Southeast Asia Plastic Compounding Market Size, Share & Trends Analysis Report By Product (Polyethylene, Elastomers, Ethylene Vinyl Acetate, Polypropylene, Thermoplastic Vulcanizates), By Application, By Country, And Segment Forecasts, 2023 - 2030

Southeast Asia Plastic Compounding Market Size, Share & Trends Analysis Report By Product (Polyethylene, Elastomers, Ethylene Vinyl Acetate, Polypropylene, Thermoplastic Vulcanizates), By Application, By Country, And Segment Forecasts, 2023 - 2030

Southeast Asia Plastic Compounding Market Growth & Trends

The Southeast Asia plastic compounding market size is expected to reach USD 7171.89 million by 2030, to expand at a CAGR of 5.79% from 2023 to 2030 according to a new report by Grand View Research, Inc. The demand for plastic compounding is anticipated to rise owing to the increasing usage of conventional plastics in various industries, such as electronics, healthcare, wire & cable, construction, and automotive. The use of plastic compounded products in automotive applications owing to the reduction of fuel consumption is expected to boost the plastic compounding market in Southeast Asia.

Properties exhibited by thermoplastic polymers, including durability, flexibility, strength, antimicrobial properties, and Ultraviolet (UV) tolerance, enable their utilization in the packaging industry and consumer goods. Advancements in chemical resistance and UV protection help in increasing the shelf life of packaged food products and also promote reusability, creating further opportunities for plastic compounds in the food packaging industry.

Plastic compounding solutions for automotive, building & construction, electrical & electronics, packaging & consumer goods have witnessed a rapid growth over the past few years owing to the growing transportation activities and manufacturing in major countries. The need for protective packaging for heavy and lightweight items during transit to prevent breakage and damage is anticipated to increase demand for efficient and improved impact-resistant packaging materials.

The presence of stringent regulations regarding recyclability and the depletion of conventional materials, such as wood and metal, are factors expected to drive the demand for compounded plastics in floorings, pipes, windows, insulation, cables, and storage tanks used in construction industry. Plastics are considered to be much more durable and energy saving (less heat consumption as compared to metals) with superior properties and cost-effective, which promotes their application in construction industry.

Southeast Asia Plastic Compounding Market Report Highlights

• In terms of revenue, the polyethylene terephthalate (PET) product accounted for a prominent share of the market in 2022 and is further expected to witness prominent growth over the forecast period.
• Automotive application dominated the market and accounted for more than 24.0% of the revenue share in 2022. Plastic compounding are suitable for automotive applications for their physical properties including such as low thermal expansion, high stiffness, light weight, dimensional stability, resistance to moisture, good scratch resistance, and impact resistance in low temperatures.
• As of 2022, Thailand accounted for more than 25.0% of the market share in terms of revenue. The market in the country is expected to witness new investments by OEMs in light of increasing spending by automotive manufacturers for new components. The rise in construction industry in the country is likely to augment the demand for furniture, thereby propelling plastic compounding market over the forecast period.
• Due to the rising use of expanded polystyrene in the consumer products market, major top players are constantly exploring to expand their manufacturing facilities. For instance, In September 2021, BASF SE launched a solution named IrgaCycle of new additives for mechanical recycling of plastics. The new IrgaCycle line of additive products comprises items that can help raise the proportion of recycled material in a number of end-use industries, including automotive & transportation, packaging, and building & construction.

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