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Plastic Compounding Market Worth USD 762,472.7 Million Till 2023: Industry Analysis By Global Key Players | 3M, BASF SE, SABIC, LyondellBasell Industries NV, Borealis, INEOS, DuPont, Versalis S.p.A (Eni S.p.A), Asahi Kasei Corporation, Covestro AG, LANXES
Plastic Compounding Market
The Global Plastic Compounding is estimated to reach a valuation of USD 762,472.7 Million at 6.03% CAGR by 2023.
The increasing use of plastic compounding across different industry verticals such as optical media, automotive, packaging, electrical & electronics, medical devices, etc. is expected to catapult the plastic compounding market on an upward trajectory.
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The growing demand for fuel-efficient lightweight automotive components has opened up avenues of plastic compounding market expansion. The initiatives undertaken by governments for promoting adoption of lightweight automobiles to curb carbon emission is expected to influence market proliferation positively.
The large-scale adoption of plastic as a replacement of metal and glass is poised to lead the expansion of plastic compounding market over the next few years. Furthermore, the thriving packaging industry plays an essential role in the accelerated revenue generation for market players.
The recent trend of using bio-based and recycled plastic observed in the plastic compound market has paved the way for innovations and product portfolio expansions. The market is projected to exhibit an upswing owing to the growth strategies being employed by key players for sustaining market shifts.
Most of the raw materials used in plastic compounding are primarily dependent on petrochemicals. The volatility in petrochemical prices is expected to challenge global plastic compounding market over the review period. However, the key players are strategizing growth trajectories for optimizing their pricing policies.
Market Segmentation:
The Global Plastic Compounding Market is categorized on the basis of Type, Application:
By Type:
• Acrylonitrile Butadiene Styrene (ABS),
• Polyethylene,
• Polyvinyl Chloride,
• Polystyrene,
• Polyamide,
• Polycarbonate,
• Polyethylene Terephthalate (PET),
• Polybutylene Terephthalate (PEB),
• Thermoplastic Olefins (TO),
• Thermoplastic Vulcanizates (TV)
By Application:
• Automotive,
• Electrical & Electronics,
• Consumer Goods,
• Construction,
• Packaging,
• Medical Devices
• Industrial Machinery
Regional Analysis:
Geographically, Plastic Compounding Market is segmented across Five Regions in the world namely:
• Asia Pacific,
• North America,
• Europe,
• Latin America,
• 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.
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.
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.
Global Key Players:
The Major Players operating in the Plastic Compounding Market are:
• 3M,
• The Dow Chemical Company (U.S.A.),
• Lyondell Basel (the Netherlands),
• Exxon Mobil Corporation (U.S.A.),
• SABIC (Saudi Arabia),
• INEOS (Switzerland),
• BASF SE (Germany),
• Eni S.p.A (Italy),
• Chevron Phillips Chemical Company (U.S.A.),
• LANXESS (Germany)
Intended Audience:
• Plastic compounding manufacturers
• Suppliers and distributors
• Potential investors
• Raw material suppliers
• Associations
• Government
• End Use Industries
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