Plastic Compounding Market: Segmented: By Type (Polyethylene (PE), Polypropylene (PP), Poly Vinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Poly-Butylene Terephthalate (PBT), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), and Others), By Application (Packaging, Automotive, Construction, Electronics, Healthcare, and Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[ 170 + Pages Research Report ] Plastic Compounding Market to surpass USD 126.7 billion by 2032 from USD 62.01 billion in 2021 at a CAGR of 6.7% in the coming years, i.e., 2022-32.
Plastic Compounding is a process of forming new plastic materials with enhanced properties. The plastic is melt-blended and is customized with specific additives to achieve the required color, performance, and property. The process includes multiple stages such as determining the ratio of additives, mixing via twin-screw extruders at high speed, melt mixing, and cooling, pellet cutting, and packaging. Materials used in plastic compounding are Polyethylene, Polypropylene, Poly Vinyl Chloride, Polystyrene, Polyethylene Terephthalate, Poly-Butylene Terephthalate, Polyamide, Acrylonitrile Butadiene Styrene, and Others. Plastic compounding is used in different industries such as Packaging, Construction, Automotive, Healthcare, Electronics, and others.
Plastic Compounding market is expected to project a notable CAGR of 6.7% in 2032.
Increasing deployment of plastic components in place of metals and alloys in automobiles and growing infrastructure developments are promoting the growth of Plastic Compounding Market.
Polypropylene (PP) segment holds the largest market share
Plastic Compounding market is classified on the basis of type into Polyethylene (PE), Polypropylene (PP), Poly Vinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Poly-Butylene Terephthalate (PBT), Polyamide (PA), Acrylonitrile Butadiene Styrene (ABS), and Others. Polypropylene (PP) segment is dominating the market with the largest market share. The growth is attributed to the huge demand in the automotive sector owing to the several properties of Polypropylene which helps in improving the fuel efficiency of vehicles. It has high tensile strength, and high chemical resistance, and is durable in extreme temperatures.
Automotive segment holds the largest market share
Plastic Compounding market is fragmented on the basis of applications in Packaging, Automotive, Construction, Electronics, Healthcare, and Others. Automotive segment holds the largest market share. The growth is attributed to the increasing incorporation of compounded plastic in-vehicle components in place of metal and alloys to increase the efficiency of the vehicles. Rising production of automobiles in developing economies is further contributing to segment growth.
Growing Application in the Automobile Industry
Manufacturers in the automobile industry are focusing on reducing weight of the vehicles in order to improve fuel efficiency which has induced the demand of compounded plastic components. Increasing deployment of plastic components in place of metals and alloys in automobiles is contributing to market growth. Developing economies such as India and China have emerged as the manufacturing hub of various automobiles and their components which has created a huge demand for plastic compounding in the region. Increasing demand for alternatives of glass, rubber, wood, and other materials is also creating new opportunities for the plastic compounding market.
Rising Infrastructure Developments and Scope in Other Industries
Growing infrastructure developments in many countries have witnessed the rising application of compounded plastics. Consumer awareness about attractive interiors has increased over time which has created huge demand for these materials in interior designs. Growth in construction projects has induced the demand of plastics in windows, pipes, storage tanks, wires and cables, etc. which is boosting the market growth. Furthermore, compounded plastics are widely used in consumer goods and electronics such as hairdryers, razor, heaters, and mixers as they provide safety against electric shock which is propelling the market growth.
Fluctuating Prices of Raw Materials and Growing Environmental Concerns
The prices of raw materials needed in the production of compounded plastics are uncertain which is restraining the growth of the market. Moreover, increasing awareness regarding the harmful impacts of plastic use on environment and ban on plastic use by government are impeding the growth of compounded plastics.
Plastic Compounding Market: Regions
Plastic Compounding market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is dominating with the largest share in the market and is expected to grow at a significant rate during the forecast period. The growth is attributed to the growing presence of plastic manufacturers, expansion of automotive, packaging, construction, and machinery industries along with favorable business environment. Rapid growth in the population and increasing demand of consumer goods is contributing to the growth in the region.
The global outbreak of coronavirus has adversely affected the economic growth of several countries. The strict imposition of lockdowns and travel bans have led to the shutdown of many businesses. There has been a huge imbalance in the supply and demand of goods and services. Covid-19 has hampered the procurement of raw materials and has caused a huge disruption in the supply chain management. Plastic Compounding market is negatively affected due to Covid-19 as a result of decline in demand and slowdown in production activities.
Plastic Compounding Market is further segmented by region into:
Plastic Compounding Market Segments:
|Market size value in 2021
|USD 62.01 billion
|Revenue forecast in 2032
|USD 126.7 billion
|CAGR of 6.7% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Type, Application, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|LyondellBasell Industries NV, SABIC, BASF SE, DuPont, DOW, Borealis, INEOS, Versalis S.p.A (Eni S.p.A), Asahi Kasei Corporation, Covestro AG, 3M, LANXESS AG, Adell Plastic Inc., Celanese Corporation, Ravago, and Other Prominent Players
Plastic Compounding market size was estimated at USD 62.01 billion in 2021 and is expected to reach USD 126.7 billion in 2032.
Plastic Compounding is a process of forming new plastic materials with enhanced properties. The plastic is melt-blended and is customized with specific additives to achieve the required color, performance and property.
Polypropylene (PP) and Automotive segment accounted for the largest Plastic Compounding market share.
Key players: LyondellBasell Industries NV, SABIC, BASF SE, DuPont, DOW, Borealis, INEOS, Versalis S.p.A (Eni S.p.A), Asahi Kasei Corporation, Covestro AG, 3M, LANXESS AG, Adell Plastic Inc., Celanese Corporation, Ravago, and Other Prominent Players are the key players in the Plastic Compounding market.
Growing Application in the Automobile Industry and Rising Infrastructure Developments and Scope in Other Industries are the factors driving the Plastic Compounding market.
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