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Plastic Compounding Market Trends, Size & Forecast 2024-2033
Plastic Compounding Market Trends
According to The Business Research Company's, The plastic compounding market size has grown strongly in recent years. It will grow from $674.38 billion in 2023 to $727.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growth in end-use industries, replacement of traditional materials, focus on lightweighting, consumer demand for sustainable products, expansion of packaging industry.
The plastic compounding market size is expected to see strong growth in the next few years. It will grow to $947.31 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to circular economy initiatives, rise in electric vehicles, focus on bio-based plastics, urbanization and infrastructure development, advancements in polymer science, stricter regulations on plastic use. Major trends in the forecast period include 3d printing and additive manufacturing, smart packaging solutions, customization and specialty compounds, technological advancements in compounding processes, use of engineering plastics.
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Market Drivers and Trends:
The increasing number of commercial and residential projects is expected to propel the growth of the plastic compounding market going forward. Commercial and residential projects refer to the construction of buildings. Commercial projects are properties that are used for business activities, while residential projects refer to properties solely utilized for private living quarters. Plastic compounding is primarily used in commercial and residential projects to provide desirable properties to plastic materials, such as enhanced strength, durability, flexibility, flame retardancy, UV resistance, and color stability. For instance, in February 2021, according to Construct connect Inc., a US-based provider of software solutions for the preconstruction industry, in 2021, US construction starts increased by 5.9 % to $747 billion, and residential construction grew 14.5 %. Additionally, in 2021, Canadian commercial and residential construction starts increased by 6.5 % to C$91.8 billion ($67.68 Billion). Both the residential and non-residential sectors saw growth in residential construction, which increased by 19.7 %. Furthermore, according to the Department for Leveling Up, Housing, and Communities (DLUHC), a UK-based government department, in the UK, there are now 49,470 more homes being built than there were in 2020, a rise of 4 %. Additionally, compared to the previous year, house building in London increased significantly by 18 % to 14,530 in 2021. Therefore, the increasing number of commercial and residential projects is driving the growth of the plastic compounding device market.
Technological advancements are a key trend gaining popularity in the plastic compounding market. Major companies operating in the plastic compounding market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2022, Lummus Technology LLC., a US-based developer of process technologies launched Novolen Pure polypropylene (PP) technology. This innovative new grade range of polymers can help with the manufacturing of high-quality goods for automotive, medical, and food packaging materials. This unique non-phthalate manufacturing approach delivers significant energy savings by establishing a superior hydrogen reaction with the catalyst. It also offers various versions that are relevant to an operator's process and end-product requirements.
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Major Key Players of the Market:
Adell Plastics Inc.; Asahi Kasei Corporation; Celanese Corporation; DuPont de Nemours Inc.; Solvay SA; Saudi Basic Industries Corporation (SABIC); LyondellBasell Industries Holdings B.V.; Dow Inc.; RTP Company; Avient Corporation; Polyvisions Inc.; Kingfa Science & Technology Co. Ltd.; Kraton Corporation; Kuraray Co. Ltd.; Polykemi AB; Citadel Plastics; DSM N.V.; Arkema Group; Sumitomo Bakelite Co. Ltd.; Nova Polymers Inc.; Europlas (PVCu) Ltd.; US Plastics Recovery; A. Schulman Inc.; Teknor Apex Company; Cabot Corporation; Tosaf Group; Mexichem Specialty Compounds Ltd.; Ravago Manufacturing Americas; Plastics Color Corporation; AmeriLux International LLC; Astra Polymers Compounding Co. Ltd.
Plastic Compounding Market 2024 Key Insights:
• The plastic compounding market will grow to $947.31 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• The Surge In Commercial And Residential Projects Propels Growth Of The Plastic Compounding Market
• Technological Advancements Transforming The Plastic Compounding Market
• Asia-Pacific was the largest region in the plastic compounding market in 2023
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