Plastic Compounding Market Report Latest Trends and Future Opportunities Analysis
Plastic Compounding Market Trend
Plastic compounds are materials created by blending or mixing various additives, fillers, and polymers to enhance the properties and performance of plastics.
NEW CASTLE, DELAWARE, UNITED STATES, November 21, 2023 /EINPresswire.com/ -- The global plastic compounding industry was estimated at $448.3 million in 2022, and is projected to reach $781.3 million by 2032, witnessing a CAGR of 5.7% from 2023 to 2032.
The plastic compounding market is the industry that produces and customizes plastic compounds. Plastic compounds are materials created by blending or mixing various additives, fillers, and polymers to enhance the properties and performance of plastics. These compounds are used in various industries, including automotive, construction, packaging, electronics, and consumer goods, to manufacture products with specific characteristics such as strength, durability, flame resistance, and color.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/5288
𝐏𝐫𝐢𝐦𝐞 𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐆𝐫𝐨𝐰𝐭𝐡:
The global plastic compounding market is experiencing significant growth due to several factors, including escalating demand from the packaging sector, and an increase in the production rate of plastic. However, the government norms and regulations on the use of plastic components hindered the market growth to some extent. On the contrary, the rise of the automotive industry will offer various opportunities for market growth.
𝐓𝐡𝐞 𝐩𝐨𝐥𝐲𝐩𝐫𝐨𝐩𝐲𝐥𝐞𝐧𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝-
Based on polymer type, the polypropylene segment held the highest market share in 2022, accounting for more than one-fourth of the global plastic compounding market revenue and is estimated to maintain its leadership status throughout the forecast period. The growing automotive sector attributed to increasing purchasing power of customers has surged the popularity of polypropylene based plastic compounds, where it is widely used for manufacturing of automobile components such as, automotive bumpers, bumper facias, instrumental panels, door trims, and wheel covers. This factor is expected to boost the demand for polypropylene-based plastic compounds in the increasing automotive industry; thus, fueling the market growth. However, the polyethylene terephthalate segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032.
𝐓𝐡𝐞 𝐩𝐚𝐜𝐤𝐚𝐠𝐢𝐧𝐠 𝐞𝐧𝐝 𝐮𝐬𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝-
Based on end use, the packaging segment accounted for the largest share in 2022, contributing to more than one-third of the global plastic compounding market revenue, and is estimated to maintain its lead position during the forecast period. The packaging industry is one of the booming sectors across the globe owing to rise in disposable income, busy schedule of people, and rise in consumption of packaged food has bolstered the plastic compounds market. However, the building and construction segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032.
𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, garnering nearly half of the global plastic compounding market revenue, and is expected to maintain its dominance during the forecast period. The same segment would also showcase the fastest CAGR of 6.2% from 2023 to 2032. In China, plastic process sector is growing rapidly, which in turn has enhanced the performance of the plastic compounds market in the region. According to an article published by Earth organization in March 2022, China alone produced 60 million tons of plastic in 2020. Moreover, countries such as India and Australia have witnessed a rapid increase in automotive sectors where plastic compounds are used to make auto components, such as instrumental panels, glass interlayer, interior trim, and door handles. Thus, driving the regional market during the forecast period.
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -
- ASAHI KASEI CORPORATION
- BASF SE
- CELANESE CORPORATION
- COVESTRO AG.
- KINGFA SCIENCE AND TECHNOLOGY (INDIA) LIMITED
- LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
- AVIENT CORPORATION.
- SABIC
- SOLVAY
- DUPONT
The report provides a detailed analysis of these key players in the global plastic compounding market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟑𝟓𝟑 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://bit.ly/40hoKrl
𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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