IMARC Group, a leading market research company, has recently releases report titled “Plastic Compounding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global plastic compounding market share, growth, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Plastic Compounding Market
Plastic compounding represents a process that involves the melt-blending of plastics with additional materials, including additives, fillers, fibers, and colorants, to change the thermal, physical, and aesthetic characteristics of plastics. It comprises stages, such as determining additives ratio, high-speed mixing via twin-screw extruders, melt-mixing, cooling, final pellet cutting and packaging, etc. This process can help improve the conductivity, stiffness, toughness, flame, and wear resistance of plastics. As a result, it is used in the healthcare, electronics, and transportation sectors across the globe.
How Big Is the Plastic Compounding Market?
The global plastic compounding market size reached US$ 64.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.1% during 2023-2028.
Global Industry Trends and Drivers:
The widespread adoption of these synthetic substances in the automotive industry, as it aids in reducing automobiles weight by replacing heavy materials, including metal and glass, is primarily driving the plastic compounding market. Furthermore, the inflating sales of electric vehicles (EVs) are also augmenting the market growth. Apart from this, the development of plastics through this process, which is used in manufacturing toys, furniture, seals, cables, floor coverings, pipes, appliances, and profiles for windows and doors, is positively influencing the global market. Moreover, the growing usage of the product in producing air ducts, cabin partitions, overhead luggage bins, avionics sensor plates, ventilation impeller blades, etc., is further bolstering the market growth. Besides this, the increasing utilization of polypropylene (PP), a thermoplastic polymer, in textiles, stationery, laboratory equipment, loudspeakers, and polymer banknotes is acting as another significant growth-inducing factor. Additionally, the escalating demand for the product in food packaging for making yogurt cups, ketchup bottles, and maple syrup and cream cheese containers is also catalyzing the global market. In addition to this, rising industrialization and the expanding construction sector are expected to drive the plastic compounding market in the coming years.
Plastic Compounding Market Growth and Opportunities:
The plastic compounding market is experiencing robust growth and presenting significant opportunities. The increasing demand for lightweight and high-performance materials in various industries, including automotive, electrical and electronics, and construction, is a key driver for market expansion. Plastic compounding enables the enhancement of plastic properties such as strength, durability, flame resistance, and thermal stability, making it suitable for a wide range of applications. Additionally, the rising focus on sustainability and the need for eco-friendly materials drive the demand for recycled and bio-based plastic compounds. The growing emphasis on energy efficiency and the adoption of electric vehicles further contribute to market growth. Moreover, technological advancements in compounding processes and the development of innovative additives and fillers offer opportunities for manufacturers to cater to evolving customer requirements. The Asia-Pacific region, in particular, presents significant growth prospects due to rapid industrialization and urbanization. Overall, the plastic compounding market is poised for expansion driven by increasing demand for high-performance materials, sustainability considerations, and advancements in compounding technologies.
What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Product:
Breakup by Application:
Breakup by Region:
The report provides a comprehensive analysis of the industry key players listed below:
Adell Plastics Inc., Agiplast, Asahi Kasei Corporation, Aurora Plastics LLC, BASF SE, Celanese Corporation, Coperion GmbH (Hillenbrand Germany Holding GmbH), Covestro AG, K.D. Feddersen, LyondellBasell Industries Holdings B.V., Ravago Manufacturing India Pvt. Ltd. and Solvay S.A.
