Worldwide Plastic Compounding Market Trends - Industry Size Report 2024 | Key Players are Foster Corporation, The Dow Chemical Company, SABIC, RTP Company, A. Schulman, Inc., BASF, Solvay, LyondellBasell
Plastic compounding consumption per vehicle in the U.S. was roughly USD 52 per vehicle in 2016. Currently, an average car consists of around 10-15% plastics of total car weight. The tendency to use plastic in automotive will increase in the forecast timeframe due to government initiatives across the globe to reduce vehicular emissions by reducing automotive weight.
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Global plastic compounding market for thermoplastic polymers was valued at over USD 18 billion in 2016. Thermoplastic polymers are estimated to lead the global plastic compounding market by 2024. The higher demand will be attributed to their re-usable nature, wide range of applications and lower manufacturing costs compared to the other segments.
Thermoplastic elastomers segment was valued more than USD 7 billion in 2016. Thermoplastic elastomers have progressed as a substitute for metal, synthetic or natural rubber, wood, glass, etc. Cumulative expenditure in medical, automotive and construction sectors in addition to the supervisory compliances for sustainable product development will propel the plastic compounding market for thermoplastic elastomers by 2024.
- Plastic Compounding Market by End-user
• Consumer Goods
• Electrical & Electronics
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Consumer goods was a key end-user segment in global plastic compounding market in 2016. The segment generated above USD 7 billion in 2016 and is projected to witness extensive gains by 2024. Plastic compounding market for consumer goods will have substantial demand for packaging, household appliances, furnishing applications, etc. in the coming years. Consumer goods is projected to be the fastest growing segment over the forecast period.
North America constituted approximately 18% of the global market share for plastic compounding in 2016. Presence of packaging giants as International Paper, Tetrapak, Reynolds Group, Ball Corporation and Owens-Illinois will have a positive impact on plastics demand in the region. Rising thermoplastic elastomer usage in sports equipment, paving & roofing, personal hygienic products and medical equipment will boost the regional plastic compounding market growth. Strong demand for 3D printing from aerospace and defense, healthcare, education, and consumer products industries will also boost the plastic compound market size particularly in the U.S.
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Significant market players include: A. Schulman, RTP Company, Dow Chemical, LyondellBasell Industries, BASF, SABIC, Solvay, etc. Various research initiatives are constantly taken up by companies to improve the production capacity. For instance, in February 2016, A. Schulman expanded compounding capacity at its Kerpen plant in Germany, by adding two new production lines. the company had invested in a fully automatic packaging line in addition to the twin screw extruders, In December 2015, A. Schulman expanded the capacity of its polypropylene compounding plant in Saudi Arabia in a joint venture with Saudi resin maker National Petrochemical Industrial.
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