REPORT HIGHLIGHT
Plastic compounding market size was valued at USD 62,900.7 Million in 2022, expanding at a CAGR of 7.7% from 2023 to 2030.
Plastic compounds are majorly used in the electrical and electronic industries for antistatic applications and electromagnetic shielding. Additionally, in the automotive industry, they are replacing metal components. As a result, it has helped in car safety by minimizing the vehicle's total weight. Moreover, a wide range of conductivity & flame retardancy and light weight are superior physical properties of plastic compounds. Furthermore, it has also increased performance & fuel efficiency and lowered the carbon emissions of vehicles in the automotive industry, this, in turn, propels the growth of the plastic compounding market.
Plastic Compounding Market- Market Dynamics:
- The use of lightweight materials for the production of automotive parts
- Compounded plastics provide high-impact resistance and exceptional serviceability, which has propelled their usage in the automobile industry. Additionally, several materials including Polypropylene (PP) are largely used in automotive operations owing to their light weight; in the automobile industry these composites replace metal factors to reduce the weight of the vehicles. However, crude oil prices along with fluctuating petrochemical as the raw materials that are used in plastic compounding come from crude oil or petrochemicals, such factors may hinder the market growth. Furthermore, the rising substance of metals, natural rubber, concrete, and glass by plastic is attributed to driving the plastic compounding market growth. Moreover, in several industrial applications on account of its ability to form easy molding and desired shapes are rising demand for plastic. Plastic fittings are considered to be very simple to install as compared to wood fittings or metal. These fittings are also available in a wide range of color combinations, which in turn boosts the plastic compounding market growth.
Plastic Compounding Market- Key Insights:
- As per the analysis shared by our research analyst, the global plastic compounding market is estimated to grow annually at a CAGR of around 7.7% over the forecast period (2023-2030)
- The plastic compounding industry is projected to grow at a significant rate due to the growing adoption of plastic compound in the automotive industry
- Based on product type segmentation, polypropylene was predicted to show maximum market share in the year 2022
- Based on source segmentation, bio-based was the leading type in 2022
- On the basis of region, Asia Pacific was the leading revenue generator in 2022
Plastic Compounding Market- Segmentation Analysis:
- The global plastic compounding market is segmented on the basis of product type, source, application, and region.
- The market is divided into eleven categories based on product type: polypropylene (pp), polystyrene (ps), thermoplastic vulcanizates (tpv), thermoplastic polyolefins (tpo), acrylonitrile butadiene systems (abs), polycarbonate (pc), polyethylene (pe), polybutylene terephthalate (pbt), polyvinyl chloride (pvc), polyethylene terephthalate (pet), polyamide (pa), and others. The polypropylene (pp) segment is likely to possess the market share over the forecast period. In automotive applications, its compounds are largely used due to their high impact serviceability and resistance. Additionally, it has good fatigue resistance and better temperature and chemical resistance. These factors have made PP a popular material for numerous applications in emerging economies and developed economies.
- The market is divided into three categories based on source: bio-based, fossil-based, and recycled. The bio-based segment is expected to dominate the market over the forecast period. The rising consumer demand for green plastic is pushing manufacturers to seek other substitute sources with relatively lower carbon footprints. As a result, it is projected to fuel the demand for bio-based plastic compounds in the near future.
- The market is divided into eight categories based on application: building & construction, consumer goods, industrial machinery, electrical & electronics, automotive, packaging, optical media, medical devices, and others. Automotive is likely to hold the largest revenue share. The growing incorporation of plastics such as alloys and metals in automotive components has been a prime factor driving the segment's growth. Moreover, there has been a significant rise in automotive production, which is driven by the manufacturing landscape and industry growth. This trend is likely to continue, thus increasing demand for compounded plastics.
Plastic Compounding Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Plastic Compounding Market- Competitive Landscape:
The worldwide market is highly fragmented by Small and Medium Enterprises (SMEs). Companies are expanding their production capabilities rapidly to expand their production capabilities to consolidate their market position. Moreover, with the emergence of standalone independent compounders, the industry has witnessed significant capacity expansions. Despite this various end-use corporations including Original Equipment Manufacturers (OEMs) and automotive manufacturers establish strategic agreements with compounders or extend their capabilities for compounding, For instance, in October 2021. Dow, Inc. announced numerous advancements in its efforts to reduce greenhouse gas emissions, prevent plastic waste, and offer customers recycled plastic products that provide the same performance as virgin plastics derived from fossil fuel-based feed stocks.
Recent Developments:
For instance, in August 2022, SABIC announced the SABIC PP compound G3430X and SABIC PP compound G3440X grades. Additionally, these new short-glass fiber-reinforced polypropylene compounds offer enhanced performance and processing for demanding automotive under-hood, exterior and interior applications.
Key features of the study:
- This proposed research study on plastic compounding market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
- The report provides the client the latest up-to-date and trending insights about the plastic compounding market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for plastic compounding market.
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the plastic compounding market.
- Impact of COVID-19 on plastic compounding market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on plastic compounding market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the plastic compounding market, we have also included competitive landscape and key innovator analysis for the plastic compounding market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants who will help users to understand their financial information and strategic initiatives of players operating in the plastic compounding market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global plastic compounding market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL PLASTIC COMPOUNDING MARKET KEY PLAYERS
- LyondellBasell Industries Holdings B.V.
- KURARAY CO., LTD.
- DuPont
- S&E Specialty Polymers, LLC (Aurora Plastics)
- SABIC
- TEIJIN LIMITED
- RTP Company
- Covestro AG
- BASF SE
- Asahi Kasei Corporation
- Washington Penn
- Eurostar Engineering Plastics (EEP)
- Evonik Industries AG
- Dow, Inc.
GLOBAL PLASTIC COMPOUNDING MARKET, BY PRODUCT TYPE
- Polypropylene (PP)
- Polystyrene (PS)
- Thermoplastic Vulcanizates (TPV)
- Thermoplastic Polyolefins (TPO)
- Acrylonitrile Butadiene Systems (ABS)
- Polycarbonate (PC)
- Polyethylene (PE)
- Polybutylene Terephthalate (PBT)
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Polyamide (PA)
- Others
GLOBAL PLASTIC COMPOUNDING MARKET, BY SOURCE
- Bio-based
- Fossil-based
- Recycled
GLOBAL PLASTIC COMPOUNDING MARKET, BY APPLICATION
- Building & Construction
- Consumer Goods
- Industrial Machinery
- Electrical & Electronics
- Automotive
- Packaging
- Optical Media
- Medical Devices
- Others
GLOBAL PLASTIC COMPOUNDING MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA