Market Scenario
The global manufacturing sector continues to place a tremendous requirement for polymer blends. The Plastic Compounding Market is witnessing a fast expansion as a subsequent upshot of the phenomenon mentioned above. The global market for Plastic Compounding is projected to surpass a valuation of USD 7,62,400 Mn by the year 2023. Polymer blends are likely to remain a sought-after industrial product in the years to come as they find new application opportunities. Plastic compounding allows application of polymer variants such as PVC (Poly Vinyl Chloride), Polyethylene (PE), and Polypropylene (PP) in the manufacturing of a wide range of products. Moreover, there has been an uptick in consumption of plastic in large-scale sectors such as automotive, packaging, electronic, etc., which is supporting the growth of the market. Owing to effective use of compounding techniques, plastic has emerged as a viable alternative to glass and metal.
Global Market for Plastic Compounding-Competitive Dashboard:
Some of the key players profiled in the report by MRFR include LyondellBasell Industries NV, SABIC, Borealis, INEOS, DowDuPont, BASF SE, Versalis S.p.A (Eni S.p.A), Asahi Kasei Corporation, Covestro AG, SO.F.TER S.r.l, 3M (Dyneon GmbH), LANXESS AG, and Total SA.
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Global Market for Plastic Compounding-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on Product and Application. By Product, the market has been segmented into polypropylene, polyethylene, polyvinyl chloride, polyethylene terephthalate, polystyrene, acrylonitrile butadiene styrene, polyamide, polycarbonate, thermoplastic polyolefins, thermoplastic vulcanizates, polybutylene terephthalate, and others. Among these, the polypropylene segment captured 31.07% share of Global Plastic Compounding Market in 2017. The segment is estimated to register a CAGR of 6.5% during the assessment period. The growth of the segment is attributable to its high impact resistance and serviceability which has fueled demand in the automotive sector.
By Application, the Global Plastic Compounding Market is segmented into automotive, electrical & electronics, building & construction, packaging, consumer goods, industrial machinery, medical devices, optical media, and others. Among these, the automotive segment currently accounts for the largest share of the market. The trend is likely to continue in the foreseeable future. The segment is projected to thrive at a robust CAGR of 7.53% across the projection period. Plastic plays a key role in the production of automotive components which is likely to accelerate the growth of the segment.
Regional Outlook:
On the basis of Region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for 47.6% share of the global market in 2017 and is likely to remain highly lucrative market over the next few years. The market in Asia Pacific is estimated to exhibit 6.25% CAGR during the projection period. The growth is attributable to the increase in demand from booming automotive and electrical & electronics industries. Other factors responsible for the rapid expansion of the market are rising purchasing power, exponentially increasing population, etc. Furthermore, the consolidation of emerging markets such as China, South Korea, Thailand, and, India is expected to create opportunities for Plastic Compounding Market players in the region.
Europe will hold the second spot globally, accounting for 20.8% share of the plastic compounding market. The market is likely to remain highly lucrative during the projection period striking a CAGR of 5.72%. The growth of the packaging industry in the region has an important role in boosting the demand in the market. North America is expected to remain a significant growth pocket thriving at 5.17% CAGR. The factor encouraging revenue collection for market participants in the region is an increase in automotive production coupled with rising demand for lightweight vehicles.
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