The global plastic compounding market size is expected to reach USD 82.90 billion by 2028 according to a new study by Polaris Market Research. The report “Plastic Compounding Market Share, Size, Trends, Industry Analysis Report, By Type (Polyethylene, Polypropylene, Polyvinyl Chloride, Polystyrene, Polyethylene Terephthalate, Acrylonitrile Butadiene Styrene, Others); By End-Use (Electrical & Electronics, Automotive, Consumer Goods, Healthcare, Building & Construction, Industrial, Others); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Plastic compounding is increasingly being used across diverse industries such as automotive, construction, and medical. It offers modified properties such as conductivity, wear resistance, and flame retardance according to specific applications. Growth in industrialization and urbanization across the world, rise in demand for passenger vehicles, and application in the building and construction sector boosts the polymers compounding industry growth.
However, the COVID-19 outbreak has restricted the development of the industry by adversely affecting the automotive, construction, aerospace, and electronics industries. The industry has been impacted by reduced demand, operational challenges, disruption of the supply chain, delayed installations, deferred maintenance, and workforce impairment.
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The type segment has been divided into polyethylene, polypropylene, polyvinyl chloride, polystyrene, polyethylene terephthalate, acrylonitrile butadiene styrene, and others. The polypropylene segment accounted for a significant share in 2020. Polypropylene offers benefits such as high flexural strength, good fatigue resistance, good impact strength, resistance to electricity, and a low coefficient of friction. It is increasingly being used in the automotive sector to replace metal components. The utilization of polypropylene in vehicles results in reduced weight, greater performance, and lower carbon emissions.
Asia-Pacific dominated the global polymers compounding industry in 2020 and is expected to maintain its dominance over the forecast period. Growing industrial growth, urbanization, and growth in the automotive sector support industry growth in this region Increasing construction applications and infrastructure development growth further increase the demand for plastic compounding in Asia-Pacific.
Some leading polymer compounding Market Participants include Arkema Group, AKRO-Plastic GmbH, Asahi Kasei Plastics, Celanese Corporation, BASF SE, Covestro AG LLC, DSM N.V., Dow, Inc., Solvay S.A., DuPont, Kingfa Sci. and Tech. Co., Ltd, Dyneon GmbH & Co KG, Kraton Polymers, Inc., LyondellBasell Industries N.V., Kuraray Plastics Co., Ltd., Resinex, RTP Company, Inc., SABIC, S&E Specialty Polymers, and Teijin Limited.
Market players are collaborating with each other for research and development, strengthening market presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged market participants to leverage new technologies for the development of high-quality products.
Polaris Market Research has segmented the plastic compounding market report on the basis of type, end-use, and region:
Plastic Compounding Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Polyvinyl Chloride
- Polyethylene Terephthalate
- Acrylonitrile Butadiene Styrene
Plastic Compounding End-Use Outlook (Revenue, USD Billion, 2016 – 2028)
- Electrical & Electronics
- Consumer Goods
- Building & Construction
Plastic Compounding Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa