Plastic Compounding Market to surpass USD 8463.4 billion by 2031 from USD 5383.5 billion in 2021 at a CAGR of 4.63% within the coming years, i.e., 2021-31.
The demand for plastic is rising due to its several industrial uses, such as easy molding and the ability to form the chosen shape. Plastic compounding involves an elaborate process with various stages, such as determining additives ratio, high-speed mixing via twin-screw extruders, melt mixing, and cooling, before final pellet cutting and packaging. There is a varied range of products available, depending on the additives and fillers integrated while processing the polymers.
Plastic compounding is a method wherein various materials (polymers and additives) are mixed and melted collected, generally in an extruder, which is afterward pelletized. The material derived through pelleting is later processed into final products (finished or semi-finished).
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Plastic Compounding Market: Key Players
- BASF SE
- LyondellBasell Industries N.V.
- Dow, Inc.
- RTP Company, Inc.
- S&E Specialty Polymers, LLC
- Covestro AG
- Kraton Polymers, Inc.
- Other prominent players
lastic Compounding Market: Segments
Polypropylene (PP) segment to grow with the highest CAGR during 2021-2031
Based on Product, Plastic Compounding Market is segmented into PE, PP, TPV, TPO, PVC, PS, PET, PBT, PA, PC, ABS. The Polypropylene (PP) segment reported for the key market share of Plastic Compounding Market. The PP compounds are widely used in automotive applications due to their large impact resistance and serviceability. The economic growth in Asia and Latin American regions has pushed the growth of the automotive sector, both in terms of vehicle sales and domestic production.
Automotive segment to grow with the highest CAGR during 2021-2031
Based on Application Type, Plastic Compounding Market is broadly segmented into Automotive, Optical Media. By Application type, automotive segment holds the maximum share in Plastic Compounding market share, accounting for 24% of the total revenue in 2020. Increasing incorporation of plastics, as opposed to metals and alloys in automotive components, has been a chief growth-driving aspect for the sector.
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Plastic Compounding Market: Market Dynamics
Increasing demand in infrastructure development
Plastics demand is growing in the construction segment in floorings, insulation materials, storage tanks, performance safety windows, doors, pipes, and cables. Increasing residential and commercial projects in developing economies is driving infrastructural growth. Further, consumer awareness about attractive interiors is growing the demand for these materials in interior designing. A booming construction industry is expected to complement the plastic compounding market during the forecast years.
Components such as increase in pricing of raw materials used in plastic compounding due to fluctuating petrochemical as well as crude oil prices and high substitution potential from its bio-based counterparts are anticipated to hamper the growth of the plastics compounding market. Furthermore, ongoing development in catalyst technologies that is focused on increasing the performance, customization, and yield of PE resins, is expected to provide profitable opportunities in this market.
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Plastic Compounding Market – Regional analysis
- North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
- Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
- Europe market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
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Plastic Compounding Market – Product Segment
- By Product
- By Application
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