PUNE, India, July 01, 2021 (GLOBE NEWSWIRE) -- The Global Plastic Compounding Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Plastic compounding market size was estimated to be US$ 6.35 billion in 2020 and is expected to reach US$ 11.3 billion by 2031 at a CAGR of 5.9%. Plastic compounding constitutes mainly of combining additives, and admixtures into the base resin with an intention of alteration of original properties of the base material. Additives, admixtures, and fillers are used for making plastics lightweight, making them appropriate for the functional requirement of automotive manufacturers. The call for plastic compound products is rising owing to the various industrial applications. Conveniences such as easy molding, and the ability to form complex detailed designs. Traditional materials like metal or glass lack these advantages when production cost is dealt with.
The plastic compounding market has adapted seamlessly to the concept of environmental friendliness, in the past few years. Plastic compounding has few steps such as determining additives ratio, high-speed mixing with the help of twin-screw extruders, melt mixing, and cooling, before final pellet cutting and packaging of the product. Compounded plastics has been employed in an enormous amount in the automotive industry, electrical and electronics industry, industrial sector, consumer goods, and medical systems owing to their specific occupational properties of the products.
The recent outbreak of the COVID-19 pandemic has scarcely affected the transportation and distribution of the companies dealing in the plastic compounding market.
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Growth driving factors of Plastic Compounding Market
The utilization of plastic-based products on large scale globally in discrete sectors, as opposed to metals and alloys in automotive components, has been a major factor for the plastic compounding market growth.
Over the years, the rise in automotive production is notable. This growth is driven by the expansion of the industry and manufacturing improvisation of emerging markets. China, India, and Southeast Asian countries are the rapidly growing economies amongst the others. These nations are also the major producers of automobiles in the world. They are surfacing as a growing customer base for the plastic compounding market. Also predicted as driving factors for compounded plastics. This trend is evidently expected to continue over the future, thus driving demand for compounded plastics.
An encouraging environment in Asia that cooperates small scale enterprises to develop and government-driven tax incentives for offshore corporations are expected to build up sales of industrial machinery and equipment. Machinery casting companies are observed to funnel their businesses locally, i.e., the establishment of manufacturing units in close vicinity of their customer bases. These factors most presumably will culminate in increasing the consumption of plastic compounds in industrial machinery over the forecast period of 2020-2030.
The huge cost of production in extension to unfavorable conditions like the global COVID-19 outbreak seems to be a hindering factor for the growth of the Plastic compounding market worldwide.
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The leading market segments of the Plastic Compounding Market
Alteration in consumer priority in terms of need-based essential products, is expected to largely impact the demand. Major sectors, such as consumer goods, electronics, automotive, and aerospace, due to hostile transportation outlines in virtue of the COVID-19 outbreak experienced a noteworthy decrease in the plastic compounding market demand.
The initial recovery phase in China witnessed short-term surges in production output. Primarily owing to the pre-made orders from foreign companies. European manufacturing is also designated to overcome as governments are proactively introducing support and stimulation packages to normalize consumer confidence.
Based on the product type segment, thermoplastic polymers are anticipated to amass the largest share in the plastic compounding market due to their versatility of applications and lesser manufacturing costs in correlation to the other segments. Polymers that can be molded, melted, and remolded without reshuffling their physical properties are thermoplastic polymers. Composite materials are easy to repair as the model can be melted, which also makes it easy to remold and recycle them easily. The density of thermoplastic composites is lower in comparison to thermosetting polymers, as result weight-critical applications are manufactured using thermoplastic polymers. Aiding growth of this segment in the Plastic compounding market.
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PVC in the application-based segment will witness demand, peculiarly from the construction industry for door & window brackets, piping, plumbing, electrical cable insulation, and signage. It is further employed in bottles and other non-food packaging. Geographically, a significant boost is observed in the automobile industry in the North American region segment. This is expected to influence the Plastic compounding market positively. Major rise in automotive sales in North America including the U.S. and Canada are considered, which is expected to have a healthy expansion by 2030.
3D printing is in demand strongly from aerospace & defense, healthcare, consumer product industries, and the education sector is expected to fuel Plastic compounding market growth over the forecast period. On that note, the North American plastic compounding market seems to generate robust revenue from 2020- 2030.
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Key player companies in Plastic Compounding Market are:
Asahi Kasei Corporation, Teknor Apex, Celanese Corporation, Sojitz Corporation, Coperion GmbH, LyondellBasell Industries Holdings B.V., RTP Company.
Market Segmentation
- Product
- Polyethylene (PE)
- Polypropylene (PP)
- Thermoplastic Vulcanizates (TPV)
- Thermoplastic Polyolefins (TPO)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Poly-butylene Terephthalate (PBT)
- Polyamide (PA)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Systems (ABS)
- Others
- Application
- Automotive
- Building & Construction
- Electrical & Electronics
- Packaging
- Consumer Goods
- Industrial Machinery
- Medical Devices
- Optical Media
- Others
- Regional
- North America
- The U.S
- Canada
- Rest of North America
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America
- Brazil
- Rest of South America
- North America
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