Market Overview
Global Plastic Compounding Market is predicted to exceed a valuation of USD 7.62 billion by 2030.
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Market Dynamics
The growing demand for lightweight, fuel-efficient automotive components has opened up new markets for plastic compounding. Government policies to promote the use of lightweight cars in order to reduce carbon emissions are expected to have a significant impact on consumer growth. Plastic has emerged as a viable alternative to glass and metal as a result of compounding techniques. Furthermore, the booming packaging industry is critical to market participants' increased revenue generation. The rise is expected to be fueled by increased substitution for glass, metals, wood, natural rubber, and man-made materials like concrete. The market's rising demand for light and advanced materials is expected to play a key role in evaluating its growth potential over the forecast period. The global plastic compounding market is expected to expand due to the increased use of plastic in large-scale industries such as packaging, electronics, and automotive.
The plastic compounding market is expected to be tested by the volatility in petrochemical prices, as the raw materials used in plastic compounding are primarily petrochemicals. However, the recent trend in the plastic compound industry of using bio-based and recycled plastic has cemented the mode for advancements and product portfolio innovations.
The COVID-19 crisis is causing major changes in buyer and seller conditions, which is expected to have significant rippling effects on a macro level, especially in markets for packaging and medical applications, which have fared well during the pandemic. Transactions in automobiles and some durable goods, such as appliances, have, on the other hand, shown a sluggish development. In the early days of the pandemic, trends arose, such as automakers pivoting to supplying and producing ventilators. It should also be noted that companies like LyondellBasell saw a rebound in automotive manufacturing in the third quarter of this year, as OEMs resumed assembly lines and produced their vehicle backlogs.
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Segmental Analysis
The plastic compounding market has been segmented into products and applications. Based on the segment, which is products, the market is categorized on the basis of polypropylene, polyethylene, polyethylene terephthalate, polyvinyl chloride, and others. In 2017, the polypropylene segment accounted for 31.07 percent of the global plastic compounding industry. During the assessment period, the segment is expected to grow at a CAGR of 6.5 percent. The segment's growth can be attributed to its increased impact tolerance, as well as its usability, which has fueled demand in the automotive industry.
Plastic compounding materials are widely used in a variety of industries, including automotive, electrical and electronics, and construction. The automobile industry currently holds the largest share of the overall market. In the foreseeable future, this trend is expected to continue. During the forecast era, the segment is expected to grow at a healthy CAGR of 7.53 percent. Plastic is used extensively in the manufacture of automotive components, which is expected to accelerate the segment's development.
Regional Analysis
In 2017, Asia Pacific accounted for 47.6% of the global market and is projected to remain a highly lucrative market over the forecast period. During the forecast era, Asia Pacific is expected to develop at a 6.25 percent CAGR. The expansion is due to an increase in demand from the booming automotive industries. The region's rapidly increasing population is causing emerging markets such as Thailand, India, China, and South Korea to consolidate, creating opportunities for plastic compounding business companies.
Europe will come in second, accounting for 20.8 percent of the global plastic compounding industry. During the forecast period, the market is expected to remain highly profitable, with a CAGR of 5.72 percent. The growth of the packaging industry in the area is critical to increasing demand for plastic compounding. During the review era, Germany was Europe's leading plastic manufacturer. Plastic production in the country is self-sufficient, with an adequate number of plants and production capacity to meet local demand. Furthermore, due to its high quality and wide production base, the country exports Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), and other products to neighboring countries. In addition, the nation recycles a large amount of waste plastic into items like fibers, sheets, and film. With its cutting-edge network of chemical parks, industrial facilities, and unique cluster model, Germany is setting international standards as a key plastic industry located in Europe, allowing industry players to quickly reach all sections of the plastic industry value chain.
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Competitive Analysis
The notable players are SABIC, Borealis, LyondellBasell Industries NV, INEOS, DuPont, Versalis S.p.A (Eni S.p.A), BASF SE, Asahi Kasei Corporation, SO.F.TER S.r.l, Covestro AG, 3M (Dyneon GmbH), Total SA, and LANXESS AG, are some of the leading players in the global plastic compounding market.
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