The increasing use of Plastic Compounding across different industry verticals such as optical media, automotive, packaging, electrical & electronics, medical devices, etc. is expected to catapult the Plastic Compounding Market on an upward trajectory. Market Research Future (MRFR) has revealed in its latest study that the Global Plastic Compounding Market is to expand at 6.03% CAGR during the forecast period 2017 to 2023. The market for Plastic Compounding is estimated to reach a valuation of USD 7,62,472.7 Mn in 2023 up from USD 5,36,724.4 Mn in 2017.
The growing demand for fuel-efficient lightweight automotive components has opened up avenues of Plastic Compounding Market Expansion. The initiatives undertaken by governments for promoting adoption of lightweight automobiles to curb carbon emission is expected to influence market proliferation positively.
The large-scale adoption of plastic as a replacement of metal and glass is poised to lead the expansion of Plastic Compounding Market over the next few years. Furthermore, the thriving packaging industry plays an essential role in the accelerated revenue generation for market players.
The recent trend of using bio-based and recycled plastic observed in the Plastic Compound Market has paved the way for innovations and product portfolio expansions. The market is projected to exhibit an upswing owing to the growth strategies being employed by key players for sustaining market shifts.
Most of the raw materials used in Plastic Compounding are primarily dependent on petrochemicals. The volatility in petrochemical prices is expected to challenge Global Plastic Compounding Market over the review period. However, the key players are strategizing growth trajectories for optimizing their pricing policies.
Global Market for Plastic Compounding - Competitive Dashboard:
Some of the Key Players Profiled in the report by MRFR include LyondellBasell Industries NV, SABIC, Borealis, INEOS, DowDuPont, BASF SE, Versalis S.p.A (Eni S.p.A), Asahi Kasei Corporation, Covestro AG, SO.F.TER S.r.l, 3M (Dyneon GmbH), LANXESS AG, and Total SA.
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Global Market for Plastic Compounding - Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on Product and Application. By Product, the market has been segmented into polypropylene, polyethylene, polyvinyl chloride, polyethylene terephthalate, polystyrene, acrylonitrile butadiene styrene, polyamide, polycarbonate, thermoplastic polyolefins, thermoplastic vulcanizates, polybutylene terephthalate, and others. Among these, the polypropylene segment captured 31.07% share of Global Plastic Compounding Market in 2017. The segment is estimated to register a CAGR of 6.5% during the assessment period. The growth of the segment is attributable to its high impact resistance and serviceability which has fueled demand in the automotive sector.
By Application, the Global Plastic Compounding Market is segmented into automotive, electrical & electronics, building & construction, packaging, consumer goods, industrial machinery, medical devices, optical media, and others. Among these, the automotive segment currently accounts for the largest share of the market. The trend is likely to continue in the foreseeable future. The segment is projected to thrive at a robust CAGR of 7.53% across the projection period. Plastic plays a key role in the production of automotive components which is likely to accelerate the growth of the segment.
Regional Outlook:
On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounted for 47.6% share of the global market in 2017 and is likely to remain highly lucrative market over the next few years. The market in Asia Pacific is estimated to exhibit 6.25% CAGR during the projection period. The growth is attributable to the increase in demand from booming automotive and electrical & electronics industries. Other factors responsible for the rapid expansion of the market are rising purchasing power, exponentially increasing population, etc. Furthermore, the consolidation of emerging markets such as China, South Korea, Thailand, and India is expected to create opportunities for Plastic Compounding Market Players in the region.
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Europe will hold the second spot globally, accounting for 20.8% share of the Plastic Compounding Market. The market is likely to remain highly lucrative during the projection period striking a CAGR of 5.72%. The growth of the packaging industry in the region has an important role in boosting the demand in the market. North America is expected to remain a significant growth pocket thriving at 5.17% CAGR. The factor encouraging revenue collection for market participants in the region is an increase in automotive production coupled with rising demand for lightweight vehicles.
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