Latest Research report on Plastic Compounding Market Size predicts favourable growth and forecast
According to a new report published by KD
Market Insights, titled, "Plastic Compounding Market by
Polymer Type and End Use: Global Opportunity Analysis and Industry Forecast,
2019 - 2026," the global market was valued at $565,416.7 million in 2018,
and is projected to reach $932,330.5 million by 2026, growing at a CAGR
of 6.4% from 2019 to 2026.
Plastic compounding is a process of preparing
plastic formulations by blending polymers and additives in a molten state.
These blends are automatically treated with fixed set points usually through
feeders. It is usually a blend of copolymers such as styrene acrylonitrile
resin (SAN), acrylonitrile butadiene styrene (ABS), and styrene maleic
anhydride (SMA) with additives such as UV-stabilizers, antioxidants and other value
adding agents and sometimes strengthening component such as glass fiber, is
added.
In addition, rapid industrialization as well
as urbanization and expansion of automotive, electronics & electrical and
construction industries are some of the key factors that supplement the growth
of the plastic compounding market. Moreover, plastic is used in the
construction sector in floorings, insulation materials, storage tanks,
performance safety windows, doors, pipes, and cables. This factor has led to
increase in demand for plastic compounds and is expected to drive the growth of
the market. In addition, owing to the properties such as light weight,
resistance to fatigue and better chemical and temperature resistance have led
to increase in use of plastic compound in automobile and electronic and
electrical industries. This factor is anticipated to increase the demand for
plastic compounds in future.
Based on polymer type, the market is segmented
into polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC),
polystyrene (PS) and expanded polystyrene (EPS), polyethylene terephthalate
(PET), polyurethane (PU), acrylonitrile butadiene styrene (ABS), and other
polymers. The polypropylene is widely used in automotive applications owing to
the properties such as light weight, good fatigue resistance, and resistance to
chemical and high temperature.
Based on end use, the market is segmented into
automotive, building and construction, packaging, electrical & electronics,
medical and others. The packaging segment is expected to grow owing to increase
in expenditure of consumers and improvement in standard of living that has
fueled the demand for packaged food & beverages across developing countries
such as China and India. In addition, growing demand for automobiles across
Asia-Pacific and European region has also increased the demand for plastic
compounds in packaging of automotive interiors. These factors are projected to
increase the plastic compounding market growth, which positively impacts this
market.
Based on region, the plastic compounding
market trends is analyzed across North America, Europe, Asia-Pacific, and
LAMEA. Asia-Pacific accounts for a major share in the market due to increase in
demand for plastic compounds in the developing economies such as India and
China, owing to development of the construction, automotive and electronic
& electrical industries. This factor is anticipated to increase the
Asia-Pacific plastic compounding market size from 2019 to 2026.
Key Findings of the Plastic
Compounding Market:
- Based on region, the Asia-Pacific plastic
compounding market share is predicted to account for a share of 42.31% by the
end of 2026.
- Based on polymer type, the polypropylene segment is expected to account for a share of 23.29% by the end of 2026.
- Based on polymer type, the polypropylene segment is expected to account for a share of 23.29% by the end of 2026.
Market players have adopted expansion,
acquisition, and collaboration as their key strategies to gain competitive
advantage in the plastic compounding industry. The key players operating in the
market include Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro
AG, DowDuPont Inc., Kingfa Sci. and Tech. Co., Ltd., LyondellBasell Industries
Holdings B.V., Polyone Corporation, SABIC and Solvay SA
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