Plastic compounding is a process that comprises blending and melting of plastics to modify its electrical, physical, and aesthetic characteristics. These blends usually contain copolymers such as acrylonitrile butadiene styrene (ABS) and additives to add value to the final product. It is an economical alternative to glass and metal. The global plastic compounding market report by Market Research Future (MRFR) contains details regarding drivers, restraints, opportunities, and trends for the period between 2017 and 2023 (forecast period).
The global plastic compounding market is set to reach a value of USD 7,62,472.7 million by 2023. It stood at USD 5,36,724.4 million in 2017. Rising consumption of plastics by the automotive industry, demand for light materials in the packaging sector, and growth of end-use industries are factors driving the market growth. The market is touted to expand at 6.03% CAGR during the forecast period.
Compliance with policies of environment regulatory bodies such as Environmental Protection Agency (EPA) and European Union (EU) for reduction of carbon emissions can drive the global plastic compounding market growth. Automotive manufacturers are manufacturing plastic parts and fueling the market demand in the process. Plastic compounds are more durable than steel and accepted in the automotive industry due to its lightweight nature.
A viable replacement for metals, plastics are employed in healthcare goods, consumer goods, automotive, construction, and aerospace sectors. The ability of plastic to be molded into customized shapes and sizes can drive the growth of the global plastic compounding market. Recycling of plastics and the new trend of bioplastics can open new pathways of growth for the market in the coming years.
Fluctuations in raw material prices can hamper the market growth.
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The global plastic compounding market is segmented by product and application.
By product, it is segmented into polypropylene, polyethylene, polyvinyl chloride, polystyrene, polyamide, polycarbonate, thermoplastic vulcanizates, polyethylene terephthalate, polybutylene terephthalate, thermoplastic polyolefins, acrylonitrile butadiene styrene, and others. Polypropylene lead the product segment in 2017 and can drive the global plastic compounding market growth till 2023. It can grow at 6.50% CAGR during the forecast period due to its massive use in the automotive industry. Polyethylene, on the other hand, can exhibit a CAGR of 5.01% during the forecast period due to use in packaging, pharmaceuticals, and automotive.
By application, it is segmented into industrial machinery, packaging, building & construction, automotive, electrical & electronics, optical media, medical devices, solar mirror, consumer goods, and others. Automotive is currently the leading application in the global plastic compounding market and can dominate during the forecast period. It can exhibit a CAGR of 7.53% during the assessment period due to the heavy use of plastics by the automotive sector. Rise in the production rate of passenger vehicles can influence the segment growth till 2023.
North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA) are regions the center of interest in the global plastic compounding market.
APAC can contribute at 6.25% CAGR during the forecast period due to electronics & electrical and automotive sectors. High income levels of customers, cheap labor, and low cost of raw materials can drive the regional plastic compounding market growth.
Europe held the second position in the global plastic compounding market in 2017. It can display a CAGR of 5.72% during the forecast period due to regulations enforced by regulatory bodies for minimizing carbon emissions.
Versalis S.p.A (Eni S.p.A), Covestro AG, SABIC, INEOS, BASF SE, Borealis, LyondellBasell Industries NV, DuPont, Total SA, Asahi Kasei Corporation, 3M (Dyneon GmbH), LANXESS AG, and SO.F.TER S.r.l are prominent players of the global plastic compounding market.
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