Plastic Compounding Market: Introduction
In terms of value, the global plastic compounding market is anticipated to expand at a CAGR of ~6% from 2021 to 2031 and reach US$ 107.6 Bn by 2031. Asia Pacific dominated the global plastic compounding market in terms of volume in 2020. It is estimated to lead the global plastic compounding market during the forecast period, owing to the increase in demand for plastic compounding in various end-use industries, including automotive and building & construction. The rise in the demand for plastics in construction, automotive, and electrical & electronics sectors is expected to be a major factor driving the global plastics compounds market. Synthetic polymers such as PVC, PE, PC, PP, and PU have been traditionally used in various applications such as packaging, electronic components, automotive components, toys, furniture, and construction materials. The increase in acceptance of electronic devices is providing opportunities for the use of recycled plastics for producing casings, circuit boards, and other components. These are extensively used in the manufacture of electronic devices for households and vehicles. This is augmenting the global plastic compounding market.
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Plastic Compounding Market: Major Drivers and Restraints
Stringent regulatory norms, such as EU directives to reduce gross vehicular weight and carbon emissions, have been instrumental in driving the demand for thermosets in automotive components. This is propelling the global plastic compounding market. Three basic ingredients or raw materials, namely polymers, additives, and fillers, are utilized in compounding. Polymers consist of polyamide (PA) compound, polycarbonate (PC) compound, polymethyl methacrylate (PMMA) compound, etc. Prices of plastic compounds have been rising gradually, primarily due to fluctuating petrochemical prices and high substitution potential from their bio-based counterparts. Oscillating petrochemical prices, a source of extraction of plastic, can hamper the plastic compounding market. Fluctuation in prices of crude oil is also adversely affecting the prices of plastic compounds.
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Plastic Compounding Market: Prominent Segments
Based on type, the plastic compounding market has been classified into polyvinyl chloride (PVC), polyethylene (PE), polypropylene (PP), polystyrene (PS), polyamide (PA): (PA 6, PA 66, PA 46), polyethylene terephthalate (PET), polybutylene terephthalate (PBT), acrylonitrile butadiene systems (ABS), and others. Polyvinyl chloride (PVC) is estimated to be the key segment of the plastic compounding market in the near future. Market share of the polyvinyl chloride (PVC) segment is high in the global plastic compounding market due to the wide usage of PVC in automotive, owing to some of the outstanding properties offered by PVC. In terms of application, the global plastic compounding market has been segregated into automotive, building & construction, electrical & electronics, packaging, medical, consumer goods, industrial machinery, and others. Automotive is estimated to be a major application segment of the plastic compounding market. Market share of the segment is high due to the extensive use of plastic compounding in applications such as automotive components.
Competition Landscape of Plastic Compounding Market
Key manufacturers operating in the global plastic compounding market include BASF SE, DuPont, Covestro AG, Celanese Corporation, Sojitz Corporation, Citadel Plastics, DSM N.V., Arkema Group, and Kingfa Science & Technology Co., Ltd.
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