged as utmost consumed plastic compounding product. Its growing production is fueled by great demand from medical device and packaging sectors globally.
- Cumulative need for improved service ability, heat resistance and flame retardancy is likely to trigger growth of the product in electrical and electronics industries
- Construction has emerged as prominent application sector for polyethylene compounds with occupying mass application worldwide
- Bioplastic organizations are finding innovative approaches for manufacturing bioplastics from diverse kinds of raw materials
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Regional Snapshots
In 2019, Asia Pacific occupied majority of the revenue share of the global plastic compounding market which was around 42%. This growth is on account of augmented applications in numerous sectors including consumer goods, automobiles, electronics, packaging, and construction among others. This region attracted several manufacturers due to low cost labor, economical manufacturing units set up, and cheap raw resources. Certain noticeable players in Asia Pacific have introduced innovative products and broadened their business units. Europe has also appeared as rapidly growing market for plastic compounding. Germany, France, Russia and UK, are the some of the keyrevenue generating markets in this region. Different federal level agencies including European Commission and European Chemicals Agency (ECHA) have pigeonholed rigorous environmental guidelines related to the consumption and production of the materials. These regulations are pushing players to improve processes and to advance ecological products and technologies.
Developing nations including Mexico are likely to profit from mounting building and construction expenditure and preference of users forusing lightweight and maintainable building materials instead of conventional materials.
Key Players & Strategies
Global plastic compounding market is extremely fragmented with more than 60% share captured by SMEs. Players are speedily intensifying their fabrication competences to amalgamate their market status. This industry has observed noteworthy capacity developments in China due toadvent of standalone independent compounders. Backward integration is one of the foremost industry-wide drifts in the compounding business that is also happening in other facets of the plastics sector.
Strategic acquisitions and new production facilities are also identified as major factors that will drive market growth. Continuously rising requirement for resins, polymers, and plastic compounds from multiple end-user sectors including construction, automotive, healthcare, and packaging, consumer and electronics industries among others are further pushing the market growth. Suchrising demand for plastic compounds has fortified market participants to develop their market presence with the help of strategic mergers and acquisitions and starting new fabrication facilities. For example, LyondellBasell acquired A. Schulman Inc. in order to upsurge their resin and plastic compounds production. Likewise, RTP Company startednew-fangled production facilities in the Poland and US and are scheduling to surge their manufacturing capability of its current facility in Wisconsin, U.S..
Market Segmentation
By Application
- Electronics & Electrical
- Automotive
- Packaging
- Building & Construction
- Industrial Machinery
- Optical Media
- Consumer Goods
- Medical Devices
- Others
By Product
- Thermoplastic Polyolefins (TPO)
- Poly Vinyl Chloride (PVC)
- Polypropylene (PP)
- Polyethylene
- Thermoplastic Vulcanizates (TPV)
- Polystyrene
- Polybutylene Terephthalate (PBT)
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene (PET)
- Polyamide
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- France
- Germany
- Italy
- Asia Pacific
- China
- Japan
- India
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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