The global plastic compounding market size is projected to reach USD 112.08 billion by 2030, advancing at a CAGR of 7.4% during the forecast period. The continued expansion observed in various major end-use industries such as construction, electrical & electronics, packaging, and automotive is expected to be a significant factor enabling market growth. The various desirable properties of plastic such as low cost and the ability to turn the material into the required shape and form with ease have been an important reason for the high adoption of plastic in various industries. Developed as well as developing economies are witnessing widespread demand for plastic compounds, as they prove to be critical in a number of processes.
The demand for polyethylene terephthalate (PET) is expected to witness significant growth in the United States in the coming years, on account of its increasing demand in the packaging business. PET is notable as a raw material in plastic bottle production, with companies aiming to implement Good Manufacturing Practices for optimally using and conserving available resources. A variety of products can be manufactured through the integration of different fillers and additives in the process, which include antioxidants, colorants, lubricants, flame retardants, processing aids, blowing agents, and light stabilizers, among many others. The construction sector is an important enabler of market growth, as a number of aspects such as pipe fittings, insulation, and other materials and equipment are being prepared by utilizing plastic components. The addition of flame-retardant chemicals to PVC components has been a significant aspect with regard to building materials.
The market has witnessed growth across both developed and developing regions, as plastic has become an important material in almost every major industry. For instance, Asia Pacific is a major revenue generator for the PET compound segment, on account of the rising popularity of nutritional and carbonated drinks in the region. On the other hand, in the North American region, the rapidly growing construction sector is expected to aid industry progress in the near future. In the Middle East, countries such as Qatar and the UAE have witnessed substantial developments in the construction sector, with many real estate projects looking into the use of innovative materials in the construction process. This has led to significant investments in the r
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esearch and development of plastic compounds in the region.
Plastic Compounding Market Report Highlights
• Plastic fittings offer various advantages over conventional wood or metal fittings, as they can be installed very easily; furthermore, they can be very tightly sealed, which keeps them protected from outside elements such as water and dust. Plastics have various other desirable properties that have made the industry expand steadily in recent years
• Various additions can be made to the plastic in raw form, in order to impart usable properties to the final product. For instance, when it comes to food packaging, compounding processes are available that make plastic safe for food items. Fire retardants can also be added in order to help prevent combustion, particularly in the construction industry
• Polyethylene is expected to have a significant share in the market in the coming years, owing to its high usage rate in industries such as construction, automotive, and packaging. The demand for the product in food packaging applications is high, as the popularity of packaged food items grows steadily
• In terms of application, the automotive segment accounted for the highest revenue share in 2021. Plastics are increasingly being preferred to metals and alloys while building automotive components, which has driven industry growth. The increasing production of fuel-efficient vehicles that adhere to government norms for reducing pollution is one of the major drivers
• Asia Pacific led the market with over 40% revenue share in 2021. The region has witnessed a rapid emergence of plastic manufacturers, while established companies have been quick to set up facilities in the region. Additionally, the region has become a hub for the production of electronic components and automotive, which has resulted in steady industry advancement
• Companies involved in the plastic compounding market aim to drive their growth through acquisitions and capacity expansions, as well as new product and technology launches. Additionally, there is also an increasing focus on the development of sustainable and efficient products, with significant investments being made to achieve such objectives
Plastic Compounding Market Report Segments
Plastic Compounding Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
• Polyethylene (PE)
• Polypropylene (PP)
• Thermoplastic Vulcanizates (TPV)
• Thermoplastic Polyolefins (TPO)
• Poly Vinyl Chloride (PVC)
• Polystyrene (PS)
• Polyethylene Terephthalate (PET)
• Polybutylene Terephthalate (PBT)
• Polyamide (PA)
• Polycarbonate (PC)
• Acrylonitrile Butadiene Styrene (ABS)
Plastic Compounding Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
• Building & Construction
• Electrical & Electronics
• Consumer Goods
• Industrial Machinery
• Medical Devices
• Optical Media
Plastic Compounding Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players in the Plastic Compounding Market
• BASF SE
• LyondellBasell Industries Holdings B.V.
• Dow, Inc.
• DuPont de Nemours, Inc.
• RTP Company
• S&E Specialty Polymers, LLC (Aurora Plastics)
• Asahi Kasei Corporation
• Covestro AG
• Washington Penn
• Eurostar Engineering Plastics (EEP)
• KURARAY CO., LTD.
• TEIJIN LIMITED
• Evonik Industries AG
• Dyneon GmbH & Co KG