Plastic Compounding Market to Reach USD 104090 Million by 2028 at a CAGR of 6.5% | Valuates Reports
BANGALORE, India, April 14, 2022 /PRNewswire/ -- The Global Plastic Compounding Market is Segmented by Type (PP Compounds, PE Compounds, PVC Compounds, PA Compounds), by Application (Automotive, Building and Construction, Electronics and Appliances, Consumer Goods, Packaging): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Due to the COVID-19 pandemic, the global Plastic Compounding market size is estimated to be worth USD 71340 Million in 2022 and is forecast to a readjusted size of USD 104090 Million by 2028 with a CAGR of 6.5% during the review period.
Major factors driving the growth of the plastic compounding market are:
Plastic compounds are lightweight and have superior physical properties such as a wide range of conductivity, flame retardancy, and wear resistance. These properties increase their demand in a variety of industries, including automotive, building and construction, packaging, and electrical and electronics, propelling the global plastic compounding market forward.
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TRENDS INFLUENCING THE GLOBAL PLASTIC COMPOUNDING MARKET
The increasing use of PP compounds in the automotive industry is expected to drive the growth of the Plastic Compounding market. Polypropylene (PP) accounts for more than half of all plastic materials used in automobiles due to its low cost and excellent mechanical properties and moldability. Bumper facias, instrumental panels, and door trims are among the parts made of PP compounds. Several grades of PP compounds have been developed, each with its own set of performance characteristics, by combining PP with a variety of other materials to meet the performance requirements of the intended parts. Furthermore, in order to achieve weight reductions and cost savings, engineering plastics and metals have been extensively replaced by polypropylene (PP) based materials in automotive parts.
The Plastic Compounding market is expected to grow due to the rising demand for plastics in the packaging industry. Polyethylene's elasticity makes it an excellent material for food packaging. Stock poly bags, zip lock bags, bottles, food containers, food crates, stretch film, tape, pallets, and plastic sheeting are all made from polyethylene. Polyethylene storage bags are also commonly used by industrial companies for large, heavy items due to their durability.
Plastics come in a variety of shapes and sizes, including pipes, sheets, and films. They are formed or expanded to produce low-density materials. They are used in paints, varnishes, and adhesives after being dissolved in solvents or dispersed as emulsions. Plastics are currently used in buildings primarily in thin coverings, panels, sheets, foams, and pipes. Plastics will help traditional building materials function more efficiently and economically by extending their usefulness and life. This, in turn, is expected to drive the plastics compounding market forward.
PVC is commonly used to insulate electrical wiring, while thermosets (which can withstand high temperatures) are commonly used for switches, light fittings, and handles. Plastics are ideal for housings for items like hairdryers, electric razors, and food mixers because they protect the user from electric shock. Thus the increasing use in Electronics and Appliances is expected to drive the growth of the plastics compounding market.
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PLASTIC COMPOUNDING MARKET SHARE
Since PP Compounds are widely used in automotive applications, it is the largest product segment, accounting for about 35% of the market. Plastic compounds are light in weight and are being used to replace metal components in automobiles to reduce vehicle weight. As a result, carbon emissions are reduced, and vehicle fuel efficiency and performance are improved.
China is the largest market, with a share of over 25%, followed by the United States and Europe, both with a share of around 40%. The Asia Pacific plastic compounding market will grow due to an increase in the number of automotive manufacturing plants due to abundant raw materials and skilled labor.
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TOP COMPANIES IN THE PLASTIC COMPOUNDING MARKET
LyondellBasell, BASF, Mitsui Chemicals, Kingfa, and CNPC, are some of the major players in the global plastic compounding market. The top five manufacturers in the Plastic Compounding market have a market share of more than 20%.
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SIMILAR REPORTS:
- The global bioplastics market size was valued at USD 5.8 Billion in 2020, and is projected to reach USD 16.8 Billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.
- Due to the COVID-19 pandemic, the global Automotive Plastics market size is estimated to be worth USD 42530 Million in 2022 and is forecast to a readjusted size of USD 71060 Million by 2028 with a CAGR of 8.9% during the review period.
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- Due to the COVID-19 pandemic, the global PVC Compound market size is estimated to be worth USD 4149.1 Million in 2022 and is forecast to a readjusted size of USD 5528.4 Million by 2028 with a CAGR of 4.9% during the review period.
- The global extruded plastics market size was valued at USD 185.6 Billion in 2020 and is projected to reach USD 289.2 Billion by 2030 growing at a CAGR of 4.6% from 2021 to 2030.
- Due to the COVID-19 pandemic, the global Plasticizers market size is estimated to be worth USD 9319.8 Million in 2022 and is forecast to a readjusted size of USD 10560 Million by 2028 with a CAGR of 2.1% during the review period.
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