The increasing use of plastic compounds like polypropylene (PP) in automotive components and parts to reduce their weight and overall costs is propelling the market growth for plastic compounding. The compounding of polypropylene with other materials boosts their performance and increases their consumption. Polypropylene compounds are also increasingly utilised as an alternative to engineering plastics owing to their excellent mouldable and mechanical properties.
Furthermore, the surging research and development (R&D) activities to improve compounding techniques of plastics are likely to fuel the growth of the plastic compounding market. Technological advancements and innovations in materials like nanocomposites and various reinforcing agents to provide unique properties to compounding plastics are also expected to propel the market growth.
The increasing manufacturing capabilities of plastic compounding by the leading companies are significantly contributing to the growth of the market. In September 2022, BASF SE (OTCMKTS: BASFY) inaugurated its first plant in Zhanjiang, China for engineering plastics compounds. The new plant would supply the company’s engineering plastic compounds with an enhanced capacity of 60,000 metric tonnes per year. The increased manufacturing capacity would aid electronics and automotive companies in addressing trends such as the miniaturisation of electronic devices and the electrification of cars.
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The major players in the global plastic compounding market are BASF SE, Arkema Group, ARKO-PLASTIC GmbH, DuPont, LyondellBasell Industries Holdings B.V., and Aurora Plastics LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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