Plastic Compounding Market Outlook
According to a new report by Expert Market Research titled, “Global Plastic Compounding Market Share, Size, Trends, Growth, Key Players, Report and Forecast 2024-2032, the global plastic compounding market reached a value of approximately USD 63.4 billion in 2023. Aided by the increasing demand for lightweight, cost-effective materials across various industries and the expanding applications of plastic compounds, the market is projected to further grow at a CAGR of 7.10% between 2024 and 2032 to reach a value of USD 95.15 billion by 2032.
Plastic compounding is a process of blending plastics with additives to impart or enhance desired properties such as flame retardancy, UV stabilisation, durability, and tensile strength. These compounds are used in a wide array of applications, including automotive, construction, electrical and electronics, packaging, and consumer goods, owing to their versatile characteristics and economical aspects.
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The escalating demand for lightweight and durable materials across various industries is a significant driver for the global plastic compounding market growth. With industries like automotive and aerospace constantly striving to enhance fuel efficiency and reduce emissions, there has been a substantial shift towards the use of plastic compounds. These materials offer a comparable performance to metals but at a fraction of the weight, contributing to increased energy efficiency.
Moreover, the broadening applications of plastic compounds across numerous industries significantly propel the plastic compounding market development. In the automotive industry, plastic compounds are utilised for interior, exterior, and under the hood components due to their resistance to chemicals, heat, and impact. The construction industry employs plastic compounds for piping, insulation, and windows owing to their durability and cost-effectiveness. In the packaging industry, plastic compounds are favoured for their lightweight and flexible properties.
Additionally, ongoing innovations in plastic compounding technologies, such as the development of bio-based and recycled plastic compounds, offer promising growth prospects. The increasing environmental concerns and the push for sustainability have led to a rise in the use of these green alternatives, promoting the plastic compounding market expansion.
Furthermore, the growing demand for electrical and electronic goods, fuelled by the digitalisation trend, has amplified the need for plastic compounds. These materials find extensive use in the insulation of wires and the manufacturing of electronic components due to their excellent electrical resistance and flame-retardant properties.
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Plastic Compounding Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
- Polyethylene (PE)
- Polypropylene (PP)
- Thermoplastic Vulcanizates (TPV)
- Thermoplastic Polyolefins (TPO)
- Poly Vinyl Chloride (PVC)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polybutylene Terephthalate (PBT)
- Polyamide
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Others
Market Breakup by Application
- Automotive
- Building and Construction
- Electrical and Electronics
- Packaging
- Consumer Goods
- Industrial Machinery
- Medical Devices
- Optical Media
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global plastic compounding companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BASF SE
- Arkema Group
- AKRO-PLASTIC GmbH
- DuPont
- LyondellBasell Industries Holdings B.V.
- Aurora Plastics LLC
- SABIC
- Solvay SA
- Evonik Industries AG
- Kuraray Co., Ltd.
- LANXESS AG
- Covestro AG
- The Dow Chemical Company
- Celanese Corporation
- Avient Corporation
- Washington Penn
- Teijin Limited
- EuroPlas (European Plastics Joint Stock Company)
- Others
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