30 January 2023
Plastic compounding is a method of customising plastic to achieve desired shapes, properties, and colours. The compounding process is done by melting plastic and additives, such as antioxidants. The mixture is then blended using twin-screw extruders at high speed. Finally, the mixture is melted and cooled down before cutting and packaging.
The plastics compounding process is widely used in manufacturing industries. Products like toys, appliances, furniture, etc., are all made using plastic compounding. This process also creates finishing products for automotive interior and exterior applications. Compounded plastic consumption is gaining widespread growth due to the demand for efficient packaging for electrical and electronics, food, beverages, textile, and consumer goods.
As of 2021, the global market for plastics compounding was estimated to be $ 61.90 billion. However, the global market for plastics compounding is likely to reach $102.18 billion by 2030 with a CAGR of 5.7%.
The significant factors that fuel the global plastics compounding market include electronic, construction, and automotive demand. The demand for compounding plastics is increasing due to the physical properties of plastic, like the capacity of retarding flame, lightweight, and hard-wearing. Additionally, the demand for plastic compounding is booming in downstream sectors such as construction, automotive, electronics, electrical, and packaging.
Moreover, a plastic called Polyethylene Terephthalate (PET) is gaining wide acceptance because it is safe, flexible, sturdy, lightweight, and non-toxic. PET is used in making packaged beverages; as a result, it is expanding the growth of the global market for plastics compounding. In addition, plastics are used for insulating the building in the infrastructure company, and lightweight plastic is used in the automotive industry to lower fuel emissions, surge fuel efficiency, and increase the life of vehicle components.
As a result, the global market for plastics compounding is expanding worldwide.
With the advancement in polymerisation catalyst technologies, polyethylene and other polymer resins will perform better, be more flexible, and produce more, allowing the significant players in the industry an excellent chance to raise results and compete with one another on the market.
However, the fluctuating prices of raw materials hinder the growth of the global market for plastics compounding because of the shifting petrochemical prices and the high modifiability of their bio-based competitors. The economic slowdown due to COVID-19 also impacted the global market for plastics compounding. The pandemic affected the cost of raw materials, production in manufacturing industries, and demand and supply. Due to the travel restrictions, a significant drop in crude oil prices was observed.
The global market for plastics compounding is segmented based on the manufacturing process, product type, additive type, source, and application.
Asia-Pacific shared the largest revenue of 45% in 2021, dominating the global market for plastics compounding. Plastic manufacturing industries and the production of electronic devices in the Asia-Pacific region contributed to the domination of the market. Germany is the most significant driver of the global market for plastics compounding in Europe, followed by the US.
Key players in the global market for plastics compounding include BASF SE, DuPont, Arkema, Adell Plastic Inc., Aurora Plastics LLC, Exxon Mobil Corporation, Ravago, LyondellBasell Industries Holdings B.V, Celanese Corporation, HEXPOL AB, Covestro AG, and LG Chem.
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A comprehensive report on the global market analysis for plastics compounding is available on the Douglas Insights website. The report uses 2020 as the base year; the data estimates market size and revenue, providing a detailed review until 2026. The revenue is expressed in USD in billions, whereas the volume is stated in billion pounds.
The report categorises the market segmentation based on region, plastic type, and application. The regions include North America, Asia-Pacific, Europe, and the rest of the world.
The application includes packaging, electrical and electronics, automotive, building and construction, and consumer goods.
At the same time, the global market for plastics compounding applications includes high-volume commodity resins, including high-density polyethylene, low-density polyethylene, polypropylene, polystyrene, polyvinyl chloride, and others.
The report provides insight into thermoplastic elastomers and a few bio-compounds or plant-based polymers instead of hydrocarbon-based ones.
The report contains 97 data tables and 25 additional tables to fully understand how the market has been and will be performing. The report highlights the market dynamics, drivers, gaps, and opportunities to estimate current and future demand. The impact of COVID-19 on the manufacturing industries of the global market for plastics compounding is also discussed. The companies include packaging, automotive, building and construction, electrical, and electronics.
An overview of plastic additives used in plastic compounding is mentioned in the report, including high-density polyethylene, low-density polyethylene, linear low-density polyethylene, and many more. In addition, the plastic compounding market requires technological advancement and equipment.
The report provides insight into the environmental and regulatory trends that have an impact on chemicals. Moreover, the report also recognises the primary resin manufacturers and major plastics producers. Information on the operations, product offerings, and projected sales of the leading independent compounders is also explained.
You can also find data on specific regions – particularly countries fueling the growth of the global market for plastics compounding. These countries include North America, the United States, Canada, Europe, Germany, France, the United Kingdom, Asia-Pacific, China, India, Japan, and the rest of the world.
In addition, the report provides a detailed company review of the significant suppliers of plastic additives and fillers in the global market for plastics compounding. The companies include BASF SE, Toray Industries Inc., Mitsui Chemicals, Clariant AG, LyondellBasell, and SABIC.
Any company functioning in the plastic compounding sector needs to add the Douglas Insights report on the global market for plastics compounding. The report will help you make smart decisions, better judgments for your business and better understand the market trends in this sector.
For additional information and market insights, check the complete report here.
The report analyzes global market trends based on Compound Annual Growth Rates (CAGRs) with the data collected from 2020 stats and estimates for future years till 2024.
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