Plastic Compounding Market Size, Share, Trend, Business, Opportunity, Top Manufacturers, New Innovations, Competitive Dynamics and Global Industry Outlook 2023

Global Plastic Compounding Market: Information by Product (Polypropylene, Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, and Others), Application (Automotive, Electrical & Electronics, Building & Construction), Region—Forecast till 2023

Pune, India - August 13, 2019 /MarketersMedia/ —

Market Overview:

The Global Plastic Compounding Market is anticipated to surpass a valuation of USD 7,62,472.7 million, attaining a CAGR of 6.03% during the forecast period (2018-2023), Market Research Future (MRFR) unveils in a detailed report. Plastic Compounding can be referred to as a process of transforming the attributes of thermoplastics and basic plastic with the help of additives. Plastic Compounds possess high physical properties like flame retardancy, wide range of conductivity, lightweight, and wear resistance. Due to these attributes, Plastic Compounding is extensively used in building and construction, automotive, electrical & electronics, and packaging industries.

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Competitive Dashboard:

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

Market Potential and Pitfalls:

The surging use of Plastic Compounding across verticals like automotive, optical media, electrical & electronics, packaging, and medical devices is anticipated to dictate the growth trajectory of the market. The increased demand for fuel-efficient lightweight automotive components has further generated new growth avenues for the Plastic Compounding Market. Governments are undertaking initiatives to promote the adoption of lightweight automobiles in order to curb carbon emissions. This is predicted to encourage the market across the globe.

The emerging trend of using recycled and bio-based plastic in the Plastic Compounding Market has paved the way for product portfolio expansions and innovations. The market will experience upswing due to growth strategies employed by industry bigshots in order to sustain market shifts. Moreover, extensive adoption of plastic as a replacement of metal and glass is likely to lead the expansion of Plastic Compounding Market across the globe.

On the contrary, increasing prices of raw materials used in Plastic Compounding, due to fluctuating crude oil and petrochemical prices are considered to hinder the market growth across the globe. Also, high substitution potential from bio-based counterparts is likely to restrict the market growth in the coming years.

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Global Plastic Compounding Market: Segmental Analysis

By Product, the Plastic Compounding Market is segmented into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polystyrene, polycarbonate, polyamide, thermoplastic vulcanizates, thermoplastic polyolefins, polybutylene terephthalate, and others. Of these, the polypropylene segment is likely to acquire a share of 31.07% and register a CAGR of 6.5%, mainly due to its serviceability and high impact resistance.

By Application, the Plastic Compounding Market is segmented into electrical & electronics, automotive, packaging, building & construction, industrial machinery, consumer goods, medical devices, solar mirror, optical media, and others. Of these, the automotive segment is predicted to command the largest share and is likely to register a CAGR of 7.53% in the coming years.

Regional Frontiers:

Geographically, the Plastic Compounding Market spans across Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.

Considering the global scenario, Asia Pacific acquired a market share of 47.6% in 2017 and is predicted to remain lucrative in the long run. The regional market will register a CAGR of 6.25%, mainly due to the soaring demand from the booming electrical & electronics and automotive industries. Increasing purchasing power and ever-increasing population in the region are some of the other major factors contributing to its growth over the years. Moreover, consolidation of emerging regional markets like South Korea, China, and India will create new growth opportunities for the Plastic Compounding Market. Notable growth in commercial and residential projects, especially in developing countries like China and India, will boost infrastructural development.

Europe bags the second spot, acquiring a share of 20.8%. The regional market will remain highly lucrative in the foreseeable future, attaining a CAGR of 5.72%. The booming packaging industry has a vital role to play in augmenting the demand in the market.

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