Market Research Future has published a Cooked Research Report on the Global Plastic Compounding Market Research Report- Forecast to 2023

Overview:

The Global Plastic Compounding Market is to shot up to a valuation of USD 7,62,472.7 million by the end of 2023. Market Research Future’s (MRFR’s) predictions suggest that various end user industries would help the market in gaining 6.03% CAGR between 2017-2023, a period that can be deemed as the forecast period. Plastic Compounds are materials witnessing a substantial growth due to several factors like various end user industries promoting demand for the market, its incorporation as a recyclable product, fuel-efficiency, growing demand from the automotive sector, and others. Its increasing growth can be assessed as a trigger from various EPA and EU legislation that puts emphasis on carbon footprint reduction. In other industries like aerospace, construction, as a replacement for glass and other metals, in the healthcare sector, etc. the market can enjoy easy percolation.

However, the dwindling price rate of the raw materials needed for the production, economic slackening, and others can impact the market for Plastic Compounding’s Growth. But the strict waste management programs in Europe and North America can ensure better growth for the market.

Competitive Landscape:

The Global Market for Plastic Compounding to gain better attention from various new players. The existing players are expected to make their presence felt by implementing new strategies that can play significantly to improve their market positions. This would also ensure that the market gets traction for future growth. MRFR included a few to understand how these companies are going to perform in the coming years. These companies are SABIC, LyondellBasell Industries NV, INEOS, Borealis, BASF SE, DuPont, Asahi Kasei Corporation, Versalis S.p.A (Eni S.p.A), SO.F.TER S.r.l, Covestro AG, LANXESS AG, 3M (Dyneon GmbH), and Total SA.

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In September 2019, Lanxess inaugurated a new plant in Changzhou, China for various plastic compounds that would gain percolation in automotive and electrical & electronics industries. The plant has several hi-tech machines that would produce state-of-the-art plastic compounds.

Segmentation:

MRFR’s detailed report on the Global Market for Plastic Compounds includes segments like Product and Application. These segments have various data on factors that can transform the global market in the coming years.

By Product, the market for Plastic Compounds can be segmented into polyvinyl chloride, polyethylene, polystyrene, polyethylene terephthalate, polypropylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, thermoplastic vulcanizates, thermoplastic polyolefins, polybutylene terephthalate, and others. The polypropylene segment had a market share of over 31.07% in 2017. The segment can also chart a 6.5% CAGR over the forecast period. The growth can be attributed to the demand generated by the automotive sector.

By Application, the Global Market for Plastic Compounding can include electrical & electronics, automotive, optical media, packaging, building & construction, industrial machinery, consumer goods, medical devices, and others. The automotive segment has the maximum market coverage, and it is expected to maintain its market growth by having a CAGR of 7.53% between 2017 and 2023. This can be assessed on the grounds of the consumption of plastic in the automotive sector.

Regional Analysis:

The Global Market for Plastic Compounding can be studied on a region-specific scale that would include the Asia Pacific region, along with North America and Europe as major market contributors. The Middle East & Africa region would display a moderate surge. The Asia Pacific market has the market coverage of over 47.6% in 2017, and with a 6.25% CAGR during the projection period, it is expected to maintain its dominance in the market. This growth can be linked with the growing automotive and electrical & electronics industries. Several other factors like increasing consumption power, better growth of the electronic and electrical industry, and others are to fuel market growth in various countries like India, Japan, China, Thailand, and others.

Europe has a market share of 20.8% share, which can witness significant growth by 5.72% in the coming years. The market would be lucrative owing to the performance of the automotive sector in the region. It can also benefit from the packaging industry. North America is witnessing similar features owing to which growth by 5.17% in the coming years would be substantial. Europe is expecting a CAGR of 5.72% between 2015 and 2023.

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