by The global plastic compounding market size was USD 61.90 billion in 2021 and is projected to reach USD 102.18 billion by 2030, exhibiting a CAGR of 5.7% during the forecast period 2022 – 2030
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Rapidly developing construction and automobile sectors are anticipated to drive the demand for interiors, exteriors, and under-the-hood components. The rising scope of application of plastic compounding in under-the-hood components in the automotive industry, in building interiors and exteriors in the construction & infrastructure industries, and in the electronics, durables, and wires & cables industries is anticipated to fuel the market growth.
However, the COVID-19 outbreak has affected the raw material prices of plastic compounding. Recently, crude oil prices slumped due to the global pandemic. A decline in demand, halts or slowdowns in the manufacturing industry, and restrictions in supply & travel are resulting in the reduction of crude oil prices. Thus, the raw material providers who can procure or store crude oil in the current situation can generate a significant profit margin.
Polyethylene Terephthalate (PET) is the plastic used for manufacturing bottle containers that are used for packaged water and carbonated beverages. As a raw material, PET is recognized as a safe, strong, flexible, non-toxic, and lightweight material that is 100% recyclable. Hence, it has gained wide acceptability and, in turn, is anticipated to drive the market growth over the forecast period.
Asia Pacific was the leading market for the PET compound segment in 2019. Ever-increasing demand for beverages, mainly carbonated and nutritional drinks, is anticipated to drive the regional consumption of PET compounds. This trend is favored by a rise in population, changing lifestyles, and the emergence of domestic beverage manufacturers. The presence of a large pool of contract bottlers in the region shall also increase the scope of the packaging application segment.
Traditionally, the construction industry has been a major consumer of plastics with product applications ranging from pipe fittings and insulation to masonry materials and equipment. Plastic compounds are modified in accordance with their requirements. For instance, flame retardant additives are added to Polyvinyl Chloride (PVC) compounds.
Report Scope of the Plastic Compounding Market
| Report Highlights | Details |
| Market Size | USD 102.89 Billion by 2030 |
| Growth Rate | CAGR of 5.7% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product, Application, Region |
| Companies Mentioned | BASF SE, Kingfa Sci. and Tech. Co., Ltd., Asahi Kasei Corporation, Covestro AG, LyondellBasell Industries Holdings B.V., Celanese Corporation, Polyone Corporation, DowDuPont Inc., SABIC, and Solvay SA |
Report Highlights
- In terms of volume and revenue, polypropylene emerged as utmost consumed plastic compounding product. Its growing production is fueled by great demand from medical device and packaging sectors globally.
- Cumulative need for improved service ability, heat resistance and flame retardancy is likely to trigger growth of the product in electrical and electronics industries
- Construction has emerged as prominent application sector for polyethylene compounds with occupying mass application worldwide
- Bioplastic organizations are finding innovative approaches for manufacturing bioplastics from diverse kinds of raw materials
Some of the significant players in the plastic compounding market include:
- BASF SE,
- Asahi Kasei Plastics
- The Dow Chemical Company
- LyondellBasell Industries N.V.
- SABIC
- Covestro (Bayer Material Science)
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Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2016 to 2027. This research study analyzes market thoroughly by classifying global plastic compounding market report on the basis of multiple factors including application, product and region as follows:
By Application
- Electronics & Electrical
- Automotive
- Packaging
- Building & Construction
- Industrial Machinery
- Optical Media
- Consumer Goods
- Medical Devices
- Others
By Product
- Thermoplastic Polyolefins (TPO)
- Poly Vinyl Chloride (PVC)
- Polypropylene (PP)
- Polyethylene
- Thermoplastic Vulcanizates (TPV)
- Polystyrene
- Polybutylene Terephthalate (PBT)
- Polycarbonate
- Acrylonitrile Butadiene Styrene (ABS)
- Polyethylene (PET)
- Polyamide
- PA 6
- PA 66
- PA 46
- Others
By Source
- Fossil-based
- Bio-based
- Recycled
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Why should you invest in this report?
If you are aiming to enter the global plastic compounding market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for plastic compounding market are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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