Global Plastic Compounding Market 2024 - Analysis and Forecasts by Leading Players Foster Corporation, The Dow Chemical Company, SABIC, RTP Company, BASF, Solvay, LyondellBasell, A. Schulman, Inc.
As per experts’ affirmation, the deal, in all likeliness, would help Celanese streamline its product portfolio in the transformative plastic compounding market, that is slated to cross USD 50 billion by 2024.
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Thriving in an era where plastic utilization has upscaled almost twentyfold in the last half-century and is expected to double its value in the coming twenty years, overall plastic compounding industry is set to amass remarkable proceeds from diversified domains, the automotive sector in particular. In fact, automotive applications alone have pegged a valuation of USD 10 billion in 2016, claims Global Market Insights, Inc. While aviation sector presently procures a lion’s share of lightweight material consumption, it has been forecast that automotive domain would increase the share to 70% by 2030, an estimation shedding a positive light on the plastic compounding market share from automotive sector in the years ahead.
The burgeoning automotive domain, as it is observed lately, has been making constant efforts to reduce the vehicle weight by replacing metal components with plastic parts. According to the latest report brought forth by Economics & Statistics Department of American Chemistry Council- in the year 2016, approximately over 14 million lightweight vehicles of U.S. and Canada required more than 4.9 billion pounds of polymer composites and plastics worth of USD 5.7 billion.
It has been further reported that deployment of plastics in US and Canadian light weight vehicles increased by almost 75 million pounds in 2016. Endorsed with a plethora of benefits with regards to fuel consumption, safety, and performance, plastic consumption in automotive sector is bound to overflow in the coming timeframe, which in consequence, would proliferate plastic compounding industry size.
- Plastic Compounding Market by End-user
• Consumer Goods
• Electrical & Electronics
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In tandem, governments of both developing as well as developed nations have been increasingly taking encouraging initiatives to reduce harmful vehicular emission, a factor that has further favored plastic compounding market growth from automotive applications. Perhaps marred by the fact that vehicle weight and fuel consumption are inextricably related, light weight vehicles hold a greater chance of meeting these regulations than normal vehicle.
Experts claim, every saving of 100 kg weight in vehicle can lead to a reduction of fuel consumption of almost 0.4L/100km from cars and 0.5L/ 100 km in case of light weight trucks. Being in line with the government’s regulations, car manufacturers have been striving hard to replace metal parts with plastics, which is sure to reflect in the overall plastic compounding industry size.
The strategic landscape of plastic compounding industry boasts of a portfolio of renowned biggies like LyondellBasell Industries, A. Schulman, BASF, Dow Chemical, and Solvay. Amidst the backdrop of sheer competition, production capacity expansion has emerged as a most adopted strategy determining the sustainability quotient for the industry participants. The aforementioned plastic compounding market giants have been increasingly investing in research activities to enhance their production capacity.
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Say for instance, A. Schulman, in the year before last, made it to the headlines with the launch of its new Kerpen plant situated in Germany. Reportedly, in addition to introducing two new production lines, the U.S. based company had integrated a fully automatic packaging line in the plant. As recent as in June 2017, BASF, one of the acclaimed player in plastic compounding market has expanded its Schwarzheide site plant capacity to 70000 tons. With leading giants paving the way for more investments in plastic compounding industry, the competitive landscape of this fraternity is undoubtedly going to be one of the most dynamic platforms in the ensuing years.
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