According to the findings of research report by Grand View Research, Inc.; the global plastic compounding market is anticipated to surpass USD 95 billion by 2025. It is expected to grow at around 7% CAGR during the forecast period (2016 to 2026). Ever increasing demand for plastics in construction, automobile, and electronics applications is anticipated to be the key growth driving factor for the global market. In addition, highly advanced production technologies and additive incorporation methodologies are also projected to drive the market growth over the next few years. Growing preference for lightweight plastics over alloys and metals in various application segments is also estimated to propel the market expansion over the forecast period.
Other factors such as manufacturing process and feedstock availability are also expected to have a positive impact on the market growth over the coming years. On the other hand, strict government regulations forcing manufacturing companies to shift from various chemicals and non-biodegradable materials may pose challenges for the market development. However, the introduction of bio-based plastics is likely to offer lucrative growth opportunities for the market. Furthermore, rapid growth in the construction industry is also likely to contribute toward the market expansion. High demand for and rising awareness about attractive interiors are also boosting the market growth in the interior designing appications.
Full Research Report On Plastic Compounding Market Analysis:
U.S. plastic compounding market revenue by product, 2014 – 2026 (USD Million)
Innovations in technology are also likely to facilitate more effective and faster production. The market is rapidly shifting toward advanced options, such as convective and fluidization blenders, from the traditional batch mixers. This is anticipated further impel market growth in forthcoming years. In addition, advanced mixers and compounding equipment are designed to combine multiple process stages into single equipment including drying, granulation, coating, etc. This factor is also anticipated to bode well for the market in near future.
The global plastic compounding market is categorized based on product type, application or end user, and region. On the basis of product type, the market is further categorized into polypropylene, polyethylene, polyvinyl chloride (PVC), thermoplastic olefins (TPO), thermoplastic vulcanizates (TPV), polyethylene terephthalate (PET), polystyrene, acrylonitrile butadiene styrene (ABS), polyamide, polybutylene terephthalate (PBT), polycarbonate, and others. On the basis of application, the market is segregated into construction, automotive, packaging, industrial machinery, consumer goods, optical media, medical devices, electrical and electronics, and others.
Based on regions, the market is divided into Europe, North America, Asia Pacific (APAC), Middle East and Africa (MEA), and Central and South America. The APAC regional market came up as the biggest consumer for plastic compounds in the past and accounted for almost half of the global market share. Factors such as the advent of several small and medium enterprises (SMEs) and supportive economic scenario have helped significantly in the development of the region in the past. Developing countries in this region, especially China, have been experiencing rapid growth across various end use sectors. This is expected to further contribute to the regional growth.
The Europe plastic compounding market is likely to witness sluggish growth over the forecast period. This is mainly accredited to the shift of automobile manufacturing, the dominant sector in the region, toward eastern European countries, such as Romania, Czech Republic, and Slovakia.
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Global plastic compounding market volume by application, 2016 (%)
The North America market is characterized by high consumer awareness, technologically advanced production processes, and a wide range of end users. It is one of the prominent regional markets with the US being the largest consumer. Rapidly growing rebounding automotive and construction sectors in the US is the primary market driver.
Major companies operating in the global plastic compounding market are LyondellBasell Industries N.V.; E. I. du Pont de Nemours and Company; PolyOne Corp.; Saudi Basic Industries Corp. (SABIC); China XD Plastics Company Ltd.; and Mitsubishi Chemical Corp. Mergers and acquisitions and global business expansion are the major strategies adopted by most market players to strengthen their market hold.
For example, DowDuPont Transportation & Advanced Polymers recently announced the expansion of production capacity at their Mechelen, Belgium site to fulfill the high demand for DuPont Zytel HT. Th is high performance polyamide resin is mainly used in automotive and consumer and electronics industries.
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