Report ID:
SQMIG15A2442 |
Region:
Global |
Published Date: November, 2024
Pages:
175
|Tables:
0
|Figures:
0
The global plastic compounding market size was valued at USD 67.2 Billion in 2022 and is poised to grow from USD 72.17 Billion in 2023 to USD 118.96 Billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).
Plastic compounding refers to the formation of plastic compounds by blending or mixing other polymers and additives. Growing demand for lightweight materials for the automotive and aerospace industries is projected to primarily drive the demand for plastic compounding in the future. Advancements in plastic compounding technologies and the rising use of plastic compounds in multiple applications across various industry verticals will also offer new business scope for plastic compounding providers going forward. A high emphasis on reducing the weight of vehicles to enhance efficiency will boost the sales of plastic compounds in the automotive manufacturing vertical over the coming years. Growing investments in infrastructure development are also expected to create new opportunities for plastic compounding companies in the long run. Development of bio-based plastic compounds will be a major trend for all market players looking to stay relevant in a sustainable future. On the contrary, the imposition of stringent mandates regarding plastic usage, fluctuations in raw material pricing, and competition from alternative materials are expected to slow down the global plastic compounding market outlook across the study period and beyond.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global plastic compounding market is segmented into product, application, end use, and region. Based on product, the market is segmented into Polyethylene (PE), Polypropylene (PP), Thermoplastic Vulcanizates (TPV), Thermoplastic Polyolefins (TPO), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), Polyamide (PA), Polycarbonate (PC), Polyurethane (PU), Polymethyl Methacrylate (PMMA), Acrylonitrile Butadiene Styrene (ABS), and others. Based on application, the market is segmented into automotive, building & construction, electrical & electronics, packaging, consumer goods, industrial machinery, medical devices, optical media, aerospace & defense, and others. Based on source, the market is segmented into fossil-based, bio-based, and recycled. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
Analysis by Application
The demand for plastic compounding in the automotive industry is projected to lead revenue generation for companies as per this plastic compounding market forecast. Growing emphasis on weight reduction of vehicles to comply with emission regulations is primarily bolstering the demand for plastic compounds in this segment. Rising demand for lightweight components in electric vehicles and increasing investments in the development of new lightweight plastic compounds are also expected to aid the dominance of this segment in the future. Plastic compounds with low thermal expansion, high stiffness, lightweight, dimensional stability, moisture resistance, exceptional scratch resistance, and impact resistance are preferred in the automotive industry.
Packaging is projected to account for the second-largest share of the global plastic compounding market outlook. A rapid boom in e-commerce activity around the world and growing demand for lightweight packaging are slated to create new opportunities for plastic compounding providers going forward. The cheap nature of certain plastic compounds makes them a mainstay in the global packaging industry thereby generating new opportunities for plastic compounding companies as well. The growing use of polyethylene and polypropylene in packaging applications will also help this segment maintain its plastic compounding market share in the long run. High demand for innovative packaging solutions will also create new opportunities in this segment going forward.
Analysis by Source
Fossil-based segment is forecasted to account for a prominent chunk of the global plastic compounding market share. High use of petrochemical-based raw materials for manufacturing of multiple plastic compounds and their extensive usage across different industry verticals is projected to aid the dominance of this segment going forward. High convenience, more profitability, and the presence of infrastructure for easy derivation of petrochemical raw materials for plastic compounding are other factors that are helping this segment emerge as a highly rewarding one for all market players. However, the segment is estimated to lose some market share to recycled and bio-based plastic compounds in the long run.
Meanwhile, the demand for bio-based plastic compounding is forecasted to rise at an impressive pace across the study period and beyond. Increasing awareness regarding the harmful impact of plastic waste on our environment coupled with growing emphasis on promoting sustainability are expected to make this segment a highly opportune one for all plastic compounding companies. Efforts of governments to reduce landfill plastic waste and promote easy degradation of plastic waste are expected to create new business scope for plastic compounding companies targeting this segment. High investments in R&D of bio-based plastics will further boost revenue for companies operating in the global plastic compounding industry.
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The Asia-Pacific region is estimated to hold sway over global plastic compounding demand outlook going forward. The presence of a robust manufacturing industry, growing sales of consumer electronics and vehicles, and supportive government initiatives to promote plastic compound manufacturing are all expected to help Asia Pacific account for a prominent chunk of the global plastic compounding market share. India, China, Korea, Philippines, and Japan are estimated to be the leading markets for plastic compounding providers operating in this region owing to the presence of top automotive manufacturers. Low labor costs and the high availability of cheap raw materials are also attracting plastic compounding companies to this region.
On the other hand, Europe is projected to account for the second-largest share of the global plastic compounding market forecast. The presence of key automotive companies, rising investments in infrastructure development, and the presence of key packaging companies are helping Europe maintain its stance as the second-most opportune market for plastic compounding providers going forward. Germany, France, and the United Kingdom are slated to be the leading markets for plastic compounding companies looking to make a mark in this region. High emphasis on sustainability and imposition of bans on certain types of plastics are estimated to bolster the demand for recycled and bio-based plastic compounds in this region through 2031 and beyond.
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Drivers
Extensive Use of Plastic Compounds in Consumer Electronics Industry
High Demand for Lightweight Automotive Components
Restraints
Fluctuations in Raw Material Pricing
Imposition of Strict Regulations Regarding Plastic
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Plastic compounding manufacturers should focus on investing in the research and development of products that are compliant with the changing regulatory landscape. Creating sustainable and easily recyclable plastic compounds will also emerge as a key opportunity for all plastic compounding providers in the future. Targeting the automotive and electronics industries will offer good returns for plastic compounding companies in the long run.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, high use of plastic compounding in automotive applications and growing demand for plastic compounds in different industry verticals are expected to drive plastic compounding market growth. However, fluctuations in raw material pricing and the imposition of strict regulations regarding use of plastic are slated to be key constraints for plastic compounding companies going forward. The Asia Pacific region is slated to spearhead plastic compounding demand outlook owing to the high use of plastic compounds in automotive and consumer electronics manufacturing. Use of nanotechnology and development of bio-based plastic compounds are slated to provide lucrative opportunities for plastic compounding companies in the long run.
Report Metric | Details |
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Market size value in 2022 | USD 67.2 Billion |
Market size value in 2031 | USD 118.96 Billion |
Growth Rate | 7.4% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Plastic Compounding Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastic Compounding Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastic Compounding Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastic Compounding Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15A2442
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