According to a report by Grand View Research, Inc.; the global plastic compounding market is anticipated to reach USD 95.2 billion by 2026. Rise in replacement of heavy alloys and metals with lightweight substitutes is anticipated to propel market over the forecast period (2018 to 2026). Plastic compounds offer high impact resistance and ease of serviceability. This factor is expected to bode well for adoption of the product in near future.
Increasing Research and Development (R&D) activities to develop advanced grades of plastic compounds are likely to impel market growth over the forecast period. Adoption of low cost alternatives to metals, wood, and ceramic materials across various industrial sectors can further fuel market. Stringent government regulations regarding vehicular weight reduction and fuel efficiency are expected to boost demand for plastic compounds during the forecast period.
The worldwide plastic compounding market can be segregated on the basis of product, application and region. Based on product, the market can be categorized into polyethylene, polypropylene, Thermoplastic Vulcanizates (TPV), Thermoplastic Olefin (TPO), Polyvinyl Chloride (PVC), polystyrene, Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), polyamide, polycarbonate, Acrylonitrile Butadiene Styrene (ABS), and others.
Full Research Report On Plastic Compounding Market Analysis: www.grandviewresearch.com/industry-analysis/plastic-compounding-market
U.S. plastic compounding market revenue by product, 2014 – 2026 (USD Million)
In 2016, polypropylene dominated held the dominant market share of around 32% owing to rising applications in electrical and electronics and automotive sectors ranging from modular switches and fascia and side moldings. Polyethylene accounted for around 22.4% of market share in terms of volume in the same year. Rising applications in packaging, construction, and electrical and electronics sector are anticipated to propel demand over the forecast period. Major construction applications include pipe fittings, pipe coating, tank and reservoir substances, geo-textiles and roof tiles.
Based on application, the market for plastic compounding can be classified into automotive, construction, electrical and electronics, packaging, consumer goods, industrial machinery, medical devices, optical media, and others. In 2016, automotive emerged as the leading application segment with around 24% market share. Various plastics are used for manufacturing automotive components ranging from drive systems to windshields. Government regulations to reduce vehicular weight, particularly in US and European Union (EU) can drive market growth.
Electrical and electronics segment accounted for 18.15% market share in terms of volume in 2016. Plastics can be used in numerous electrical applications such as enclosures, sockets, housings, semiconductors, and switches. Growing need for heat resistance, flame retardancy, and improved serviceability in manufacturing materials can augment demand over the forecast period.
Browse More Reports Of This Category By Grand View Research At: www.grandviewresearch.com/industry/plastics-polymers-and-resins
Global plastic compounding market volume by application, 2016 (%)
Construction segment is projected to witness steady growth attributed to rising applications ranging from pipe fittings and insulation to masonry materials and equipment. Plastic compounds are modified as per requirement. The segment is thus likely to remain dominant application during the forecast period. Packaging is predicted to expand at a stable pace owing to increasing use of polyamide, polycarbonate, PVC, and polystyrene in laminates, films, boxes, and bottles.
Regional segmentation includes Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. In 2016, Asia Pacific dominated the market and accounted for largest market share. Continuous emergence of Small Medium Enterprises (SMEs) and favorable economic environment can fuel regional market for plastic compounding. China, being a major manufacturing hub; can witness tremendous growth during the forecast period attributed to rising product demand.
Europe is expected to exhibit slow CAGR during the forecast period owing to numerous restraining factors such as post-Brexit crisis, sluggish industrial output, aging demographics, and sovereign debt crisis. Automotive manufacturing was dominant across Italy, Spain, France, Germany, and UK in the past. However, this dominance is likely to shift towards Eastern Europe markets such as Romania, Czech Republic, and Slovakia.
On the other hand, North America is characterized by technologically advanced manufacturing bases and high consumer awareness. It is expected to be small yet prominent segment in global market. United States is likely to be major consumer owing to rebounding automotive and construction sector.
Some of the leading companies in plastic compounding market are LyondellBassell Industries, BASF, SABIC, The Dow Chemical Company, and DuPont.
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
Country: United States