Plastic Compounding Market poised to reach US$ 163.9 Billion by 2032

The global plastic compounding market is set to witness an impressive growth rate of 7.4% from 2022 to 2032. The plastic compounding market size is anticipated to reach a valuation of around US$ 163.9 Billion by the end of 2032 from the current valuation of US$ 64.8 Billion in 2022.

The plastic compounding process is being utilized to improve electrical properties and UV resistance in polymers rendering it a very critical material in industrial applications. On the other hand, custom polymer compounding is becoming more common in the plastic compounding industry to achieve high-performance qualities in plastic-based goods. The improving economic condition and the rise of plastic end users have promoted plastic compounding market growth.

Due to the comparatively liberal administrative involvement regarding the inclusion of plastics in building materials, rising construction investment is anticipated to present growth possibilities for PVC compounds. The surge in the usage of purging compounds for injection moulding in the building industry is due to their application in flooring, insulation, storage tanks, performance safety windows, doors, pipelines, and cables.

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The current trend of creating PVC from bio-based materials has been a very successful endeavour by plastic compounding market players. For instance, the newly unveiled Equilibrium plasticizer by Dow Chemical Company is expected to have a favourable impact on the growth of plastic compounding market opportunities throughout the projection period.

The Asia Pacific plastic compounding market is anticipated to experience increased demand as a result of the expanding manufacturing sector. It is the leading manufacturer and user of consumer goods, autos, and packaging materials, which have cleared the path for the rapid adoption of the plastic compounding process.

Key Takeaways from Market Study

- By maintaining the typical CAGR of 7.4%, it is predicted that the entire growth of the worldwide market for plastic compounding would be over US$ 99 Billion within the next 10 years.
- Based on various product forms, polypropylene compound is the highest-grossing sector of the target market, with an estimated total share of 25% in 2022.
- The most common application of plastic components is used to make automotive components, which is figured out to have a market share of 20% in 2022.
- The plastic compounding market analysis report in 2022 indicated that Asia Pacific is the dominant region with a market share of more than 40%.

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Competitive Landscape

Some of the well-known plastic compounding market players are BASF SE, LyondellBasell Industries Holdings B.V., Dow, Inc., DuPont, SABIC, RTP Company, S&E Specialty Polymers, LLC (Aurora Plastics), Asahi Kasei Corporation, Covestro AG, Washington Penn, Eurostar Engineering Plastics (EEP), KURARAY CO., LTD., TEIJIN LIMITED, Evonik Industries AG, Dyneon GmbH & Co KG among others.

With the rise of independent fully functional plastic compounding market key players, the sector has seen major capacity growth in last few years. Original Equipment Manufacturers or OEMs, which often enter into strategic relationships with plastic compounding market major players, have emerged to be the major market drivers.

Recent Developments in the Global Plastic Compounding Market:

Dow, Inc. Company revealed about its investment projects to enhance circular plastics in October 2021 and start supplying it by 2022. These developments will contribute to the reduction of GHG emissions, the prevention of plastic waste, and the availability of recycled polymers with comparable qualities to fresh plastics.

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Plastic Compounding Market by Segmentation

By Product Outlook:

Polyethylene (PE)
Polypropylene (PP)
Thermoplastic Vulcanizates (TPV)
Thermoplastic Polyolefins (TPO)
Poly Vinyl Chloride (PVC)
Polystyrene (PS)
Polyethylene Terephthalate (PET)
Polybutylene Terephthalate (PBT)
Polyamide
Polycarbonate
Acrylonitrile Butadiene Styrene (ABS)
Others

By Application Outlook:

Automotive
Building & Construction
Electrical & Electronics
Packaging
Consumer Goods
Industrial Machinery
Medical Devices
Optical Media
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.