SAN FRANCISCO, Sept. 8, 2022 /PRNewswire/ -- The global plastic compounding market size is expected to reach USD 112.08 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The construction and vehicle industries are expected to encourage demand for interiors, exteriors, and under-the-hood components. Plastic compounding is used in automotive under-hood components, building interiors and exteriors in construction and infrastructure, and the electrical and electronics industry, which is anticipated to boost the market growth.
Key Industry Insights & Findings from the report:
- Polypropylene (PP) is the most consumed plastic compounding product. It held the largest revenue share of over 25.0% in 2021. Its production has increased due to growing demand from the packaging and medical device industries all over the globe.
- Polyethylene compounds find widespread application in the building and construction segment. Rapid urbanization and industrialization, especially in emerging economies such as China and India, coupled with the rising infrastructure development activities in the Middle East, are expected to fuel the growth of the construction industry.
- Volatility in crude oil prices can be attributed to political instability, supply-demand imbalances, and seasonal variations. The volatility in crude oil prices can negatively impact the market growth.
- Major plastic compounding companies have been acquiring their own compounding plants, rather than establishing plants, to strengthen their position in the global landscape. In February 2022, BASF SE acquired Solvay's PA66 business as a part of a takeover. The products acquired under the takeover include different grades of polyamide (PA) and polyphthalamide (PPA), which will be traded across Europe.
Read 195-page full market research report for more Insights, "Plastic Compounding Market Size, Share & Trends Analysis Report By Product (PE, PP, PET, TPV, TPO, PVC, PS, PBT, PA, PC, ABS), By Application (Automotive, Electrical & Electronics), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Plastic Compounding Market Growth & Trends
Polyethylene Terephthalate (PET) is a plastic used to make bottle containers for packaged water and fizzy beverages. PET is considered a safe, durable, flexible, non-toxic, lightweight, and 100% recyclable raw material. As a result, it has acquired wide acceptance, which is expected to propel the expansion of the market over the forecast period.
In 2021, Asia Pacific was the top revenue source for the PET compound market. The regional usage of PET compound is expected to be driven by rising demand for beverages, particularly carbonated drinks and nutritional drinks. The expansion in population, changing lifestyles, and the emergence of local beverage makers all contribute to this trend. The presence of a large pool of contract bottlers in the Asia Pacific will also have an impact on the variety of packaging industries.
Plastics have always been used extensively in the construction sector, with products ranging from pipe fittings and insulation to construction materials and equipment. Plastic compounds are adjusted to meet their specific needs. For instance, flame retardant chemicals are added to Polyvinyl Chloride (PVC) components and are an essential part of building materials.
Plastic Compounding Market Segmentation
Grand View Research has segmented the global plastic compounding market based on product, application, and region
Plastic Compounding Market - Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
- Polyethylene (PE)
- Polypropylene (PP)
- Thermoplastic Vulcanizates (TPV)
- Thermoplastic Polyolefins (TPO)
- Poly Vinyl Chloride (PVC)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polybutylene Terephthalate (PBT)
- Polyamide (PA)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Styrene (ABS)
- Others
Plastic Compounding Market - Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
- Automotive
- Building & Construction
- Electrical & Electronics
- Packaging
- Consumer Goods
- Industrial Machinery
- Medical Devices
- Optical Media
- Others
Plastic Compounding Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Netherlands
- Asia Pacific
- China
- Japan
- India
- South Korea
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players in Plastic Compounding Market
- BASF SE
- LyondellBasell Industries Holdings B.V.
- Dow, Inc.
- DuPont de Nemours, Inc.
- SABIC
- RTP Company
- S&E Specialty Polymers, LLC (Aurora Plastics)
- Asahi Kasei Corporation
- Covestro AG
- Washington Penn
- Eurostar Engineering Plastics (EEP)
- KURARAY CO., LTD.
- TEIJIN LIMITED
- Evonik Industries AG
- Dyneon GmbH & Co KG
Check out more related studies published by Grand View Research:
- Turkey Automotive Plastic Compounding Market- The Turkey automotive plastic compounding market size is anticipated to reach USD 451.3 million by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 5.8% over the forecast period. According to Automotive Distributors Association (ODD), owing to the support of marketing campaigns and easing of lockdown measures, light commercial vehicles and passenger car sales jumped by 60% year-on-year in July 2020. The demand for automotive vehicles in the country is expected to steadily rise, which, in turn, is projected to fuel the plastic compounding market in Turkey.
- Southeast Asia Plastic Compounding Market - The Southeast Asia plastic compounding market size is anticipated to reach USD 6.7 billion by 2026, accelerating at a CAGR of 8.9% from 2019 to 2026, according to a new report by Grand View Research, Inc. Rapidly developing construction and automobile markets are anticipated to drive the demand for interiors, exteriors, and underhood components. Major application areas of plastic compounding involve underhood components in the automotive industry, building interiors and exteriors in construction and infrastructure industries, and in electronics, durables, and wire and cable industries.
- Europe Plastic Compounding Market - The Europe plastic compounding market size is projected to reach USD 18.4 billion by 2025, according to a new report by Grand View Research, Inc., registering a 5.7% CAGR during the forecast period. Plastic consumption has increased rapidly in automotive and electrical and electronics industries. This can be attributed to regulatory intervention to improve fuel efficiency by reducing vehicle weight, thus reducing carbon emissions. This trend has driven automotive OEMs to adopt plastics as a substitute for metals such as steel and aluminum for fabricating automotive components.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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