Plastic Compounding Market 2021 Insights & Growth Forecast To 2026 | Solvay SA, Kraton Corporation, BASF SE, RTP Company
Plastic compounding is a process that involves melt-bending of plastics with additives to change physical, thermal, electric and aesthetic properties. Global plastic compounding market share is slated to amass substantial gains over the coming years owing to various applications across critical industries such as construction, electronics and automotive.
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The increase in construction activities in both developed and developing nations is a pivotal factor supporting product penetration worldwide. The construction industry in Australia generates more than A$350 billion in revenue, accounting for nearly 8% of the nation’s GDP annually.
Evolving consumer preferences and increase in disposable income has fueled the demand for attractive interior designing solutions. Growing construction spending will magnify plastic compounding market size. In 2019, the total amount of construction expenditure across the U.S. was estimated at around US$1,324 billion and will continue to grow at a constant rate due to the high purchasing power among the citizens.
Moreover, the construction industry is witnessing widespread replacement of conventional materials with advanced engineered plastic substitutes and polymer composites. Window and door profiles, roofing, pipes and guttering, flooring, insulin materials, and cables are some of the applications of plastic compounds in construction equipment.
Growth drivers of plastic compounding market are
• Rapidly growing construction industry in APAC and MEA
• Increasing product applications in Automotive sector
• Growth in electronics industry
• Growing industrialization in Asia Pacific
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Environmental regulations on plastic use
Establishment of strict regulations by policymakers across the globe with regards to plastic recycling and the scope of its application may affect the market size over the next few years. Evident rise in environmental and wildlife degradation due to the use of plastics has urged the governments such as in EU to impose a ban on the use of plastics.
Consistent efforts towards the use of recycled components and sourcing plastic from consumer discarded products could signal positive developments for plastic compounding market. Adoption of advanced recycling technologies will further augment the process demand for a more economical transportation sector in the future.
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