Plastic Compounding Market Rising With Growth In New Technology Trends Research By 2027



The global plastic compounding market size is projected to reach USD 104.41 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.5% during the forecast period. Rapidly developing construction and automobile sectors are anticipated to drive the demand for interiors, exteriors, and under hood components. Maximum application of plastic compounding in under hood components in the automotive industry, building interior and exteriors in construction and infrastructure industries, and in electronics, durables, and wire and cable industries is anticipated to further fuel the growth.
Polyethylene Terephthalate (PET), is the plastic used for manufacturing bottle containers used for packaged water and carbonated beverages. As a raw material, PET is recognized as a safe, strong, flexible, non-toxic, and lightweight material that is 100% recyclable. Hence, it has gained wide acceptability and in turn is anticipated to drive the growth of the market for plastic compounding over the forecast period.
Asia Pacific was the leading revenue generator for PET compound segment in 2020. Ever-increasing demand for beverages-mainly carbonated beverages and nutritional drinks-is anticipated to drive the regional consumption of PET compound. This trend is favored by rise in population, changing lifestyle, and emergence of domestic beverage manufacturers. Presence of large pool of contract bottlers in the region shall also impact the scope of packaging application in Asia Pacific.
The global market is highly fragmented in nature with over 60% share occupied by Small and Medium Enterprises (SMEs). Companies are rapidly expanding their production capabilities to consolidate their market position. The industry has witnessed significant capacity expansions in China with the emergence of standalone independent compounders. Unlike major end-use corporations such as automotive manufacturers and Original Equipment Manufacturers (OEMs) who establish strategic agreements with compounders or extend their capabilities towards compounding, Chinese compounders cater to a large pool of medium enterprises.
Some of the key market participants are BASF SE, LyondellBasell Industries, N.V., and The Dow Chemical Company. The other manufacturers are SABIC, Asahi Kasei Plastics, and Covestro (Bayer Material Science) and others.
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Traditionally, construction industry has been a major consumer of plastics with the product application ranging from pipe fittings and insulation to masonry materials and equipment. Plastic compounds are modified in accordance to their requirements. For instance, flame retardant additives are added to Polyvinyl Chloride (PVC) compounds, and form a very crucial aspect of building materials.
Developing countries, such as Mexico are expected to benefit from rising construction spending and inclination of consumers toward utilizing sustainable and lightweight building materials in place of conventional materials. The expanding automotive sector and changing consumer buying behavior from considering cars as luxuries to necessities are also significant factors anticipated to positively impact the plastics sector and drive compounding activities in the region.
Further key findings from the report suggest:
·         In terms of revenue and volume, polypropylene is the most consumed plastic compounding product. The rise in its production can be attributed to high demand from packaging and medical device industries across the globe
·         Increasing requirement for flame retardancy, heat resistance, and improved serviceability is anticipated to drive growth in electronics and electrical industry
·         Construction is the leading application segment for polyethylene compounds with the segment accounting for a mass application globally
·         Major plastic compound manufacturers have been acquiring independent compounding facilities, rather than establishing plants, to strengthen their position
·         Key players operating in the plastic compounding market include BASF SE., LyondellBasell Industries, N.V., and The Dow Chemical Company
Polypropylene (PP) held the largest volume share of the plastic compounding market in 2018. Its compounds are largely used in automotive applications owing to the high impact resistance and serviceability. Economic growth in Asian and Latin American markets has propelled growth in automotive sector both in terms of vehicle sales and domestic production. Considering ever increasing automotive production along with regulatory trends compelling manufacturers to reduce vehicular weight and improve fuel efficiency; plastics consumption in automotive applications shall rise considerably over the forecast period. It has good fatigue resistance and better chemical and temperature resistance. These factors have made PP a popular material for multiple applications in developed economies and emerging economies alike.
Increasing construction spending in Asia, Middle East, and Latin America is expected to provide growth opportunities for PVC compounds considering relatively lax regulatory intervention regarding the presence of plastics in building materials. Recent trend of developing PVC through bio-based sources have been successful, such as the recently introduced Dow Chemical’s Ecolibrium plasticizer, shall have a positive influence on PVC compounds growth over the forecast period.
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Automotive is anticipated to lead the application segment over the forecast period. Increasing incorporation of plastics as opposed to metals and alloys in automotive components has been a major factor for the segment growth. Over the recent past, there has been a considerable rise in automotive production, which is largely driven by growth of the industry and manufacturing landscape of emerging markets. China, India, and Brazil are the fastest growing economies and are also the major production hubs for automobiles. This trend is expected to continue over the future, thus driving demand for compounded plastics.
Grand View Research has segmented the global plastic compounding market on the basis of product, application, and region:
Plastic Compounding Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
·         Polyethylene
·         Polypropylene (PP)
·         Thermoplastic Vulcanizates (TPV)
·         Thermoplastic Polyolefins (TPO)
·         Poly Vinyl Chloride (PVC)
·         Polystyrene
·         Polyethylene (PET)
·         Polybutylene Terephthalate (PBT)
·         Polyamide
·         Polycarbonate
·         Acrylonitrile Butadiene Styrene (ABS)
·         Others
Plastic Compounding Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
·         Automotive
·         Building & Construction
·         Electrical & Electronics
·         Packaging
·         Consumer Goods
·         Industrial Machinery
·         Medical Devices
·         Optical Media
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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