Asia-Pacific Plastic Compounding Market, 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), Industry Trends and Forecast to 2030.
Asia-Pacific Plastic Compounding Market Analysis and Size
The Asia-Pacific plastic compounding market is expected to grow significantly in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.4% in the forecast period of 2023 to 2030 and is expected to reach USD 113,912.66 Million by 2030. The major factor driving the growth of the plastic compounding market is the rising popularity of plastic compounding products among the consumers, and growing awareness regarding the properties of the plastic compounding products.
Plastic compounds are widely used in the electronic and electrical industries for electromagnetic shielding and antistatic applications. In addition, they are replacing metal components in the automotive industry. This has helped in increasing car safety by reducing the total weight of the vehicle. Plastic compounding has 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.
The Asia-Pacific plastic compounding market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an analyst brief. Our team will help you create a revenue-impact solution to achieve your desired goal.
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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, Polyvinyl 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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Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, and the Rest of Asia-Pacific.
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Market Players Covered
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DuPont, BASF SE, Dow, Arkema, KURARAY CO., LTD., Adell Plastic Inc., Asahi Kasei Corporation, RTP Company, Ravago, LyondellBasell Industries Holdings B.V (A Subsidiary of LyondellBasell), KRATON CORPORATION. (A Subsidiary of DL Chemical Co., Ltd.), PolyVisions, Akro-Plastic GmbH, Aurora Plastics LLC, Exxon Mobil Corporation, DSM, SABIC, Celanese Corporation, LANXESS, and INEOS, among others
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Market Definition
Plastic compounding is a process of transforming the characteristics of basic plastics using mixtures of plastics and additives. Plastic compounds have superior physical properties, such as a wide range of conductivity and flame retardancy, and are lightweight.
These properties increase their demand in various automotive, building and construction, packaging, and electrical and electronics, thus boosting the growth of the Asia-Pacific plastic compounding market.
Plastic compounds are widely used in the electronic and electrical industries for electromagnetic shielding and antistatic applications. In addition, they are replacing metal components in the automotive industry. This has helped in increasing car safety by reducing the total weight of the vehicle.
Plastic compounding has 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 plastics compounding market.
Asia-Pacific Plastic Compounding Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Shifting preference toward the adoption of lightweight materials for 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 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.
- Growing advantages and superior physical properties of plastic compounds
Plastic compounding is a process of transubstantiating the characteristics of introductory plastics and thermoplastics using an admixture of plastics and complements. To manufacture a plastic material of macromolecular substance, it should be loaded with antioxidants, lubricants, and fillers. Additives are used to enhance the mechanical, electrical & chemical properties of plastic to simplify the processing to enable its appearance and finish. Plastic compounding is, therefore, a procedure of adding such additives to the substance.
Opportunities
- Shifting preference for bio-based and recycled plastics
Bio-based plastics are plastics manufactured from bio-based polymers, which contribute to more sustainable commercial plastic life cycles as part of a circular economy in which virgin polymers are made from renewable or recycled raw materials. Carbon-neutral energy is used for the production of these plastics, and the products are reused or recycled at their end of life (EOL). As compared with fossil-based plastics compounds, bio-based plastics have a lower carbon footprint and exhibit advantageous material properties. Moreover, they are also compatible with existing recycling streams, and some offer biodegradation in controlled or predictable environments.
- Ongoing development in catalyst technologies to increase the performance and yield of PE resins
Resins such as PE resin is used broadly in agriculture, architecture, automobiles, machinery, and electronic information. Research regarding high-performance synthetic resins is increasing via improvements in product application, reduction in raw material costs, development of eco-friendly and sustainable products, and improvements in technical service. Research focusing on diversifying raw materials, catalysis techniques, polymerization processes, and large-scale equipment is being carried out extensively.
There has been development in the field of catalysis techniques (such as metallocene catalysts), polymerization processes, and polymer processing technologies. Catalyst design strategies (such as the metal–metal synergistic effect, ligand secondary coordination effect, ligand substrate effect, and redox regulation) and new heterogeneous polymerization processes (such as self-stable precipitation polymerization) have been developed to effectively produce high-performance plastic compounding materials. High-melt-strength polypropylene, high-density polyethylene pipes, transparent impact polypropylene, and capacitor film made of special materials are some examples of breakthroughs in the field of synthetic resin application.
