Plastic Compounding Market Share, Size, Trends, Industry Analysis Report, By Source (Fossil-based, Bio-based, Recycled); By Product; By End-use; By Region; And Segment Forecasts, 2024 - 2032
The global plastic compounding market size is expected to reach USD 129.55 billion by 2032, according to a new study by Polaris Market Research. The report “Plastic Compounding Market Share, Size, Trends, Industry Analysis Report, By Source (Fossil-based, Bio-based, Recycled); By Product; By End-use; By Region; And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
A major factor propelling the market is the increasing need for automobiles, especially in developing nations like China & India. The need for automobiles is predicted to rise sharply as these nations' fast industrialization and rise in personal disposable income continue. The trend toward lighter vehicle production and the growing demand for electric cars also favor the growth. Worldwide sales of electric vehicles (EVs) have been increasing, with Europe, China, and the United States accounting for over 95% of total sales by 2022.
Outside of China, (EMDEs) make up a minor percentage of the global EV industry, but demand for EVs has lately increased. India, Indonesia, and Thailand had strong growth in electric mobility in 2022, with electric car sales more than tripling from 2021 levels. China's overall sales of electric light commercial vehicles (LCVs) are selling more than 130,000 units, with electric cars accounting for approximately 15% of LCV sales.
Additionally, lightweight materials like plastics are becoming increasingly necessary as automakers try to make their cars lighter to comply with emissions regulations and increase fuel economy.
Growing industrialization and urbanization have led to a significant demand for plastic compounding in several sectors. While compounded plastics are essential to the packaging industry due to their adaptability and preservation characteristics, polymers such as PVC mixes are essential for durable and versatile building materials in the development of cities.
Furthermore, there have been notable advancements in R&D and technology. The use of alternatives like bioplastic or recycled plastic is on the rise as they reduce the damage to the environment. Bioplastics may be produced from naturally occurring renewable materials and utilized as food packaging material. Bio-plastic films use natural elements like licorice root and the starch from tamarind and berry seeds.
Plastic Compounding Market Report Highlights
Polypropylene dominated the market, owing to its fatigue resistance and good chemical and temperature resistance
Fossil- based segment accounted for the largest revenue share, owing to its broad use in industries such as packaging, building and construction, and automotive
The packaging segment will grow at rapid pace, due to a variety of physical processes and combine with additives to provide affordable packaging solutions
Asia Pacific dominated the market, primarily due to rapid industrialization and urbanization
The global key market players include BASF, Dow DuPont, Dyneon GmbH, Kuraray Plastics, Lyondell Basell Industries, and SABIC.
Polaris Market Research has segmented the Plastic Compounding market report based on source, product, end-use, and region:
Plastic Compounding, Source Outlook (Revenue - USD Billion, 2019 - 2032)
Recycled
Bio-based
Fossil-based
Plastic Compounding, Product Outlook (Revenue - USD Billion, 2019 - 2032)
Polypropylene
Polyethylene
Thermoplastic Polyolefins
Thermoplastic Vulcanizates
Polystyrene
Polyethylene Terephthalate
Polyvinyl Chloride
Polybutylene Terephthalate
Polyamide
Polymethyl Methacrylate
Acrylonitrile Butadiene Styrene
Polycarbonate
Polyurethane
Others
Plastic Compounding, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)
Consumer goods
Electrical & electronics
Packaging
Medical devices
Optical media
Industrial machinery
Building & construction
Automotive
Aerospace & Defense
Others
Plastic Compounding, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest Middle East & Africa