Plastic Compounding Market to Reach Valuation of USD 99.4 Billion by 2030 – Growth in the Usage of Plastic Compounding in Automotive Application Drives the Market

In terms of revenue, the Global Plastic Compounding Market is expected to reach USD 99.4 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 7.1% from 2023 to 2030.

The Plastic Compounding market is growing and transforming in the following years, driven by increased demand from various industries, technological advancements, and changing consumer preferences. The market is expected to be driven in the coming years by a move towards lightweight materials, ecologically friendly materials, and localized production. In addition, the Asia Pacific region will likely continue to lead the Plastic Compounding market due to its sizable manufacturing base, growing population, affordable production prices, government support, and technical advancements. The increased focus on sustainability and, reducing plastic waste, raising demand for alternative materials are other challenges the sector must overcome.

Key Highlights from the Report

· Based on Product, Polypropylene is the market leader since it is widely valued in the automotive sector due to its beneficial characteristics, such as strong chemical resistance, lightweight material, and high durability.

· Based on Applications, the automotive industry dominates the market. The respective sector is adopting more products of Plastic Compounding market.

· Regarding Region, Asia Pacific held the most significant market share in 2022 and is expected to be the most gainful market during the forecast period. This is due to the rising industrialization and increasing demand of Plastic Compounding market in the automotive industry.

Market Dynamics

Engineered plastics are a developing market trend since they are utilized in various sectors, including automotive, construction, and aerospace. They are becoming more and more well-liked for their high performance and durability. Plastic is increasingly in demand in the construction sector for flooring, insulation, storage tanks, and performance-safe windows, doors, pipelines, and cables.

Growing residential and commercial activities are helping to accelerate infrastructure development in developing countries. In addition, as consumers become more conscious of appealing interiors, there is a rising demand for these materials in interior design. As a result, the need for Plastic Compounding is increasing across all industries, including automotive, electrical, and electronics. Synthetic polymers, including PVC, PE, PC, PP, and PU, have traditionally been used in packaging, electronic and automotive components, toys, furniture, and construction materials.

The gradual increase in Plastic Compounding pricing is mainly attributable to fluctuating petrochemical prices and the strong substitutability of their bio-based competitors. Over the anticipated time, fluctuating petrochemical prices may restrain the expansion of the Plastic Compounding market. In addition, crude oil's shifting price is also expected to affect the cost of Plastic Compounding, which will then impact how they are being utilized.

Asia Pacific Plastic Compounding market is expected to witness a noteworthy development with a significant growth rate over the analysis period. The boom in this sector is related to the growing automotive market, which is gaining from the increased demand for cars with low emissions. This region is home to the most prominent manufacturers of packaging, industrial machinery, electrical and electronic equipment, and building materials. This area's quick industrialization and economic development also affect growth. The consumer goods industry's expanding demand for Plastic Compounding in manufacturing toys, sporting goods, and textiles is another factor propelling the market.

The Global Plastic Compounding Market is Segmented as follows

• Product
  • Polyethylene (PE)
  • Polypropylene (PP)
  • Thermoplastic Vulcanizates (TPV)
  • Thermoplastic Polyolefins (TPO)
  • Poly Vinyl Chloride (PVC)
  • Polystyrene (PS)
  • Polyethylene Terephthalate (PET)
  • Polybutylene Terephthalate (PBT)
  • Polyamide
  • Polycarbonate
  • Acrylonitrile Butadiene Styrene (ABS)
  • Other Products
• Application
  • Automotive
  • Building & Construction
  • Electrical & Electronics
  • Packaging
  • Consumer Goods
  • Industrial Machinery
  • Medical Devices
  • Optical Media
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Plastic Compounding Market is

BASF SE (Germany), LyondellBasell Industries Holdings B.V. (U.S.), DuPont de Nemours Inc. (U.S.), Dow Inc (U.S.), SABIC (Saudi Arabia), Asahi Kasei Corporation (Japan), Covestro A (Germany), Kratom Polymers Inc. (U.S.), RTP Company Inc. (U.S.), S&E Specialty Polymers LLC (U.S.), Dynein GmbH & Co KG (Germany), Washington Penn Plastics (WPP) Co. Inc. (U.S.), Eurostar Engineering Plastic (France), Kuraray Plastics Co. Ltd. (Japan), A. Schulman Inc. (U.S.), Teijin Limited (Japan), LANXESS AG (Germany), Solvay S.A. (Brussels), Heritage Plastics Inc. (U.S.), MRC Polymers Inc. (U.S.), Flex Technologies Inc. (U.S.), Guangdong Silver Age Sci. & Tech. Co. Ltd. (China), China General Plastics Corporation (Taiwan)

The Global Plastic Compounding Market Scope can be Tabulated as below