Plastic Compounding Market Analysis By Future Demand, Top Players, Size, Share, Opportunities, Revenue and Growth Rate Through 2026
The global plastic compounding market size
is set to gain traction from their increasing usage in the automotive and
packaging industry. Besides, construction activities in emerging economies are
increasing at a fast pace. In addition to that, ongoing technological
advancements in the electrical and automotive industries would affect the
market positively in the coming years. The demand for these products is also
growing from the food and beverage industry as they help in reducing quality
degradation and contamination.
As per the report, the plastic compounding market size stood at
USD 52.74 billion in 2018. It is set to reach USD 87.11 billion by 2026,
thereby exhibiting a CAGR of 6.5% during the forecast period.
Automotive & Transportation Segment to Hold the Highest Share
Backed by Extensive Usage of Compounded Plastics
In terms of application, the market is grouped into consumer
goods/lifestyle, infrastructure & construction, industrial machinery,
packaging, automotive & transportation, electrical & electronics, and
others. Amongst these, the automotive and transportation segment is set to hold
the largest plastic compounding market share during the forecast period. This
growth is attributable to the increasing usage of compounded plastics in this
industry. They lower the overall weight of the vehicle, which further increases
the life and efficiency of the vehicle components. The infrastructure and
construction segment held 14.6% share in 2018.
Drivers & Restraints-
Increasing Number of Commercial & Residential Projects to
Augment Growth
Nowadays, plastics are being used extensively in the insulation of
infrastructures and buildings. Several products required for construction are
made mainly by utilizing plastics. These include pipes, cables, doors, safety
windows, and flooring. Compounded plastics possess numerous features that are
similar to steel. They are resistant to harsh environmental conditions and
rust, have robust strength, and are smooth in texture.
In today’s world, the population is growing at a rapid rate across
the globe. It is, in turn, upsurging the number of residential and commercial
projects. Coupled with this, the rising awareness programs about
state-of-the-art interiors are growing amongst the consumers. These factors are
set to augment the plastic compounding market growth during the forthcoming
years. However, the prices of raw materials required to produce compounded
plastics keep on fluctuating. It may obstruct the market growth.
List of the Companies Profiled in the Global Plastic Compounding
Market are:
- LANXESS A.G.
- BASF SE
- PolyVisions
- Asahi Kasei
Corporation
- Aurora Plastics
LLC
- SABIC
- LyondellBasell
- Kingfa SCI.
& TECH. CO., LTD.
- DuPont
- Celanese
Corporation
- RTP Company
- Solvay S.A.
- KURARAY CO.,
LTD.
- Kraton
Corporation
- Covestro AG
- Kraton
Corporation
- MRC Polymers
- Adell Plastics
- Other Key
Players
Regional Analysis-
Asia Pacific to Dominate Owing to High Demand for Low Emission
Vehicles
Geographically, the market is divided into Europe, Asia Pacific,
the Middle East and Africa, North America, and Latin America. Amongst them,
Asia Pacific is anticipated to generate the highest plastic compounding market
revenue in the coming years. The majority of this growth would be contributed
by China and India, mainly because of the rising demand for low emission
vehicles. It is helping the automotive sector to expand.
Asia Pacific is considered to be the largest producer of
construction, automobiles, industrial machinery, electrical & electronics,
and packaging materials. Coupled with this, the ongoing economic development
and growing industrialization are set to impact the market positively in this
region. The U.S. in North America previously held the largest share stoked by
high demand for plastic compounding from healthcare & pharmaceutical, as
well as electrical & electronics industries. The region procured USD 10.02
billion market share in 2018. In Europe, Germany is likely to be the main
contributor of growth on account of the rising production of electric vehicles.
This Report Answers the Following Questions:
- What are the
plastic compounding market trends?
- How many growth
drivers and barriers will the market possess?
- Which
organizations are set to remain on top in the market?
- What are the
strategies adopted by industry giants to strengthen their position?
- Which segment is
set to dominate the market during the forthcoming years?
Competitive Landscape-
Lanxess Inaugurates New Plant in China; LyondellBasell Acquires A.
Schulman, Inc.
Reputed companies present in the market are either investing huge
sums in building brand new plants or are engaging in the strategy of mergers
and acquisitions to widen their geographic reach and product portfolio.
Below are a couple of the latest key industry
developments:
- September 2019: Lanxess Aktiengesellschaft,
a specialty chemical company, based in Germany, inaugurated its new
plastic plant in China. The facility will produce Pocan- and
Durethan-branded high-quality plastics, mainly for the electrical and
electronic industry, as well as the automotive sector.
- February 2018: LyondellBasell
Industries N.V., a multinational chemical company headquartered in the
Netherlands, acquired A. Schulman, Inc., an American supplier of plastic
compounding products based in the U.S. The total deal was worth USD 2.25
billion. It would help the former in broadening its geographic presence.
Browse Detailed Research Insights with Impact of COVID-19
Analysis:
https://www.fortunebusinessinsights.com/plastic-compounding-market-102550
