Market Research Report
Global Plastic Compounding Market: Information by Product (Polypropylene, Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, & Others), Application (Automotive, Electrical & Electronics, Building & Construction), Region-Forecast till 2023
|Published by||Market Research Future||Product code||796843|
|Published||Content info||214 Pages
Delivery time: 1-2 business days
|Global Plastic Compounding Market: Information by Product (Polypropylene, Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, & Others), Application (Automotive, Electrical & Electronics, Building & Construction), Region-Forecast till 2023|
|Published: January 1, 2019||Content info: 214 Pages||
Plastic compounding is a blend of base polymers such as polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC) with an additive. The base polymers are first melted and blended with additives such as anti-oxidants, colorants, and reinforcements to achieve the required properties. Combination of polymers with additive enhances the physical, thermal, and electrical properties of the plastic so as to make it suitable for applications in an array of end-use industries. Various properties of plastics compounding such as lightweight, flexibility, low density, durability, improved barrier resistance, insulation, energy-saving, improved weathering, and aesthetic appeal have increased application of plastics compounding in end-use industries.
According to Market Research Future analysis, the global plastic compounding market is estimated to reach USD 7,62,400 million by 2023 registering a CAGR of 6.03% during the forecast period. The polypropylene was dominant segment, accounted for second-largest market share and was valued at USD 1,67,604.7 million in 2017; it is projected to exhibit a CAGR of 6.50% during the forecast period. The application is increasing in the automotive industry owing to its high impact resistance property. Polypropylene has good fatigue resistance and better chemical and temperature resistance, which has made it a popular material for multiple applications. Thus, the demand for lightweight automotive parts driven by the need for fuel efficient and reduced emission vehicles is favoring the demand for polypropylene. However, the raw materials prices used to produce plastic compounding such as polymers, plastic additives, lubricants, and solvents are volatile. These raw materials are derived from crude oil. Volatile crude oil prices due to political instability, supply-demand gap, and seasonal variations are negatively expected to impact the growth of the global market. The global crude oil prices have witnessed fluctuations over the recent past, which is expected to hindering the global market growth. Moreover, the growing production and consumption of plastic compounds have led to an increase in plastic waste, which is favoring the use of recycled plastic in various end-use industries.
The global plastic compounding market by region is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific accounted for the largest market in 2017 owing to rapid industrialization and infrastructural development activities in the region. For instance, a rapidly increasing automotive and electrical & electronics hub in the ASEAN is a key factor driving the global market growth. The demand for plastic compounding is projected to increase in several countries of Asia-Pacific such as Japan, China, Indonesia, India, and Rest of Asia Pacific. The growth of the residential and industrial infrastructure in these countries is driving the demand for plastic compounds in the construction industry. In 2017, China dominated the regional market with a value of around USD 1,09,316.4 million and is projected to retain its position during the review period with a significant CAGR of 6.63%. Some of the prominent factors driving the growth of the Asia-Pacific market are the continuous growth in the automotive industry, avalibility of low-cost labor, increasing per capita disposable income, and less regulatory norms in developing economies. Furthermore, Europe is expected to be the second-largest regional market due to the growing adoption of lightweight materials in the automotive industry on account of increasing scrutiny on vehicular emissions, and regulatory mandates, which consequebntly will increase the demand for plastic compounding. Increasing investments in industries such as automotive, construction, packaging, and electronics in the emerging economies such as North America and Latin America is projected to create substantial growth opportunities for the players operating in the regions in the coming years
The global plastic compounding market has been categorized based on product, application, and region. On the basis of product, the global market has been segmented into polypropylene, polyethylene, polyvinyl chloride, polyethylene terephthalate, polystyrene, acrylonitrile butadiene styrene, polyamide, thermoplastic polyolefins, polybutylene terephthalate, thermoplastic vulcanizates, polycarbonate, and others. By application, the global market has been divided into automotive, packaging, building & construction, consumer goods, industrial machinery, medical devices, electrical & electronics, optical media, and others. The global plastic compounding market, by region, has been segmented into Latin America, North America, Asia-Pacific, Middle East & Africa, and Europe.
Some of the leading players operating in the global plastic compounding market are Borealis AG (Austria), INEOS (Switzerland), Versalis S.p.A (Eni S.p.A) (Italy), Asahi Kasei Corporation (Japan), Covestro AG (Germany), SO.F.TER S.r.l (Italy), 3M (U.S.), Lanxess AG (Germany), DowDuPont (U.S.), and BASF SE (Germany), among others.
The report covers a brief analysis of geographies such as:
The global plastic compounding market is estimated to reach USD 7,62,472.7 million by 2023 registering a CAGR of 6.03%. Asia-Pacific is expected to be the dominant regional market with around 47.7% share due to large volume consumption of plastic compounding in the automotive industry. China is the leading country in Asia-Pacific due to the recent trend of electric vehicles which has surged the application of plastic compounding in automotive components replacing metal parts. In addition, increasing investments in construction activities across Saudi Arabia and UAE is expected to boost the demand for plastic compounding in the building & construction industry. The polypropylene is estimated to be the promising segment during the forecast period, with a share of 31.2% of the global plastic compounding market in 2017, while the polyethylene terephthalate segment is projected to register the highest CAGR of 7.25% during the assessment period.