Plastic Compounding Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Plastic Compounding Market: Information By Product (Polypropylene, Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate and Others), By Application (Automotive, Electrical & Electronics, Building & Construction) – Forecast till 2028” the market is projected to be worth USD 985,743.6 million by 2028, registering a CAGR of 6.75% during the forecast period (2021 – 2028).
Market Competitive Analysis:
The list of prominent players in the plastic compounding market profiled includes:
- BASF SE
- INEOS
- SABIC
- DuPont
- LyondellBasell Industries NV
- Borealis
- Asahi Kasei Corporation
- F.TER S.r.l
- Versalis S.p.A (Eni S.p.A)
- Covestro AG
- Total SA
- LANXESS AG
- 3M (Dyneon GmbH), among others.
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Market Scope:
Plastic compounding refers to converting the characteristics of thermoplastics and basic plastics with the use of a mixture of additives and plastics. Plastic compounds possess extraordinary physical properties like wear resistance, flame retardancy, a broad range of conductivity, and light in weight. These characteristics cause a surge in demand in the number of electrical & electronics, packaging, building and construction, and automotive, thus causing a boost in the development of the global plastic compounding market. Plastic compounds are broadly used in the electronic and electrical sectors for antistatic applications and electromagnetic shielding.
They have also been useful in increasing vehicles' performance and fuel efficiency and lowering its carbon emissions, boosting the demand for plastic compounding in the automotive industry. The growing applications of plastic compounding in the underhood components in the automotive industry for the development of interiors and exteriors in construction and infrastructure industries, wire and cable industries, in electronics and durables are likely to boost the growth of the market.
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Market USP Covered
Market Drivers
The global plastic compounding market has recorded a massive growth over the recent years. The growth of the market is attributed by number of factors. The growing demand for fuel-efficient lightweight automotive parts has been providing lucrative opportunities for the growth of plastic compounding market. Supportive measures by governments to promote lightweight vehicles adoption in order to cut down carbon emissions is likely to boost the growth of the market. The use of the compounding techniques has resulted into making plastic a suitable replacement for metal and glass which is anticipated to cause upsurge in the market growth. Moreover, flourishing packaging industry is projected to play a vital part in the boosted revenue generation for players in the plastic compounding market. Additionally, the increase in plastic application in large-scale sectors like automotive and electronics is anticipated to propel the market growth in forecasted period.
Market Restraints
However, there are certain challenges market has to face and are likely to restrict the market growth. The fluctuations in the prices for the raw materials used is one the primary market restraints anticipated to impede market growth.
COVID-19 Impact
The conditions of market entities are changing evidently in the course of the COVID-19 crisis that is projected to have considerable rippling effects on a major level, particularly for packaging and medical applications markets that have managed to do well during the pandemic. On the other hand, transactions into some durables and automotive industries have implied strained growth which in turn causes negative impact on the growth of plastic compounding market. Furthermore, trends like automakers shifting to offering and producing ventilators in the pandemic's initial days is one the major impact on the market growth.
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Segment Overview
The global plastic compounding market is bifurcated into numerous segments on the basis of region, product and application. Based on product, the classification is done as thermoplastic elastomers, thermosetting polymers and thermoplastic polymers. Among these types, polypropylene, a type of thermoplastic polymers is likely to dominate the global plastic compounding market with maximum market share of 31.07%.
On the basis of applications, the classification is done as electrical & electronics, consumer goods, aerospace, automotive, construction and others. Currently, the automotive segment reports for the largest market share in the global market and the segment is also likely to have a robust CAGR of 7.53% throughout the projected period.
Regional Analysis
Based on geography, the plastic compounding market is divided into regions like North America, Asia Pacific, Middle East and Africa, Europe and South America. The plastic compounding market for Asia Pacific has managed to lead the market globally. It is likely to register a healthy CAGR of 6.25% in the projected era. The primary reason causing market growth in the region is the rise in need from the thriving automotive industries. The rising population in countries like South Korea, China, India and Thailand is inducing the consolidation of developing markets for producing prospects for plastic compounding market companies in the area.
Furthermore, Europe region has accounted for the second spot in the global plastic compounding market. This is mainly attributed by the development of the packaging industry in the region. The Americas plastic compounding market is likely to record an astonishing growth in the coming times with a robust CAGR of 5.17% the growth of the market is anticipated to be propelled by elevated automotive manufacture linked with rise in demand for lightweight vehicles.
Segmentation of Market covered in the research:
Bioresorbable Polymers Market Research Report: Information by Type (Agro-Polymers [Proteins and Polysaccharides] and Bio-polyesters [Polyglycolic Acid, Polylactic Acid, Polycaprolactone, Polydioxanone, and others]), Application (Orthopedics, Drug Delivery, and Others) and Region (Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa) – Forecast till 2028
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