Plastic Compounding Market will exhibit a CAGR of 6.5% during the forecast period and reach USD 87.11 billion by 2026, and the market value as per 2018 was USD 52.74 billion.
Fortune Business Insights™ provided the above information in a recently published report, titled, “Plastic Compounding Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Poly Vinyl Chloride, Polystyrene, Polyethylene, Polybutylene Terephthalate, Polyamide, Polycarbonate, Acrylonitrile Butadiene Styrene, and Others), By Application (Automotive & Transportation, Infrastructure & Construction, Electrical & Electronics, Packaging, Consumer Goods / Lifestyle, Industrial Machinery, Healthcare & Pharmaceuticals, and Others), and Regional Forecast, 2019-2026.”
Plastic Compounding Market Drivers and Restraint :
Increasing Number of Commercial & Residential Projects to Augment Growth
Nowadays, plastics are being used extensively in the insulation of infrastructures and buildings. Several products required for construction are made mainly by utilizing plastics. These include pipes, cables, doors, safety windows, and flooring. Compounded plastics possess numerous features that are similar to steel. They are resistant to harsh environmental conditions and rust, have robust strength, and are smooth in texture.
In today’s world, the population is growing at a rapid rate across the globe. It is, in turn, upsurging the number of residential and commercial projects. Coupled with this, the rising awareness programs about state-of-the-art interiors are growing amongst the consumers. These factors are set to augment the plastic compounding market growth during the forthcoming years. However, the prices of raw materials required to produce compounded plastics keep on fluctuating. It may obstruct the market growth.
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List of Significant Manufacturers Plastic Compounding Market are:
• LANXESS A.G.
• BASF SE
• Asahi Kasei Corporation
• Aurora Plastics LLC
• Kingfa SCI. & TECH. CO., LTD.
• Celanese Corporation
• RTP Company
• Solvay S.A.
• KURARAY CO., LTD.
• Kraton Corporation
• Covestro AG
• Kraton Corporation
• MRC Polymers
• Adell Plastics
• Other Key Players
Asia Pacific to Dominate Owing to High Demand for Low Emission Vehicles
Geographically, the market is divided into Europe, Asia Pacific, the Middle East and Africa, North America, and Latin America. Amongst them, Asia Pacific is anticipated to generate the highest plastic compounding market revenue in the coming years. The majority of this growth would be contributed by China and India, mainly because of the rising demand for low emission vehicles. It is helping the automotive sector to expand.
Asia Pacific is considered to be the largest producer of construction, automobiles, industrial machinery, electrical & electronics, and packaging materials. Coupled with this, the ongoing economic development and growing industrialization are set to impact the market positively in this region. The U.S. in North America previously held the largest share stoked by high demand for plastic compounding from healthcare & pharmaceutical, as well as electrical & electronics industries. The region procured USD 10.02 billion market share in 2018. In Europe, Germany is likely to be the main contributor of growth on account of the rising production of electric vehicles.
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Lanxess Inaugurates New Plant in China; LyondellBasell Acquires A. Schulman, Inc.
Reputed companies present in the market are either investing huge sums in building brand new plants or are engaging in the strategy of mergers and acquisitions to widen their geographic reach and product portfolio.
Some of the key industry developments in the Plastic Compounding Market Include:
• September 2019: Lanxess Aktiengesellschaft, a specialty chemical company, based in Germany, inaugurated its new plastic plant in China. The facility will produce Pocan- and Durethan-branded high-quality plastics, mainly for the electrical and electronic industry, as well as the automotive sector.
• February 2018: LyondellBasell Industries N.V., a multinational chemical company headquartered in the Netherlands, acquired A. Schulman, Inc., an American supplier of plastic compounding products based in the U.S. The total deal was worth USD 2.25 billion. It would help the former in broadening its geographic presence.
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