Plastic Compounding Market Size Worth $ 129.55 Billion By 2032 | CAGR: 7.1%

The global plastic compounding market size is expected to reach USD 129.55 billion by 2032, according to a new study by Polaris Market Research. The report “Plastic Compounding Market Share, Size, Trends, Industry Analysis Report, By Source (Fossil-based, Bio-based, Recycled); By Product; By End-use; By Region; And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

A major factor propelling the market is the increasing need for automobiles, especially in developing nations like China & India. The need for automobiles is predicted to rise sharply as these nations' fast industrialization and rise in personal disposable income continue. The trend toward lighter vehicle production and the growing demand for electric cars also favor the growth. Worldwide sales of electric vehicles (EVs) have been increasing, with Europe, China, and the United States accounting for over 95% of total sales by 2022.

Outside of China, (EMDEs) make up a minor percentage of the global EV industry, but demand for EVs has lately increased. India, Indonesia, and Thailand had strong growth in electric mobility in 2022, with electric car sales more than tripling from 2021 levels. China's overall sales of electric light commercial vehicles (LCVs) are selling more than 130,000 units, with electric cars accounting for approximately 15% of LCV sales.

Additionally, lightweight materials like plastics are becoming increasingly necessary as automakers try to make their cars lighter to comply with emissions regulations and increase fuel economy.

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Growing industrialization and urbanization have led to a significant demand for plastic compounding in several sectors. While compounded plastics are essential to the packaging industry due to their adaptability and preservation characteristics, polymers such as PVC mixes are essential for durable and versatile building materials in the development of cities.

Furthermore, there have been notable advancements in R&D and technology. The use of alternatives like bioplastic or recycled plastic is on the rise as they reduce the damage to the environment. Bioplastics may be produced from naturally occurring renewable materials and utilized as food packaging material. Bio-plastic films use natural elements like licorice root and the starch from tamarind and berry seeds.

Plastic Compounding Market Report Highlights

• Polypropylene dominated the market, owing to its fatigue resistance and good chemical and temperature resistance
• Fossil- based segment accounted for the largest revenue share, owing to its broad use in industries such as packaging, building and construction, and automotive
• The packaging segment will grow at rapid pace, due to a variety of physical processes and combine with additives to provide affordable packaging solutions
• Asia Pacific dominated the market, primarily due to rapid industrialization and urbanization
• The global key market players include BASF, Dow DuPont, Dyneon GmbH, Kuraray Plastics, Lyondell Basell Industries, and SABIC.  

Polaris Market Research has segmented the Plastic Compounding market report based on source, product, end-use, and region:

Plastic Compounding, Source Outlook (Revenue - USD Billion, 2019 - 2032)

• Recycled
• Bio-based
• Fossil-based

Plastic Compounding, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Polypropylene
• Polyethylene
• Thermoplastic Polyolefins
• Thermoplastic Vulcanizates
• Polystyrene
• Polyethylene Terephthalate
• Polyvinyl Chloride
• Polybutylene Terephthalate
• Polyamide
• Polymethyl Methacrylate
• Acrylonitrile Butadiene Styrene
• Polycarbonate
• Polyurethane
• Others

Plastic Compounding, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

• Consumer goods
• Electrical & electronics
• Packaging
• Medical devices
• Optical media
• Industrial machinery
• Building & construction
• Automotive
• Aerospace & Defense
• Others

Plastic Compounding, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest Middle East & Africa

Plastic Compounding Market Report Scope