Global Plastic Compounding Market to Grow at a CAGR of 7.10% During 2024-2032, Aided by Growing Demands from the Automotive Sector

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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Market Analysis by Product Type, Application, and Region:

• The plastic compounding market, on the basis of product type, can be divided into polyethylene (PE), polypropylene (PP), thermoplastic vulcanizates (TPV), thermoplastic polyolefins, poly vinyl chloride (PVC), polystyrene (PS), polyethylene terephthalate (PET), polybutylene terephthalate (PBT), polyamide, polycarbonate, and acrylonitrile butadiene styrene (ABS), among others.

• Based on application, the market can be divided into automotive, building and construction, electrical and electronics, packaging, consumer goods, industrial machinery, medical devices, and optical media, among others.

• The regional markets for plastic compounding include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• With plastic being increasingly used as a substitution for wood, natural rubber, glass, wood, metal, and concrete, among others, the market for plastic compounding is witnessing a healthy growth.

• The growing deployment of plastic compounding in various products for the healthcare industry such as personal protective equipment (PPE), ventilator components, and other consumables, is propelling the market growth.

• The rising requirement for fuel-efficiency in the automotive sector is augmenting the market growth of plastic compounding.

• The surging utilisation of plastic compounding products like thermoplastics in 3D manufacturing is bolstering the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global plastic compounding market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, applications, and major regions of plastic compounding.

• It assesses the regional price trends for the historical (2018-2023) and forecast (2024-2032) periods.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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