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The global plastic compounding market size attained a value of approximately USD 67.90 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.10%, reaching a value of around USD 125.19 billion by 2032.
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Increasing applications of plastic compounding in the building and construction sector is contributing to the growth of the plastic compounding market. Rapid urban development activities, rising standards of living, and globalisation are some of the crucial market trends, escalating the incorporation of plastic compounding across construction projects. Meanwhile, plastics compounding is also gaining traction in the healthcare sector for manufacturing medical devices. The increasing healthcare expenditure across emerging economies and growing sophistication of medical equipment are expanding the opportunities for the market for plastic compounding. The flexibility and strength of plastic compounding is expected to heighten its incorporation in advanced MedTech devices further.
The Asia Pacific plastic compounding market is expected to hold a significant share of the global market for plastic compounding. This is on account of the emergence of plastic manufacturers like BASF SE, and SABIC, among others, coupled with the economic environment of the region. The surging manufacturing industry is also likely to drive the demand for industrial machinery, automotive, packaging, construction, and electrical and electronics sectors across the region.
Meanwhile, the Europe plastic compounding market is anticipated to witness steady growth in the global market for plastic compounding. As a significant consumer and producer of automobiles, consumer goods, and packaging materials, the region is expected to witness robust market growth of plastic compounding.
Plastic compounding is the procedure of taking basic, raw plastic materials and customising it with different additives to achieve desired colour, property, and performance requirements. Lab formulation and physical processes achieve this by combining the necessary additives and colours to the plastic resin.
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By product type, the market is divided into:
Based on application, the market is categorised into:
The EMR report looks into the regional markets of plastic compounding like Latin America, North America, Europe, the Asia Pacific, and the Middle East and Africa.
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On the basis of application, the automotive segment is expected to drive the market growth for plastic compounding during the forecast period. Surging integration of plastics in automotive components as opposed to alloys and metals, has increased the demand for plastic compounding from the automotive segment.
China, India, and Brazil are the major production hubs for automobiles and are also fast-growing economies that are further expected to gain momentum and drive growth for plastic compounding. Meanwhile, the growing demand for plastic compounding in infrastructure development among various constructional activities is likely to boost the market for plastic compounding further.
The report presents a detailed analysis of the following key players in the global plastic compounding market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market attained a value of approximately USD 67.90 billion.
The market is assessed to grow at a CAGR of 7.10% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032, reaching a value of around USD 125.19 billion by 2032.
The major market drivers include the thriving automotive industry, increasing demand for specialised plastics, and rising substitution of materials such as natural rubber, wood, metals, glass, and concrete with plastic.
The key plastic compounding market trends include the surging usage of plastic in use in various industrial applications and the high demand for PET in the packaging industry.
The major regions in the market are Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The various product types of plastic compounding in the market include polyethylene (PE), polypropylene (PP), thermoplastic vulcanizates (TPV), thermoplastic polyolefins (TPO), poly vinyl chloride (PVC), polystyrene (PS), polyethylene terephthalate (PET), polybutylene terephthalate (PBT), polyamide, polycarbonate, and acrylonitrile butadiene styrene (ABS), among others.
The different applications of plastic compounding in the market include automotive, building and construction, electrical and electronics, packaging, consumer goods, industrial machinery, medical devices, and optical media, among others.
The major players in the market are BASF SE, Arkema Group, AKRO-PLASTIC GmbH, DuPont, LyondellBasell Industries Holdings B.V., Aurora Plastics LLC, SABIC, Solvay SA, Evonik Industries AG, Kuraray Co., Ltd., LANXESS AG, Covestro AG, The Dow Chemical Company, Celanese Corporation, Avient Corporation, Washington Penn, Teijin Limited, and EuroPlas( European Plastics Joint Stock Company), among others.
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