The use of compounded plastic have also lowered the carbon emissions and increased fuel efficiency and performance of vehicles in the automotive industry, which in turn boosts the growth of the plastic compounding market. There is the maximum application of plastic compounding in underhood components in the automotive industry, building interiors and exteriors of the vehicles such as dashboard components, bumpers, fender linings, door handles and others.
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Data Bridge Market Research analyses that the Global Plastic Compounding Market is expected to grow at a CAGR of 4.9% in the forecast period of 2023 to 2030 and is expected to reach USD 303,026.39 million by 2030. There has been rising consumption from various downstream sectors such as construction, automotive, electronics, electrical and packaging, which will help in the growth of the global plastic compounding market in the near future. The demand for plastic is constantly growing in several industrial applications as it offers many advantages, such as easy molding and the ability to form preferred shapes and designs. There has been a rising demand for compounded plastic materials and products owing to the rise in operation sectors, including construction, electrical & electronics, and automotive. In the construction sector, the adding demand for plastic composites owes to a rise in its use in floorings, sequestration accouterments, storehouse tanks, performance safety windows, doors, pipes, and lines. In addition, the expansion of automotive and electronic and electrical element manufacturing across various regions is also expected to boost the growth and development of the global plastic compounding market.
Key Findings of the Study
Shifting preference towards the adoption of lightweight materials for the production of automotive parts
Compounded plastics offer exceptional serviceability and high-impact resistance, which has boosted their usage in the automobile industry. The automotive segment is expected to occupy among the largest share owing to the increasing usage of plastics in place of metal and alloys in automotive components and spare parts. The automotive industry is the third most important consumer sector of polymers after packaging and building, and construction.
Various materials such as polypropylene (PP) and others are extensively used in automotive operations as these composites are light in weight and are replacing metal factors in automotive to reduce the weight of the vehicles. This results in lower carbon emissions and increase the energy effectiveness and performance of the vehicles. This factor is anticipated to increase the use of plastic in automotive operations and parts. In addition, properties such as good fatigue resistance, light weightiness, and better temperature and chemical resistance are anticipated to increase the demand for these compounded plastic materials and therefore, likely to drive the growth of this market in the future.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2020 - 2015)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Product Type (Polyethylene (PE), Polypropylene (PP), Thermoplastic Vulcanizates, Thermoplastic Polyolefins, Poly vinyl Chloride, Polystyrene, Polyethylene Terephthalate (PET), Poly-Butylene Terephthalate (PBT), Polyamide (PA), Polycarbonate, Acrylonitrile Butadiene Styrene, and Others), Source (Fossil-Based, Bio-Based, and Recycled), Additive Type (Fillers, Anti-Oxidants, Colorants, UV Stabilizers, Reinforcement Agents, Flame-Retardants, Anti-Foaming Agents, Oxygen Scavengers, Blowing Agents, and Others), Manufacturing Process (Injection Molding, Extrusion, and Others), Application (Automotive, Building & Construction, Packaging, Electrical & Electronics, Medical, Optical Media, Consumer Goods, Industrial Machinery, Textiles, and Others).
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Russia, Spain, Netherlands, Belgium, Switzerland, Turkey, Luxemburg, Slovenia, and the Rest of Europe. Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, and the Rest of Asia-Pacific, Brazil, Argentina, and the Rest of South America, South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and the Rest of the Middle East and Africa.
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Market Players Covered
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Dupont (Delaware, U.S), BASF SE (Ludwigshafen, Germany), DOW (Michigan, U.S.), Arkema (Colombes, France), Kuraray Co., LTD. (Tokyo, Japan), Adell Plastics Inc. (Maryland, U.S.), Asahi Kasei Corporation (Tokyo, Japan), RTP Company (Minnesota, U.S.), Ravago (Texas, U.S.), LyondellBasell Industries Holdings B.V (Rotterdam, Netherlands), Kraton Corporation (Texas, U.S), PolyVisions (Pennsylvania, U.S), Akro-Plastic GmbH (Rhineland-Palatinate, Germany), Aurora Plastics LLC (Ohio, U.S.), Lanxess (Cologne, Germany), Ineos (London, U.K.), Exxon Mobil Corporation (Texas, U.S.), DSM (Heerlen, Netherlands), Sabic (Riyadh, Saudi Arabia), and Celanese Corporation (Texas, U.S.), among others.
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The global plastic compounding market is segmented on the basis of product type, source, additive type, manufacturing process, and application.
- On the basis of product type, the global plastic compounding market is segmented into Polyethylene (PE), Polypropylene (PP), Thermoplastic Vulcanizates, Thermoplastic Polyolefins, Poly Vinyl Chloride, Polystyrene, Polyethylene Terephthalate (PET), Poly-Butylene Terephthalate (PBT), Polyamide (PA), Polycarbonate, Acrylonitrile Butadiene Styrene and Others. In 2023, the Polyethylene (PE), the segment is expected to dominate the global plastic compounding market with a 26.85% market share due to increasing consumption rates for a wide range of applications.
In 2023, the polyethylene (PE) segment of by product type is anticipated to dominate the global plastic compounding market.
