Press release
Plastic Compounding Market 2024 key Players SABIC, RTP Company, A. Schulman, BASF, Solvay, Dow Chemical
The enormous growth in the automotive sector is expected to be a key driver for plastic compounding market in the future years. The automotive sector held a share of over 30% in the global plastic compounding market in 2016. China, Australia, Japan, India, Malaysia, Thailand, and Indonesia accounted for over 40 million automobile units (including passenger cars, trucks, and light commercial vehicles) in 2016.
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Germany, Poland. France, Italy, Spain, and the UK together constitute more than 60% automotive demand in Europe. Plastic involved in a car contributes about 10-15% of the total car weight and thus plays a crucial role in propelling plastic compounding market. Additionally, in 2016, the plastic compounding consumption per vehicle in the U.S. was approximately USD 52 per vehicle. Regulations encouraging automotive weight reduction to reduce vehicular emissions will support plastic compounding market growth over the forecast period.
The demand from the consumer goods sector will also propel the plastic compounding market by 2024. The sector will have plastic compounding requirement for various applications including, packaging, home appliances, 3D printing, furniture, etc. Fluctuating crude oil prices will be a growth restraint over the forecast timespan.
In 2016, thermoplastic polymers generated above USD 18.4 billion in the global plastic compounding market. Thermoplastic polymers will lead the market throughout the forecast timespan. These will witness a vast demand from various end-user industries owing to their re-usability, moldability, and lesser manufacturing costs.
Thermoplastic elastomers have been gaining a wider acceptance in the plastic compounding market in the recent years. In 2016, thermoplastic elastomers contributed over USD 7.5 billion. Growing spending on automotive, medical, and construction divisions will drive thermoplastic elastomers demand in the near future. Plastic compounding for Styrene Block Copolymers (SBC) will have a substantial demand for plastic compounding processes over the forecast timespan. The range of SBC applications consists of medical devices, workplace automation, electric devices, polymer alteration, automobile parts, roofing, etc.
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Electrical & electronics segment will witness growth at a CAGR of over 4% in the plastic compounding market by 2024. Various electrical applications of plastic include sockets, switches, semiconductors, wires & cables, enclosures, etc. PE and polyvinyl chloride (PVC) will be the leading polymers used in the segment by 2024.
In 2016, North America held a share close to 19% in the plastic compounding market. Robust demand for 3D printing especially from defense & aerospace, education, healthcare, and consumer goods sectors will drive plastic compounding demand in the region by 2024. Latin America plastic compounding market is estimated to grow at a CAGR of over 5% over the forecast period. Foremost participants, such as Honda, Nissan, and Mazda, have been investing in the industrial facilities in the central region of Mexico, which would encourage the automotive plastics demand in the region.
These trends present a strong potential for the plastic compounding market in LATAM by 2024. The MEA plastic compounding market generated revenue more than USD 2 billion in the year 2016. The development of the downstream petrochemical industry by the Middle East government will propel the plastic compounding market during the forecast timeframe.
Significant market players include RTP Company, A. Schulman, The Dow Chemical, BASF, LyondellBasell Industries, Solvay, SABIC, etc. Major industry giants are involved in expanding their production capacity.
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For example, in 2015, RTP Company expanded its thermoplastic compounding facility in Mexico to support the regional demand and bolstered its supply to its customer base in Central and South American countries.
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