Multiple Applications across Several Industries Fuel Growth of Global Plastic Compounding Market

(The Express Wire via Comtex)

Plastic Compounding Market Projected to Reach around US$ 95,000 Mn by 2027

Being a crucial process in the betterment of physical characteristics of polymer resins, plastic compounding has acquired considerable importance in recent times. The global plastic compounding market is likely to experience considerable growth, thanks to its suitability in a wide range of applications across several industries. Plastic compounding process leads to the making of improved plastic products than can resist extreme conditions.
Kraton Corporation, LyondellBasell Industries Holdings B.V., Asahi Kasei Corporation, Mexichem Specialty Compounds Inc. (Mexichem S.A.B. de C.V.), RTP Company, and Teknor Apex are some of the well-established players operating in the global plastic compounding market.

A report on the global plastic compounding market has been prepared by Transparency Market Research (TMR), which predicts growth of the market at 5.5% CAGR over the forecast period, from 2019 to 2027.

Driven by Rising Need from the Automobile Industry, Asia Pacific to Emerge as Leading Region

The global plastic compounding market is divided into the major regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Region-based analysis will offer deeper insight into the dynamics of the market that are at play at regional levels.

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Europe is estimated to hold a large chunk of the global plastic compounding market over the study period, from 2019 to 2027. Strict regulations in the region encourage use of bio-plastics. The European Union reached an agreement last year, which restricts the use of many single-use plastic products. It is expected that such strict regulations would propel the growth of the plastic compounding market in the region during the forecast period.

Asia Pacific plastic compounding market is likely to expand at a rapid pace over the study period, from 2019 to 2027. Lately, China has become a major region for the manufacturing of electronics and automotive products. China accounts for a large chunk of the global plastic compounding market owing to high use of plastic compounds in the manufacturing of electrical and electronics and automotive industries. Many of the automotive manufacturers like Ford, General Motors have moved or opened up new facilities in countries like Thailand, India to cater to the growing needs of the region.

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Rising Need for Miniaturization to Shape Future of Plastic Compounding in Near Future

Automotive sector make extensive use of plastic compounds for the making of various automotive parts. Growing demand for lightweight vehicles has bolstered the demand for plastic compounds, which make automotives lightweight. Strict measures encouraging reduction in the weight of automotives have been implemented in many parts of the world. Lightweight automotives provide fuel efficiency and offer increased safety.

The global plastic compounding market is likely to gather momentum from its growing use in the construction industry. It is used in the making of doors, insulation materials, pipes and cables, floorings and many other applications. Increasing number of commercial and residential projects to boost infrastructural system in developing parts of the world are offering growth opportunities to the market. An inclination toward beautiful home and office interiors bolster the demand for plastic compound products.

Chlorinated polyvinyl chloride (CPVC) and Polyvinyl chloride (PVC) have significant roles to play in irrigation, sanitation management, transport and retails sectors. Products like water proofing membranes, pipes, food and medicinal packaging, and wood PVC composites utilize these materials. Such multiple uses are likely to amplify growth opportunities of the global plastic compounding market in the foreseeable future.

Phenomenal expansion of the electronics sector is sure to offer substantial prospects of growth to the plastic compounding over the assessment period. They are deployed in the large range of electromagnetic shielding and antistatic applications. Common fillers like carbon fibers, metallic fibers, graphite,, and flakes are added to plastic compounds to develop electrically and thermally conductive plastic compounds. These compounds are light in weight, cost effective and come with adjustable electrical conductivity. Lately, growing popularity of miniaturization has accentuated the demand premium quality electronic and electric components. Rising production of such high quality electronic and electric components is likely to add impetus to the global plastic compounding market during the assessment timeframe.

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