Plastic Compounding Market size to cross $56bn by 2026

Plastic Compounding Market demand is set to exceed USD 56 billion by 2026; according to a new research report by Global Market Insights, Inc. The global compounded plastics are anticipated to grow at a CAGR of over 6.2% from 2019 to 2026.
 

Compounding of plastic involves conversion of base resin into desired plastic product featuring properties such as lightweight structure, uniformity and durability. The plastic compounding market share is likely to witness significant growth owing to their increasing applications in numerous sectors including consumer goods, electrical & electronics, automotive, aerospace and construction. Shifting consumer preferences towards utilizing lightweight materials for home interior, exterior and household applications will provide a positive outlook for the industry size.

 

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New vehicle emission regulations will remain a key growth driver

Stringent regulations and standards targeted towards reducing the vehicle emissions levels is positively influencing the demand for lightweight vehicles. Vehicle manufacturers are opting to utilize components incorporating advanced materials to achieve potential weight savings. Integration and substitution of compounded products in vehicle interior and engine components will contribute further to lightweight automobile manufacturing, thus reducing emissions.
 

U.S. Plastic Compounding Industry By End-User, 2018 (USD Million)

U.S. Plastic Compounding Industry By End-User, 2018 (USD Million)

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Bioplastics impacting new consumer demand

Growing prominence of bioplastics is attributed towards their improved compostability and lower carbon footprint and economical production cost. Increasing demand for reducing the greenhouse gas emissions has significantly contributed towards utilization of bioplastics in end user industries such as food & beverages, packaging, agriculture and pharmaceuticals. However, fluctuation of crude oil prices have a major impact on the price competitiveness and profitability of the manufacturers, further restricting the industry expansion.
 

Non-biodegradability of certain plastics along with growing concerns pertaining with plastic waste will hinder the product penetration over the projected timeframe. Industry participants are actively involved in developing new technologies and material compositions to reduce the environmental impacts. Advancements and innovations targeted towards development of sustainable and eco-friendly plastics will define the future technology in plastic compounding.
 

Browse key industry insights spread across 234 pages with 263 market data tables & 35 figures & charts from the report, “Plastic Compounding Market Size By Product (Thermoplastic Polymers [Polyethylene, Polypropylene, Polyester, Polycarbonate, Polyethylene Terephthalate, Polyvinyl Chloride], Thermosetting Polymers [Polyurethane Resin, Epoxy Resin], Thermoplastic Elastomers [Polyamides, Polyurethanes, SBC]), By End-user (Consumer Goods, Electrical & Electronics, Construction, Automotive, Aerospace), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/plastic-compounding-market
 

The key polymer segments covered in the report are thermoplastics and thermosets. Thermoplastic polymers will showcase potential growth prospects owing to their re-usable nature, wide range of applications and lower manufacturing costs. Surging demand for polyesters from textile industry is attributed towards their ability to retain shape and wrinkle resistance. Enhanced impact strength, ductility and durability offered by polyethylene is beneficial for its applications for consumer goods and packaging industries. Moreover, the increasing utilization of low density polyethylene (LDPE) offering improved flexibility and unique flow properties will drive the segment growth.
 

Increasing integration in consumer goods & packaging

Consumer goods will hold substantial share in the plastic compounding market owing to changing consumer lifestyles and higher per capita spending. Technological advancements pertaining with material design, reprocessing and packaging techniques has resulted in utilization of compounded products with reduced environmental impacts. Further, balanced combination of lower cost, durability, versatility and higher strength to weight ratio will augment the packaging applications.
 

Surging production of new generation vehicles

Europe accounted for over 20% share of the plastic compounding revenues in 2018. Presence of major automobile manufacturers has positively influenced demand for compounded plastics. Surging electric vehicle sales will significantly contribute to the European plastic compounding industry. In 2018, the production of commercial vehicles in France rose to 506,000 units, with an increase of over 7.4% as compared with 2017. Expansion of manufacturing units and production capacities will prominently contribute towards increased product adoption in the near future.
 

New product developments will drive company strategies

New product penetration along with strategic mergers and acquisitions are some of the key strategies adopted by industry players for increasing their revenue generation opportunities. For instance, in March 2018, LyondellBasell presented polypropylene (PP) compounds offering high quality surface finish for automotive interior and exterior applications. Major industry participants operating in plastic compounding market share include BASF SE, LyondellBasell, Solvay SA, Dow Chemical Company, S&E Specialty Polymers LLC, RTP Company, Kraton Polymers, Heritage Plastics, Inc, A. Schulman, and Foster Corporation.
 

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