In 2023, the Polyethylene (PE) segment will dominate the global plastic compounding to rise in operation sectors, including construction, electrical & electronics, and automotive.
- On the basis of source, the global plastic compounding market is segmented into Fossil-Based, Bio-Based and Recycled. In 2023, the fossil-based segment is expected to dominate the market with a 50.83% market share due to the versatile applications offered by polymers.
- On the basis of additive type, the global plastic compounding market is segmented into anti-oxidants, UV stabilizers, colorants, blowing agents, flame-retardants, reinforcement agents, fillers, anti-foaming agents, oxygen scavengers, and others. In 2023, the anti-oxidants segment is expected to dominate the market with a 23.75% market share due to the increased rate of applications rate of anti-oxidants.
- On the basis of manufacturing process, the global plastic compounding market is segmented into extrusion, injection molding, and others. In 2023, the extrusion segment is expected to dominate the market with a 54.07% market share due to increased consumption rate and demand and also the better advantages offered.
- On the basis of application, the global plastic compounding market is segmented into automotive, building & construction, packaging, electrical & electronics, medical, consumer goods, industrial machinery, optical media, textiles, and others. In 2023, the automotive segment is expected to dominate the market with a 26.13% market share due to increased utilization rate for automotive applications.
Major Players
Data Bridge Market Research recognizes the following companies as the major plastic compounding market players in the global plastic compounding market are Dupont (Delaware, U.S), BASF SE (Ludwigshafen, Germany), DOW (Michigan, U.S.), Arkema (Colombes, France), Kuraray Co., LTD. (Tokyo, Japan), Adell Plastics Inc. (Maryland,U.S.), Asahi Kasei Corporation (Tokyo, Japan), RTP Company (Minnesota, U.S.), Ravago (Texas, U.S.), LyondellBasell Industries Holdings B.V (Rotterdam, Netherlands), Kraton Corporation (Texas, U.S), PolyVisions (Pennsylvania, U.S), Akro-Plastic GmbH (Rhineland-Palatinate, Germany), Aurora Plastics LLC (Ohio, U.S.), Lanxess (Cologne, Germany), Ineos (London, U.K.), Exxon Mobil Corporation (Texas, U.S.), DSM (Heerlen, Netherlands), Sabic (Riyadh, Saudi Arabia), and Celanese Corporation (Texas, U.S.), among others.
Market Development
- In June 2022, the chairman and chief executive officer of Dow participated in a fireside chat during the Bernstein 38th Annual Strategic Decisions Conference on Thursday, June 2 at 8:00 a.m. ET.
- In April 2022, Dow has received eight 2022 Edison Awards – two gold, four silver and two bronze, again earning more awards than any other organization. Over the past 10 years, Dow has also earned more total Edison Awards than any other company. Being recognized with an Edison Award is one of the highest accolades a company can receive in the name of innovation and business success.
- In May 2022, BASF SE launched its Ultradur B4335G3 HR HSP, which is an all-rounder for reliable protection. The PBT in this material offers a unique combination of different properties, such as outstanding hydrolysis resistance and good flowability and ensures safety for sensitive electronics in extremely challenging environments.
- In May 2022, BASF SE has expanded its brand portfolio with the launch of Ultramid A3U44G6 DC OR (PA66 - GF30 FR). This product is a flame-retardant engineering plastics for the eMobility market with high technical requirements from the industry on PA66.
- In April, 2022, LyondellBasell announced its decision to cease the operation of its Houston Refinery by December 31, 2023. In the interim, the Company will continue serving the fuels market, which is expected to remain strong in the near- term, and consider potential transactions and alternatives for the site. This will allow the company to focus more actively on its other business segments.
Regional Analysis
Geographically, the countries covered in the global plastic compounding market report are U.S., Canada and Mexico in North America, Germany, Italy, France, U.K., Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Luxemburg, Slovenia, Europe, China, India, Japan, South Korea, Thailand, Singapore, Indonesia, Australia & New Zealand, Malaysia, Philippines, Asia-Pacific (APAC), Brazil, Argentina, and Rest of South America, as part of South America, Saudi Arabia, Egypt, United Arab Emirates, South Africa, and Israel as a part of the Middle East and Africa (MEA).
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in the global plastic compounding market during the forecast period 2023 - 2030
In 2023, Asia-Pacific dominated the global plastic compounding market owing to the rising demand for the plastic compounding and the high implementation rate. Asia-Pacific will continue to dominate the global plastic compounding market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. Many developing economies of the world are focusing on climate change and methods and practices to move on the path of environmental conservation by reducing their carbon footprint. This responsibility is realized both by the corporate and the government sector. The governments of the world are developing policies for subsidizing and easing the process for the adoption of renewable energy.
Asia-Pacific is estimated to be the fastest growing region in the global plastic compounding market for the forecast period 2023 - 2030
Asia-Pacific is expected to grow during the forecast period due to the presence of major market players and the rapid development of plastic compounding for a wide range of applications. In addition to this, various technological advancements related to the production and usage of plastic compounding has increased.
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