The global plastic compounding market size is poised to reach over USD 95,425.3 Million by 2026 and is expected to grow at CAGR 6.9% during the forecast period, 2019-2026.
Plastic compounding is an effective process preparing plastics formulations by blending additives and polymers in the molten state and is normally done by extrusion. In this process characteristics of basic plastics are transformed to create plastic formulations by enhancing its properties. The final product of plastic compounding process is a blend of plastics and additives. Some of the properties exhibited by the plastic compounds include superior physical properties such as wide range of conductivity, flame retardancy, wear resistance, and are light weight. Demand for plastic compounds in various industry verticals such as building and construction, packaging and electrical & electronics is rising due to these associated properties.
The global plastic compounding market is operating at its growth stage of industry life cycle due to diverse demand for thermoplastic plastic products. However, the market is expected to heading towards saturation phase dung the forecast period as result of restriction on the plastic product usage considering rising environmental awareness. Moreover, the growth of this market is driven by diverse product availability, excellent associated properties and widening demand from various end use industries. Plastic compounding includes various processes from determining additive ration to mixing and cooling. Thus depending on the availability of various additives and fillers, the process results into range of final compound products.
Furthermore, high demand from industries such as automotive, electrical & electronics, and construction is significantly contributing in the overall market growth. Plastic compounding products are largely preferred in the automotive industry in order to reduce the overall vehicle weight to increase the fuel efficiency. Trend for light weight automotive parts is surging the demand for light weight plastic product to cater demand for light weight automotive manufacturing by driving the growth of this market. In electrical and electronics industry, these compounding products are adopted due to their thermal and electrical conductivity. Compounding products has high content of conductive fillers that makes it superior electrical conductive. Driven by these factors the growth of this market is restrained by the high VOC content associated with the plastic compounding products linked with the high prices of the plastic compounding products. Prices related issues further expected to challenge the growth of this market. Nevertheless, technological advancement in the filler material technology is expected to offer new growth opportunities to key players in the plastic compounding market.
The market research study on “Plastic Compounding Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Plastic Compounding market. The report also analyzes the key players operating in Plastic Compounding market and identifies the key strategies deployed by them along with the market share of leading players.
The global Plastic Compounding market is segmented as below:
Plastic Compounding Market By Polymer Type
Plastic Compounding Market By End Use
Plastic Compounding Market By Geography
The global Plastic Compounding market is segmented By Polymer Type, End Use, and region.
On the basis of Polymer Type, the market is segmented into polypropylene, polyethylene, polyvinyl chloride, polystyrene & expanded polystyrene, polyethylene terephthalate, polyurethane, acrylonitrile butadiene styrene, other polymers. Polypropylene is the largest segment among other polymer types. Polymer compounds of polypropylene are mostly used in the automotive application due to its associated properties which makes it highly suitable in automotive application. Growing automotive application across the economies such as China, India, Germany and Italy is also driving the adoption of polypropylene plastic compounding products.
On the basis of By End Use, the global Plastic Compounding market is segmented into packaging, building & construction, automotive, electrical & electronics, medical, others. Automotive segment is the largest segment among others. Emergence of plastic as a replacement to melt products due to its cost effectiveness as well as light weight nature is driving the demand for plastic compounding products in the automotive industry. High focus of the automotive manufacturers to reduce the overall vehicle weight is driving the demand for plastic products in the automotive industry which also helps to increase the fuel efficiency. Due to these reasons, manufacturers are shifting their focus towards adoption of plastic compounding products.
Geographically, Plastic Compounding market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
Asia Pacific is the largest regional market among other in plastic compounding market. The region is the largest manufacturer as well as consumers due to presence of wide consumer base as well as well emergence of China as a global manufacturing hub. Also, China is known for the largest automotive manufacturing and is also the largest consumer in the similar industry. Economic reforms and strengthening industrialization across the countries such as India, Japan, and South Korea is further significantly contributing in the regional market growth.
Some of the key players analyzed and profiles in this market Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DowDuPont Inc., Kingfa Sci. and Tech. Co., Ltd., LyondellBasell Industries Holdings B.V., Polyone Corporation, SABIC, and Solvay SA.