Restraints/Challenges
- Fluctuations or volatility in the prices of raw materials
One of the major factors that is expected to restrain the growth of the plastic compounding market is the fluctuating petrochemical as well as crude oil prices as most of the raw materials that are used in plastic compounding come from petrochemicals or crude oil. Therefore, this is expected to hinder the growth of the plastics compounding market.
There are mainly three basic ingredients or raw materials used, namely polymers, additives, and fillers, utilized in plastic compounding. Polymers consist of PP (polypropylene), which may be categorized into homopolymers or block copolymers. PE (polyethylene) is also used in compounding, along with certain elastomers. Plastic compound prices have been rising gradually primarily due to fluctuating petrochemical prices and high substitution potential from its bio-based counterparts.
- Stringent regulations imposed on the use of plastic
There has been the imposition of various stringent regulations on the use of plastic with rising environmental concerns related to the toxicity issues, and this will pose a major challenge to the growth of the Asia-Pacific plastic compounding market.
Most of the developed countries and regions have taken significant steps to introduce regulations to drive sustainability, while others are still operating as per the status quo, with limited or no regulations in place.
Recent Development
- In June 2022, DuPont announced it had completed the sale of its Biomaterials business unit, effective May 31, 2022, to the Huafon Group for a purchase price of approximately USD 240 Million. This will allow the company to focus on its other business segments.
Asia-Pacific Plastic Compounding Market Scope
The Asia-Pacific plastic compounding market is categorized based on product type, source, additive type, manufacturing process and application. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
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
- Others
On the basis of product type, the Asia-Pacific plastic compounding market is classified into polyethylene (PE), polypropylene (PP), thermoplastic vulcanizates, thermoplastic polyolefins, polyvinyl chloride, polystyrene, polyethylene terephthalate (PET), poly-butylene terephthalate (PBT), polyamide (PA), polycarbonate, acrylonitrile butadiene styrene, and others.
Source
- Fossil-Based
- Bio-Based
- Recycled
On the basis of source, the Asia-Pacific plastic compounding market is classified into 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
- Others
On the basis of additive type, the Asia-Pacific plastic compounding market is classified into less than fillers, anti-oxidants, colorants, uv stabilizers, reinforcement agents, flame-retardants, anti-foaming agents, oxygen scavengers, blowing agents, and others.
Manufacturing Process
- Injection Molding
- Extrusion
- Others
On the basis of manufacturing process, the Asia-Pacific plastic compounding market is classified into injection molding, extrusion, and others.
Application
- Automotive
- Building & Construction
- Packaging
- Electrical & Electronics
- Medical
- Optical Media
- Consumer Goods
- Industrial Machinery
- Textiles
- Others
On the basis of application, the Asia-Pacific plastic compounding market is classified into automotive, building & construction, packaging, electrical & electronics, medical, optical media, consumer goods, industrial machinery, textiles, and others.
Asia-Pacific Plastic Compounding Market Regional Analysis/Insights
The Asia-Pacific plastic compounding market is segmented on the basis of product type, source, additive type, manufacturing process and application.
The countries in the Asia-Pacific plastic compounding market are the Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, and the Rest of Asia-Pacific. China is dominating the Asia-Pacific plastic compounding market in terms of market share and market revenue due to the growing technologies of plastic compounding products in this region.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data point downstream and upstream value chain analysis, technical trends porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Plastic compounding Market Share Analysis
The Asia-Pacific plastic compounding market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the Asia-Pacific plastic compounding market.
Some of the prominent participants operating in the Asia-Pacific plastic compounding market are DuPont, BASF SE, Dow, Arkema, KURARAY CO., LTD., Adell Plastic Inc., Asahi Kasei Corporation, RTP Company, Ravago, LyondellBasell Industries Holdings B.V (A Subsidiary of LyondellBasell), KRATON CORPORATION. (A Subsidiary of DL Chemical Co., Ltd.), PolyVisions, Akro-Plastic GmbH, Aurora Plastics LLC, Exxon Mobil Corporation, DSM, SABIC, Celanese Corporation, LANXESS, and INEOS, among others.
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