Pune, India, Sept. 07, 2021 (GLOBE NEWSWIRE) --
The global plastic compounding market size is predicted to show tremendous growth during the forecast period owing to the significant demand from automobiles across the world. A major end-user of plastic materials, the construction sector in developing regions is progressing at a considerable rate because of rise in population along with growing urbanization and industrialization.
Some of the important trends boosting the performance of plastic compounding market are discussed below:
Construction sector applications grow in Europe:
The construction sector in Europe is showing a positive outlook lately as the number of people migrating from smaller towns to cities is growing every year. It has increased the need for having advanced infrastructure in urban areas. Some of the important uses of plastic compounding process in construction activities are the production of window & door profiles, pipes & guttering, glazing, roofing, sealants & adhesives, cement, flooring, and building panels.
Europe plastic compounding market will exceed $40.5 billion in valuation by 2026. Other areas where plastics are used in large quantities are in the production of safety windows, insulation materials, storage tanks, doors, and cables.
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Effect of COVID-19 on European consumer electronics demand:
Consumer electronics sector, along with other sectors in Europe, was severely affected by the COVID-19 pandemic. The regional governments imposed many movement restrictions and lockdowns to contain the spread of the virus. These rules had a major impact on the production of consumer electronics in the region as the demand for various gadgets plummeted during the initial months of the pandemic.
The other effect was on the supply chain operations of companies dealing in the production of consumer electronics in Europe. The manufacturing and transportation of products was severely disrupted because of lack of raw materials and manpower. These factors affected the regional production of compound plastics as it saw a drop of more than 7% in demand among consumer electronics manufacturers.
However, the situation in Europe today is much better as the authorities are easing the lockdown and other restrictions, allowing industries to restart their operations. These aspects will have a positive impact on the functioning of the regional market.
Motor vehicle sales in Europe witness sharp rise:
The automotive sector in Europe will immensely benefit from the use of plastic compounding process in the production of vehicle parts. An important reason behind this being the notable rise witnessed in vehicle sales in the region. According to reliable research reports, the automotive sector in Europe held nearly 34.2% share of the regional plastic compounding market in 2019. This figure will see an upward trend in the coming years as plastics offer some superior qualities, which can be quite beneficial in automobile manufacturing.
Plastics are increasingly replacing metal components in many vehicles as the former has some important features like supreme moldability, great impact strength, good aesthetic appeal, scratch resistance, lightweight and high recyclability. Sharp rise in EV sales in Europe will automatically have a positive effect on the demand for compound plastics as they will be increasingly used to produce automobile components.
Robust use of thermoplastic polymers in Asia Pacific:
APAC plastic compounding market will be valued at over $71.7 billion by 2026. Thermosetting polymers, thermoplastic elastomers and polymers are highly demanded products across various industries. Out of these, thermoplastic polymers will gain traction among several sectors in Asia Pacific. The product segment will register a CAGR of more than 6% up to 2026.
Thermoplastic polymers are heated to a certain temperature and are given different shapes and sizes as per requirements. They are highly recyclable in nature and can be heated and cooled many times without losing their core properties. They possess high strength and have great shrinking resistance. Since thermoplastic polymers have a wide range of use in electric cables, ropes, belts, adhesives, and insulators, they will witness high application across many sectors in Asia Pacific.
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Automotive sector witnesses consistent progress in APAC:
Asia Pacific has some of the rapidly developing nations in the world with many countries going through a period of economic transition. The regional automotive sector size is expanding at a notable rate lately because a large number of renowned vehicle manufacturers have their production plants in various countries. Compound plastics are being used in the production of vehicle components as they are lightweight yet strong in their functioning and are quite versatile in their applications.
Governments across APAC region are placing strict regulations to urge automakers to reduce the overall weight of their automobiles and maintain the same within permissible limits. This is an important factor that will increase the demand for compound plastic products in the region.
Thermoplastic polymers in vehicle automation in North America:
North America plastic compounding market size will surpass $23.38 billion by 2027. Thermoplastic polymers have an important role to play in applications where the overall weight of the vehicle must be controlled. The compound will be extensively used in the production of electric vehicle components like high-voltage battery parts, motorcycle tanks, brake pedals, and charging plugs.
Advanced technologies like automation in vehicles are gaining popularity in North America. Companies in the region are engaging in the production of autonomous and electric vehicles, which will use thermoplastic polymers to a great extent. These polymers are quite versatile in their applications and can be heated and remolded as many times as the automaker wishes.
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Plastic compounding process in consumer goods production in North America:
The consumer goods segment will expand at nearly 6.7% CAGR through 2027. Different types of plastics are used to produce a wide range of consumer goods like domestic appliances, furniture, footwear, toys, and food packaging. Proper and elegant packaging of products is quite important for companies if they plan to increase their customer base. Plastic parts are being manufactured on a large scale to be installed in home appliances like television sets, refrigerators, microwave ovens, and food processors. All these parts will use plastic compounding process for production.
US plastic compounding market will robustly grow through 2026:
US market size could expand at a significant rate between 2021-2027 as the country has large number of markets to cater to. The US has many reputed plastic compounding companies that have set up their manufacturing plants and have a robust distribution network. Albis Plastics announced, in February 2020, that it had plans to produce compound plastics in its new production plant in Duncan, South Carolina.
Plastic compounding processes are witnessing some notable changes in terms of adopting different technologies to increase the efficiency and performance of the plastic products manufactured. With environmental issues like plastic pollution becoming a glaring issue for major governing bodies, effective steps are being taken to produce plastics that are highly versatile and recyclable in nature.
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