The global plastic compounding market is expected to reach USD 95.2 billion by 2026, according to a new report by Grand View Research, Inc. Introduction of rapid manufacturing techniques & advanced additive incorporation methodologies is expected to further drive adoption of lightweight, high-performance plastics for production of several consumer products.
Plastics present a sustainable and low cost alternative to metals, wood and even ceramic materials utilized in varied industries. Rapid industrialization and expansion of said industries, including automotive, construction and electronics, specifically in emerging economies, is likely to influence consumption patterns & enhance demand over the forecast period.
An increasing number of R&D activities undertaken by key market participants, such as the recent introduction of FDA compliant polycarbonate grades by SABIC for high temperature food contact applications, are expected to revolutionize the sector. Other companies are expected to follow in SABIC’s wake, adopting sustainable and compliant manufacturing techniques to meet transitioning regulatory standards.
Polypropylene (PP) emerged as the dominant product with over 32% of the volume share in 2016. The segment is also expected to grow at a high CAGR of around 5% from 2017 to 2026, on account of its high utilization in the ever-expanding automotive industry. High impact resistance, ease of serviceability and light weight make this the material of choice for forming crucial automotive components such as bumpers, chemical tanks, gas cans, and others.
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www.grandviewresearch.com/industry-analysis/plastic-compounding-market
Further key findings from the report suggest:
•The global plastic compounding market exceeded 26 million tons in 2016 and is expected to grow at a CAGR of 5.2% from 2016 to 2026
•Polyethylene (PE) emerged as one of the dominant products owing to its high demand in medical applications and special performance characteristics that make it ideal for niche applications such as bulletproof vests
•Thermoplastic vulcanizates (TPV) are expected to remain the fastest growing products with over 9% CAGR, witnessing high growth in the automotive & industrial machinery segments
•Automotive is expected to retain its dominance in the industry; however, industrial machinery is expected to overtake the segment in terms of CAGR. The latter is increasingly adopting lightweight and sustainable plastic materials in the form of fasteners, films, equipment components and others.
•Asia Pacific is likely to remain the dominant region with rapid industrialization in economies such as India, Vietnam, Thailand, Malaysia and others. The region benefits from close geographical proximity to European consumer markets, low labor costs and vast skilled workforce among other factors.
•The industry is highly fragmented in nature with over one-third of market share occupied by SMEs engaged in plastic compounding. Kingfa emerged as a major player, followed by LyondellBasell and others such as BASF, PolyOne Corporation, SABIC, DuPont, A. Schulman, Mitsubishi Chemical Corporation, Bayer, China XD, Mitsui Chemicals and others.
Access press release of this research report by Grand View Research: www.grandviewresearch.com/press-release/global-plastic-compounding-market
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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