Plastic Compounding Market Share, Competitive Analysis and Industry Segments Poised for Growth 2023

Market Analysis:

The Global Plastic Compounding Market is expected to touch USD 7, 62, 472.7 million at a striking 6.03% CAGR over the forecast period (2017-2023). The process of compounding is used for converting the base resin into the desired plastic, which is more effective, uniform and usable in different applications. Traditionally plastics have been utilized in numerous applications including construction materials, electronic components, furniture, toys, packaging and automotive components. The plastic compound manufacturing includes three raw materials or ingredients- Plastic Compounding fillers, plastic compounding additives and plastic compounding polymers. This process allows use of polymer variants namely PP (Polypropylene), PE (Polyethylene) and PVC (Poly Vinyl Chloride) in the creation of an array of products. Based on the effective utilization of compounding methods, plastic has succeeded in emerging as a viable substitute to metal and glass.

There are many factors that is fueling the growth of the Plastic Compounding Market. The different market trends and factors in this market according to an analysis performed by Market Research Future (MRFR) include growing alternative of alloys and metals with plastic counterparts that are lightweight, advancement in technologies, increase in the need for polyethylene in transportation and packaging applications, its increasing demand in consumer goods, automotive components and electrical components, increasing demand for lightweight and high performance vehicles from users, stringent norms taken by the auto regulation authorities towards reduction in weight and efficiency improvement of vehicles and the trend of using recycled and bio-based plastic.

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On the contrary, constant development and updates undertaken by the plastics associations and environmental agencies on recycling norms, environmental policies, application scope and utilization quantity coupled with instability in petrochemical prices may hinder the growth of the Plastic Compounding Market over the forecast period.

Market Segmentation:

In the Market Research Future (MRFR) report, the Plastic Compounding Market has been segmented based on Product and Application.

Based on Product, it is segmented into polybutylene terephthalate, thermoplastic vulcanizates, thermoplastic polyolefins, polycarbonate, polyamide, acrylonitrile butadiene styrene, polystyrene, polyethylene terephthalate, polyvinyl chloride, polyethylene and polypropylene. Of these, polypropylene will have the largest share in the plastic compounding market owing to serviceability and high impact resistance that has propelled its demand in the automotive industry.

Based on Application, the Plastic Compounding Market is segmented into optical media, medical devices, industrial machinery, consumer goods, packaging, construction, electrical and electronics and automotive. Of these, the automotive segment will lead the market owing to plastic playing the chief role in automotive components production.

Regional Analysis:

Based on Region, the Plastic Compounding Market covers growth opportunities and latest trends across North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Of these, the APAC region will remain a lucrative market over the forecast period owing to rising demand from booming electrical and electronics and automotive industries along with exponentially increasing population, rising purchasing power and also the consolidation of the emerging markets including India, Thailand, China and South Korea is anticipated in creating opportunities for market players here. APAC will be followed by Europe which has the second largest share in the market and is expected to stay highly lucrative. The Plastic Compounding Market in North America will have a significant growth owing to rise in automotive production and increasing need for lightweight automobiles.

Key Players:

Leading players profiled in the Plastic Compounding Market include Total SA, LANXESS AG, 3M (Dyneon GmbH), SO.F.TER S.r.l, Covestro AG, Asahi Kasei Corporation, Versalis S.p.A (Eni S.p.A), BASF SE, DowDuPont, INEOS, Borealis, SABIC, and LyondellBasell Industries NV.

Aug 2018- Americhem Inc., the leading materials maker recently had added a line at its plant situated in Suzhou, China for the soft polymer compounding. This will help in convenient polymer compounding such as thermoplastic polyurethane as well as other thermoplastic elastomers. The new line features an automated underwater pelletizer which paves the way for the processing of TPEs, TPU and other similar materials to cater to the rising demand for materials having a soft touch. It will also comprise of high-end twin screw extruders having side feeders, huge drying hopper and liquid feeding system.

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At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr) and Market Research & Consulting Services.