Plastic Compounding Market is expected to grow to USD 932,575.9 million by 2027

by Eric Martin on Nov 1, 2022 Finance 142 Views

The global plastic compounding market is expected to grow from USD 642,738.7 million in 2020 to USD 932,575.9 million by 2027, at a CAGR of 6.4from 2021 to 2027Plastic compounding is changing the properties of basic plastics and thermoplastics by combining plastics and additivesPlastic compounds are lightweight and have exceptional physical features such as a wide range of conductivity, flame retardancy, and wear resistanceThese characteristics boost demand in various industries, including building and construction, packaging, automotive, and electrical and electronics.

Plastic compounds are widely used in the electronic and electrical industries for electromagnetic shielding and antistatic applicationsIn addition, they are replacing metal components in the automotive industryThis has helped in increasing car safety by reducing the total weight of the vehiclePlastic compounding has also lowered the carbon emissions and increased fuel efficiency and performance of vehicles in the automotive industry.  

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An increase in the disposable income of individuals and rapid industrialization across emerging economies such as China and India have fueled the demand for automobilesThe rise in the production of lightweight vehicles and the growth in demand for electric vehicles are some of the major drivers of this marketAsiaPacific is the leading manufacturer of electronic devicesOver the past few years, there has been a growth in the demand for electronic devices across the region owing to technological advancements in the electronic industryMany leading electronic component manufacturers have set up plants in Indonesia, India, South Korea, and ChinaThis is anticipated to drive the growth of this market.

Global Plastic Compounding Market Dynamics

DriversSurge in production of lightweight automobiles

The rise in demand for fuelefficient vehicles to reduce weight, running costs, and fuel consumption result in the penetration of plastic composites into the automotive sectorPlastic composites are lighter and offer stiffness to vehiclesThis factor is expected to boost the demand for plastic compounding in the automotive sectorThe introduction of new car models with more features and wide usage is anticipated to increase the production of composites for automotive applicationsThe environmental regulations about low CO2 emissions and increased fuel efficiency in Europe and the U.Sfurther boost the demand for plastic compounding in the global market.

RestraintsIncrease in prices of plastic compounds

Plastic is manufactured using different thermoplastic and thermosetting polymers such as polypropylene, polycarbonates, acrylonitrile butadiene styrene, and epoxy resinsThese are petroleumbased resins, and the production cost of these resins largely depends on the cost of crude oil pricesIn recent years, a substantial decline and upsurge have been noticed in crude oil prices, and this volatility in crude oil prices is anticipated to restrain the growth of the plastics compounding market.

OpportunitiesAdvancement in filler material technology

Plastics are usually comprised of a base resin compounded with fillers, colorenhancing pigments, plasticizers, and other additivesSeveral resin/additive combinations are used to make different plastic productsPerformance is derived from the chemistry of the base resin and its interaction with the types and proportions of additives usedSeveral ongoing research on plastic to achieve new performance characteristics and the biodegradable features have a high recycle potential or are made from renewable/nonpetroleum materialsThere is also a development of plastics with nanotechnology and composite technology, offering promising growth in highperformance materialsSuch innovations and development in the plastic industry are expected to offer future growth opportunities to the plastic compounding market.

Scope of the Report

The study categorizes the plastic compounding market based on polymer type and endusers at the regional and global levels.

By Polymer Type Outlook (Sales, USD Million, 20172027)

  • Polypropylene (PP)
  • Polyethylene (PE)
  • Polyvinyl Chloride (PVC)
  • Polystyrene (PS& Expanded Polystyrene (EPS)
  • Polyethylene Terephthalate (PET)
  • Polyurethane (PU)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Others

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By EndUse Outlook (Sales, USD Million, 20172027)

  • Automotive
  • Building & Construction
  • Electrical & Electronics
  • Medical
  • Packaging
  • Others

By Region Outlook (Sales, USD Million, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The polypropylene segment is projected to account for the largest market share by polymer type

Depending on polymer type, the global plastic compounding market is classified into polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PSand expanded polystyrene (EPS), polyethylene terephthalate (PET), polyurethane (PU), acrylonitrile butadiene styrene (ABS), and other polymersThe polypropylene segment was accounted for the largest market share as it covered 22.8of the market in 2020Polypropylene is one of the commonly used plastics across the worldIt can be used as plastic as well as fiberPolypropylene is used in food & beverage containers owing to its high chemical resistance and translucent nature.

Moreover, it is widely utilized in several enduse applications such as rigid packaging, automotive, consumer products, and flexible packagingIn addition, the heat resistance of polypropylene makes it conducive for medical and laboratory instruments where autoclaving is requiredPolypropylene is used for compounding as it offers improved surface finish, tensile strength, flexural modulus, and increased conductivity.

Europe accounts for the highest CAGR during the forecast period

Based on the regions, the global plastic compounding market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaGlobally, Europe is estimated to hold the highest CAGR of 6.7in the global plastic compounding market during the forecast periodCountries such as Germany, France, the UK, and Russia, are the major contributors to the revenue of this regionBuilders, architects, and service consultants are constantly looking for ways to enhance energy efficiency in buildingsThus, the plastic compounding market is gaining popularity, owing to improved energy efficiency in buildings and a surge in energy prices.

Plastic compounding is used on a large scale in different packaging industries in EuropeBoth the packaging and automotive industries are valuable markets for plastic compounding products in EuropeThe investment in these products in western to central and Eastern Europe has increased mainly due to the growth of automotive and electrical appliances manufacturersThe increase in packaging, automobile, and electrical appliances industries is expected to provide growth opportunities.

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Key Market Players

The plastic compounding industry is highly concentrated, with only a few companies holding considerable market shares, such as BASF SE, DowDuPont, LyondellBasell Industries Holdings B.V., Solvay, and Covestro AG, and CelaneseThese companies have used a variety of techniques to increase their market share or maintain their dominanceAsahi Kasei Corporation, BASF, DowDuPont, LyondellBasell Industries Holdings B.V., SABIC, Solvay, and PolyOne are among the companies that have chosen to expand their businessesA detailed examination of the major companies in the plastic compounding industry is used to assess top winning methodsA thorough examination of current advancements and growth curves of various organizations aids in understanding their growth plans and their prospective market impact.

 

Article source: https://article-realm.com/article/Finance/30411-Plastic-Compounding-Market-is-expected-to-grow-to-USD-932-575-9-million-by-2027.html

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