Plastic Compounding Market Size worth US$ 107.6 Bn by 2031, TMR Study

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Oct 02, 2022, 21:30 ET

Rising demand from automotive industry spurred by need for cost-effective metal alternatives with high performance characteristics; Adoption of advanced pre-work testing and post-blending testing methods to unlock new revenue sources for players in plastic compounding market
Enormous use of plastic compounding in medical, 3D modelling, and consumer goods applications steering revenues; Asia Pacific market poised for remarkable growth

WILMINGTON, Del., Oct. 3, 2022 /PRNewswire/ -- A recent research report on plastic compounding market found that plastic compounding solutions are steadily gaining adoption in multiple industries notably consumer goods, automotive, and construction. The use of thermoplastics compounding in a slew of 3D modelling and medical applications has opened up vast avenue for manufacturers. The size of plastic compounding market is forecast to reach US$ 107.6 Bn by 2031.

Growing trend of replacing metals with high-performance polymers in automotive industry has created enormous revenue potential, underscored recent developments in plastic compounding market. The demand has gained momentum on the back of high-performance characteristics of these plastics, notably excellent impact and tensile strength, UV resistance, and remarkable combination of material properties.

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Particularly, a variety of additives, fillers, and polymers are incorporated in thermoplastics polymers improve mechanical performance characteristics, making them suitable as low-cost metal substitutes in customized applications. Stridently, the plastic compounding market is slated for incredible opportunities on the back of strides in custom polymer compounding.

Key Findings of Plastic Compounding Market Study

Massive Demand in Automotive Applications to Spur Revenue Streams: The study observed that the trend of light-weighting in automotive industry has endowed incredible opportunities to plastic compounding companies. Rise in incorporation of the products in automobile has led to the manufacture of lightweight vehicles to help OEMs and automotive companies meet the stringent requirements of fuel efficiency. Continuing focus on fuel-efficient vehicles particularly passenger vehicles will drive the use of polyvinyl chloride (PVC) and polyethylene (PE), and will shape the future demand for plastic compounding market.
Widespread Use of PVC and PE in Compounding Presents Panoply of Opportunities: Rising utilization of PVC and PE compounding in several end-use industries is spurring the growth opportunities. Of note, PVC is extensively adopted for use in building & construction industry. The segment is poised to account for a major share in plastic compounding market during the forecast period. Widespread demand for PVC and PE in consumer goods will create massive lucrative avenues.
Advancements in Thermoplastic Compounding Techniques Open Up Vast Lucrative Avenues: The study authors observed that R&D in thermoplastic compounding techniques has expanded remarkably over the years. Thermoplastics compounding has evoked enormous interest among compounding companies owing to array of attractive performance characteristics they can be imparted with. This includes high impact resistance, design freedom, and dimensional stability. Furthermore, many fiber reinforced plastics are recyclable. Companies in the plastic compounding market are planning to grow their production of long fiber reinforced thermoplastic composites to gain steady revenue streams.

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Plastic Compounding Market: Key Drivers

Growing use of plastic compounding in a wide spectrum of applications in multiple industries is a key market driver.
Rising popularity of low-cost bio-based plastics across industries is galvanizing interest of various industry players in plastic compounding methods and techniques. This is expanding the avenues in plastic compounding market.
Need for sustainable methods of plastic compounding will fuel future growth prospects

Plastic Compounding Market: Regional Growth Dynamics

Asia Pacific is poised to generate sizable revenue streams to the global plastic compounding market during the forecast period. Rapid expansion of the regional market is spurred by massive uptake of plastic compounding in automotive industry. Additionally, the demand for products is rising in several industries including automotive, electronics, and consumer goods. Furthermore, growing investments in bioplastics products will open up lucrative opportunities for market players.

Plastic Compounding Market: Competitive Landscape

Firms are keenly building up their expertise in pre-work testing and post-blending testing methods to capture unique value propositions, observed the analysts. A growing number of companies have increased their stakes in bio-plastics sector to gain a competitive edge over others, found the TMR study scrutinizing marketing strategy for plastic compounding market.

Some of the prominent companies in plastic compounding market are AMI LLC, RTP Company, Arkema Group, Clariant International, DSM N.V., Sojitz Corporation, Celanese Corporation, BASF SE, and DuPont.

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Plastic Compounding Market Segmentation

Type

Polyvinyl Chloride (PVC)
Polyethylene (PE)
Polypropylene (PP)
Polystyrene (PS)
Polyamide (PA)

PA 6
PA 66
PA 46

Polyethylene Terephthalate (PET)
Polybutylene Terephthalate (PBT)
Acrylonitrile Butadiene Systems (ABS)
Others (Polycarbonate, Thermoplastic Vulcanizates [TPV], and Thermoplastic Polyolefins [TPO])

Source

Fossil-based
Bio-based
Recycled

Application

Automotive
Building & Construction
Electrical & Electronics
Packaging
Medical
Consumer Goods
Industrial Machinery
Others (including Optical Media)

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