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Plastic Compounding Market Size, Share and Industry Analysis Report by Product (Thermoplastic Polymers [Polyethylene, Polypropylene, Polyester, Polycarbonate, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polybutylene Terephthalate, Poly Methyl Methacrylate, Polyoxymethylene], Thermosetting Polymers [Polyurethane Resin, Epoxy Resin], Thermoplastic Elastomers [Polyamides, Polyurethanes, SBC]) and Industry (Consumer Goods, Electrical & Electronics, Construction, Automotive, Aerospace), Regional Outlook, Application Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI1533
  • Published Date: Mar 2022
  • Report Format: PDF

Industry Overview

Plastic Compounding Market size was valued at over USD 42.5 billion in 2021 and is estimated to grow at a CAGR of above 5.9% from 2022 to 2028 driven by the rising automotive sector around the globe. The industry size may cross 37,465.3 kilo tons by 2028 at a projected CAGR of 5% through the forecast period, in terms of volume.
 

plastic compounding market outlook
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Plastic compounders play a vital role in enhancing the performance of plastic products or resin with key additives to meet requirements of several end-user industries. Plastic compounds show various properties such as bio-resorbable rates, elasticity, color, and a lead to the changes of other properties of plastic depending on additive mixtures, production processes, and field usage conditions in compounding. The advancement and growth of the plastic industry is expected to lead to enhance the market potential for plastic compounding over the forecast timeframe.
 

The global plastic compounding market is expected to witness substantial growth from various end-user industries including consumer goods, electrical & electronics, automotive, aerospace, and construction. 3D printing applications, innovative packaging techniques for consumer goods, and the surging demand for bioplastics are some of the significant trends that will drive market growth by 2028.
 

The increasing use of thermoplastic polymers will boost market growth

Thermoplastic polymers are expected to grow at a CAGR of 4.8% throughout the forecast timeframe, due to their wide application ranges and lower manufacturing costs as compared to other segments. Polyethylene (PE) will be the leading sub-segment under thermoplastic polymers. It will have a strong demand from the packaging industry for a range of applications such as automotive interiors, consumer goods packaging, bags, geomembranes, and containers including bottles.
 

plastic compounding market by product

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Other products, such as Polyocymethylene (POM), Poly Methyl Methacrylate (PMMA), Polybutylene Terephthalate (PBT), Acrylonitrile Butadiene Styrene (ABS), and Polyvinyl Chloride, are major collective contributors as their usage is very much prevalent in automotive, packaging, and industrial applications.
 

Increasing consumer spending in automotive, medical, and construction industries along with regulatory compliances for sustainable products will drive the plastic compounding market growth in thermoplastic elastomers. The thermoplastic elastomers market witnessed significant gains over the recent years as they evolved as an alternative to natural or synthetic rubber, metal, wood, and glass.
 

The adoption of plastic compounding by the automotive sector will enhance market growth

   plastic compounding market by application

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The automotive segment held the largest share in global plastic compounding market in 2021 and valued at USD 15,251 million. Regulations in Western markets including the EU and the U.S. are aimed at vehicular weight reductions; they have been the primary driving force behind the rising plastic consumption in automobiles.
 

Manufacturers have been striving to achieve weight reductions by substituting metal parts with plastics along with changing vehicle designs. These traits will boost plastic compounding applications in the automotive industry in the future. This end-user segment led the business growth in terms of volume and revenue due to larger volumes of compounded plastics consumed per vehicle.
 

The plastic compounding market for consumer goods will account for an around 25% share through 2028 owing to its increasing applications in packaging, household appliance, and furnishing applications. Consumer goods are projected to be the fastest-growing segment over the forecast period.
 

Asia Pacific to set to witness significant growth over the forecast period

           plastic compounding market by region

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Asia Pacific was the largest & fastest-growing region in 2021 and is estimated to grow at a 6.2% CAGR over the forecast timeframe. This can be attributed to rising constructions and the region’s consumer goods industry, thereby leading to a strong demand for plastics in various products in the coming years. The rising number of automotive manufacturing plants due to large raw materials and skilled labor availability will drive the Asia Pacific plastic compounding market growth.
 

The Europe plastic compounding market is also expected to grow at a considerable pace and is set to account for a 22.4% share by the end of forecast timeframe. The region is home to major companies and established manufacturers. Efforts from regional governments to promote domestic production will further augment the plastic compounding market growth. The presence of various end-user industries is also contributing to the region’s growth.
 

Technological innovations is one of the major strategic outlooks of the overall industry

A large number of small, medium, and international players are operating in the global plastic compounding industry. The key participants are involved in technological advancements & innovations for enhancing plastic compounding features.
 

For instance, in November 2019, Dow Chemicals Company, expanded its R&D operations in the King Abdullah University of Science. The 13,500 square-meter R&D facility was designed to be LEED-silver-certified that will aid the company in developing new products & formulations.
 

Companies, such as LyondellBasell, RTP Company, SABIC, Dow, BASF SE, Solvay SA, and A. Schulman, are some of the leading players in the plastic compounding market. Other prominent manufacturers include Kraton Corporation, Aurora Plastics LLC, and Owens Corning Corp.
 

The plastic compounding market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2022 to 2028 for the following segments:

By Product

  • Thermoplastic polymer
    • Polyethylene
    • Polypropylene
    • Polyester
    • Polycarbonate
    • Polyethylene terephthalate
    • Polyvinyl chloride
    • Acrylonitrile butadiene styrene
    • Polybutylene terephthalate
    • Poly methyl methacrylate
    • Polyoxymethylene
    • Others
  • Thermoset polymer
    • Polyurethane resin
    • Epoxy resin
    • Others
  • Thermoplastic elastomer
    • Polyamides
    • Polyurethanes
    • SBC
    • Others
  • Others

By Industry

  • Consumer goods
  • Electrical & electronics
  • Construction
  • Automotive
  • Aerospace
  • Others
  • Total

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Indonesia
    • Malaysia
    • Thailand
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

The global plastic compounding market is slated to achieve USD 63.2 billion by 2028 and is anticipated to register over 5.9% CAGR during the forecast period of 2022-2028.

The global plastic compounding industry size from thermoplastic polymers may record around 4.8% CAGR through 2028 as they have several applications in automotive interiors, bags, consumer goods packaging, etc.

The automotive applications were valued at $15.25 billion in the overall market in 2021 as the U.S. and the E.U. governments are imposing strict rules and regulations to reduce the weight of vehicles.

Asia Pacific plastic compounding industry size is estimated to observe 6.2% CAGR through 2028 as the number of automotive manufacturing plants are increasing across the region, which will augment the use of plastic compounding products.

Leading organizations, such as LyondellBasell, SABIC, RTP Company, BASF SE, A. Schulman, and Solvay SA, among others, are manufacturing cutting-edge plastic compounding products for their clients across the world.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 10
  • Tables & Figures: 243
  • Countries covered: 19
  • Pages: 350

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