Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Plastic Compounding Market– Global Industry Analysis, Market Size, Opportunities and Forecast Till 2026”
LOS ANGELES, June 29, 2021 (GLOBE NEWSWIRE) -- The Global Plastic Compounding Market size is poised to reach over USD 95,425.3 Million by 2026 and is expected to grow at CAGR 6.9% during the forecast period, 2019-2026.
Rising demand from various end-use industries due to low operational cost is expected to surge the demand for plastic products
Compounding is a process of blending plastics with other additives in order to form new plastic formulation. This process changes the physical, thermal, electrical or aesthetic characteristics of the plastic. Compounding starts with a base resin or polymer where various additives can be incorporated in order to achieve a wide range of properties such as conductivity, flame retardant, wear resistance, structural, and pre-colored.
Polyethylene and polypropylene are two of the top polymer used resins across the globe. wide applicability of compounding plastic in various end use industries and Increasing substitution for glass, metals, wood, natural rubber, and man-made materials, such as concrete are major factors expected to drive the growth of global market Polypropylene (PP) is a rigid and crystalline thermoplastic widely used in packaging trays, household products, battery cases, medical devices, etc. The chemical formula of polypropylene is (C3H6)n. PP is one of the cheapest plastics available in the market.
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Increasing infrastructural development activities across the globe, development of new advanced electronic systems, along with flourishing electronic sector is expected to increase demand for compounded plastic material that have better insulation property is expected to support the growth of compounded plastic material in power cable sector. Rising demand from the packaging industry for specific compounding plastic material that has enhanced properties, increasing construction activities, coupled with increasing use of compounded plastic material in building and construction products such as pipes, molded particles are some factors expected to increase demand for plastic compounded materials.
Factors such as fluctuating raw material prices and rising environment concern are factors expected to hamper the growth of global market. In addition, disturbed supply chain is expected to challenge the growth of target market.
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The global market regional section is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to witness faster growth, owing increasing demand from various sectors such as automotive, building and construction and power and infrastructure. Increasing demand for passenger vehicles in developing countries, rising construction and reconstruction activities, coupled with high government spending on development of present infrastructure is expected to increase demand for compounding plastic material that has improved properties such as low weight, high durability, and cost-effective thus driving the growth of the target market in Asia Pacific.
According to India Brand Equity Foundation, the Government of India has given a massive push to the infrastructure sector by allocating US$ 63.20 Bn for the sector.
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The market in North America is expected to account for significant revenue share in the global market due to increasing demand from medical industry. Government spending on heavily of development of healthcare sector, its approach towards providing better medical solutions, along with development of specific compounding plastic material for medical devices that are used during surgeries is expected to positively impact the target market growth. According to US Centers for Medicare & Medicaid Services, the US health care spending grew 3.9% in 2017, reaching US$ 3.5 TR or US$ 10,739 per person.
The global market is segmented into product and application. The application segment is bifurcated into packaging, building & construction, automotive, electrical & electronics, medical, and others. Among application the building & construction segment is expected to account for significant revenue share in the global market. The players operating in the global market are Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DowDuPont Inc., Kingfa Sci. and Tech. Co., Ltd., Lyondell Basell Industries Holdings B.V., Polyone Corporation, SABIC, and Solvay SA.
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