Growing Preference is Escalating the Global Plastic Compounding Market Growth Rate at 7.46%

According to a new market research report published by Inkwood Research, the Global Plastic Compounding Market is projected to grow at a CAGR of 7.46% over the forecasting years.

"Browse 32 market Data Tables and 35 Figures spread over 110 Pages, along with an in-depth TOC on Global Plastic Compounding Market Forecast 2019-2027".

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A process to melt the plastics blended with other additives is called plastic compounding. This process tends to alter the thermal, aesthetic, electrical and physical properties of the plastic, and the end-result formed is known as compound or composite. Some of the top drivers propelling the growth of the market are increasing applications due to growth in the infrastructure sector, increased uses from the automotive industry to build light-weight vehicles and inclination towards plastic compared to other materials.

A rise in Application from Infrastructure Growth drives the Market Globally

The infrastructure sector is witnessing tremendous growth due to the development of new modern multi-modal logistics parks, seaports and airports, expressways/highways, and metro-rail. The government sector is also contributing by inculcating several rules and regulations with regards to the infrastructure development that is established to boost the economy of an individual nation. Currently, plastics have a wide application in buildings, primarily in panels, thin coverings, foams, sheets, pipes and others. The increased usage of plastic compounding is majorly to extend the efficiency and durability of conventional building materials, and also helps in building their functioning more effectively and economically.

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Packaging is the Largest Application of the Plastic Compounding Market

Polypropylene and high-impact polystyrene both are increasingly being utilized to produce versatile packaging material. Polypropylene is a superior packaging material as it offers benefits like cost-effective and light-weight packaging. On the other hand, polypropylene packaging can resist a range of temperatures from freezing to microwave temperature. Durability is another key attribute that makes polypropylene compounding excellent for packaging material. High-impact polystyrene features excellent heat retention, hygiene, and shatterproof properties, making it appealing for packaging material.

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APAC is the Prime Contributor in terms of Revenue

The Asia Pacific is the largest revenue-generating region in the global plastic compounding market, contributed the largest share in the year 2018. It is an attractive market for manufacturers due to minimal investments in setting up manufacturing units, cheap labor cost and low cost of plastic compounding materials. Moreover, some prominent manufacturers have expanded their manufacturing units and launched innovative products, which also escalating the activities in the region.

China, Japan, Korea, and India are significant contributors to the growth of Asia-Pacific. Among all, China is the biggest market in the region, and India is the fastest-growing country during the forecasting period. The rising demand in various industries such as, packaging, consumer goods & electronics, automobile, construction, and others is creating potential growth opportunities for the regional market.

The global plastics compounding market is characterized by the presence of several regional and multinational companies present across the value chain. The emergence of several local players due to unorganized industrial nature and the low entry barrier is further driving the competition among the operating players. Few of the notable firms in the market are The Dow Chemical Company, LyondellBasell Industries, N.V, Asahi Kasei Plastics, SABIC, BASF SE and Others.

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