PUNE, India, July 01, 2021 (GLOBE NEWSWIRE) – The Global Plastic compounding Market Share, Trends, Analysis and Forecasts 2020-2030 provides insights into key developments, business strategies, research and development activities, supply chain analysis, competitive landscape and market composition analysis.
The plastic compounds market size was estimated at $ 6.35 billion in 2020 and is expected to reach $ 11.3 billion by 2031 with a CAGR of 5.9%. The compounding of plastic mainly consists of the combination of additives and admixtures in the base resin with the intention of changing the original properties of the base material. Additives, admixtures and fillers are used to make plastics lightweight and thus to meet the functional requirements of automobile manufacturers. The demand for plastic compound products is increasing due to the different industrial applications. Conveniences like simple molding and the ability to create complex detailed designs. Conventional materials such as metal or glass lack these advantages when it comes to production costs.
The plastics compounding market has adapted seamlessly to the concept of environmental friendliness in recent years. Plastic compounding involves a few steps such as determining the additive ratio, high-speed mixing using twin screw extruders, melt mixing and cooling before the final pellet is cut and the product is packaged. Due to their specific professional properties, composite plastics are widely used in the automotive, electrical and electronics industries, industry, consumer goods, and medical technology.
The recent outbreak of the COVID-19 pandemic has barely affected the transportation and distribution of companies operating in the plastics compounding market.
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Growth driver in the plastics compounding market
The widespread use of plastic-based products worldwide in discrete sectors as opposed to metals and alloys in automotive components has been an important factor in the growth of the plastic compounds market.
Over the years, the increase in automobile production is remarkable. This growth is being driven by industrial expansion and manufacturing improvisation in emerging markets. China, India and Southeast Asian countries are among the fast growing economies. These nations are also the largest automobile manufacturers in the world. They are emerging as a growing customer base for the plastics compounding market. Also predicted as driving factors for composite plastics. This trend is likely to continue in the future and thus stimulate the demand for compounds.
An encouraging environment in Asia where small businesses are cooperating in development and government-controlled tax incentives for offshore companies are expected to increase sales of industrial machinery and equipment. It is observed that machine builders are relocating their business locally, ie building production units in the immediate vicinity of their customer bases. These factors are expected to culminate in an increasing consumption of plastic compounds in industrial machines in the forecast period 2020-2030.
The huge cost of production coupled with adverse conditions like the global COVID-19 outbreak appear to be an inhibiting factor in the growth of the plastics compounding market worldwide.
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The leading market segments of the plastics compounding market
It is expected that changing consumer priorities for on-demand vital products will have a major impact on demand. Key sectors such as consumer products, electronics, automotive, and aerospace saw a notable drop in demand in the plastics compounding market due to hostile transportation concepts resulting from the COVID-19 outbreak.
In the first recovery phase in China, there were short-term increases in production. Mainly because of the pre-made orders from foreign companies. European manufacturing is also destined to overcome as governments proactively introduce support and stimulus packages to normalize consumer confidence.
Based on the product type segment, thermoplastic polymers are expected to have the largest share of the plastics compounding market due to their versatility of applications and lower manufacturing costs compared to the other segments. Polymers that can be molded, melted, and reshaped without remixing their physical properties are thermoplastic polymers. Composite materials are easy to repair as the model can be melted, which also makes them easy to reshape and recycle. The density of thermoplastic composite materials is lower compared to thermoset polymers, since weight-critical applications are made with thermoplastic polymers. Supporting the growth of this segment in the plastics compounding market.
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PVC in the application-oriented segment will see demand for door and window brackets, pipes, plumbing, electrical cable insulation and signage, especially from the construction industry. It is also used in bottles and other non-food packaging. Geographically, a clear upturn in the automotive industry can be observed in the North American region. This is expected to have a positive impact on the plastics compounding market. It takes into account a significant increase in automobile sales in North America including the US and Canada, which is expected to grow strongly through 2030.
3D printing is in high demand in the aerospace and defense, healthcare, consumer goods and education sectors, and the plastic compounds market is expected to spike growth over the forecast period. With that in mind, the North American plastic compounds market appears to be generating robust revenues from 2020 to 2030.
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The main players in the plastics compounding market are:
Asahi Kasei Corporation, Teknor Apex, Celanese Corporation, Sojitz Corporation, Coperion GmbH, LyondellBasell Industries Holdings BV, RTP Company.
- Polyethylene (PE)
- Polypropylene (PP)
- Thermoplastic vulcanizates (TPV)
- Thermoplastic polyolefins (TPO)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
- Polyethylene terephthalate (PET)
- Polybutylene terephthalate (PBT)
- Polyamide (PA)
- Polycarbonate (PC)
- Acrylonitrile Butadiene Systems (ABS)
- Building & Construction
- Consumer goods
- Industrial machines
- Medical equipment
- Optical media
- North America
- The USA
- Rest of north america
- The UK
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of MEA
- South America
- Rest of south america
- North America
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