Plastic Compounding Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Plastic Compounding Market

The plastic compounding market size was valued at USD 52.74 billion in 2018, and the market is now projected tgrow tUSD 87.11 billion by 2026, exhibiting a CAGR of 6.5% during the forecast period of 2019-2026.

COVID-19 had both positive and negative effects on the global plastic compounding market. In the early period of the pandemic outbreak, the supply chain was disrupted due tfactory closures, a decline in new car and construction industries, and a lack of automotive industry demand. But in other aspects, for instance, health, packaging, and consumer products, a higher demand for plastics was exhibited in the global market due tlikelihood of medical equipment, protective gear, and packaging required by e-commerce and food delivery services. The market alswitnessed increased rates of using sustainable plastic solutions since the corporations aimed at innovating sustainable solutions. In total, the market is stabilizing as industrial processes come back online, but the change is moving forward in a new direction related tstronger and more environmentally friendly supply chains as well as materials. These factors kept the plastic compounding market growth steady.

The use of plastics in construction industry is largely confined tthe insulation of structures as well as property. They alsfind their application in the production of construction products such as flooring, performance safety window, doors, cables and pipes. Advancement in compounded plastic that makes it easy tprovide characteristics like strength, texture, and rust and environmental resistance similar tthose of steel has made it popular in construction firms. In addition, the rising number of the commercial & residential projects along with an increase in consumer awareness about the attractiveness of interiors will create new opportunities for the plastic compounding market tgrow. These factors drive the plastic compound market share.

Plastic compounding is a process, provides a number of enhanced characteristics tvirgin plastics like high strength, low weight, flexibility, beauty, reduced density, electrical insulation, barrier properties, superior weathering and energy conservation. These properties are determined by the type of additives-incorporated during the compounding process. Thus, major plastic compounders are evolving several additives. For example, there is BAYFERROX 360 pigment for plastics and the ACETINE TP LXS 51035 for compounding plastic materials.

Comprehensive Analysis of Plastic compounding Market

The plastic compounding market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided int2 Segments, By Product Type Analysis and By Application Analysis. With regards tproduct, the market is divided intpolyethylene, polypropylene, poly vinyl chloride, polystyrene, polyethylene, poly butylene terephthalate, polyamide, polycarbonate, acrylonitrile butadiene styrene, and other segments. Of these, at present, the polypropylene segment is in the forefront due the large demand arising from automotive sector. Various kinds of Plastic Compounds according tits application industry includes automotive & transport, infrastructure & construction, electrical & electronics, packaging, consumer goods / lifestyle, industrial machinery, healthcare & pharmaceuticals, and others. The automotive & transportation segment are forecasted tmaintain its dominance in the plastic compounding market within the current forecast years due tthe increasing implementation of these plastics in the automotive sector.

The market size in Asia Pacific had a considerable presence in the global market. The expansion of this market in this region due tthe rising automotive industry occasioned by a need tuse low emission vehicles. This region is the largest producer of packaging, electrical-and-electronics, industrial machinery, automobiles and construction materials. Other drivers include the fast industrialization and economic transformation for the growth of this region. Moreover, growing usage of plastic compounding in consumer goods for producing products such as sports equipment, toys, and textile is anticipated tboost the market growth rate.

Asahi Kasei Corporation (Japan), BASF SE (Germany), LyondellBasell (Netherlands), SABIC (Saudi Arabia), Solvay S.A. (Belgium), Celanese Corporation (U.S.), CovestrAG (Germany), DuPont (U.S.), LANXESS A.G. (Germany), Kingfa SCI. & TECH. CO., LTD. (China), Adell Plastics (U.S.), PolyVisions (U.S.), Foster Corporation (U.S.), RTP Company (U.S.), KURARAY CO., LTD. (Japan), MRC Polymers (U.S.), Kraton Corporation (U.S.), and Aurora Plastics LLC (U.S.) are significant players in the Plastic Polymers & Resins market. They are the key player that ensures the industry's success while still having tkeep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In January 2019, Celanese Corporation recently declared that it has committed tacquiring Next Polymers Ltd., a dominant thermoplastics compounder of India. The acquisition will alshelp expand the company’s footprint in India because of its ability toffer nylon and other engineered materials tcustomers.

Segmentation Table

ATTRIBUTE DETAILS

Study Period - 2015-2026

Base Year - 2018

Forecast Period - 2019-2026

Historical Period - 2015-2017

Unit - Value (USD million)

By Product

• Polyethylene (PE)
• Polypropylene (PP)
• Poly Vinyl Chloride (PVC)
• Polystyrene (PS)
• Polyethylene Terephthalate (PET)
• Polybutylene Terephthalate (PBT)
• Polyamide (PA)
• Polycarbonate (PC)
• Acrylonitrile Butadiene Styrene (ABS)
• Others

By Application

• Automotive & Transportation
• Infrastructure & Construction
• Electrical & Electronics
• Packaging
• Consumer Goods / Lifestyle
• Industrial Machinery
• Others

By Region

• North America (U.S. and Canada)
• Europe (Germany, UK, France, Italy, Spain, Poland, and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (Saudi Arabia, Turkey, Egypt, and Rest of the Middle East & Africa)

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