Plastic Compounding Market Size By Product (Thermoplastic Polymers [Polyethylene, Polypropylene, Polyester, Polycarbonate, Polyethylene Terephthalate, Polyvinyl Chloride], Thermosetting Polymers [Polyurethane Resin, Epoxy Resin], Thermoplastic Elastomers [Polyamides, Polyurethanes, SBC]), By Industry (Consumer Goods, Electrical & Electronics, Construction, Automotive, Aerospace), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026
Plastic Compounding Market is likely to reach USD 56.9 billion by 2026. Integration of lightweight plastic materials for automotive and construction applications will drive the market share over the study timeframe
Some major findings of the plastic compounding market report include:
- Increasing preference towards replacement of metallic components with plastic products are providing potential weight savings, superior design flexibilities and reduced manufacturing costs
- Proliferating commercial construction sector in conjunction with ongoing public infrastructure development activities will support the industry expansion
- Increasing vehicle production in Europe and Asia Pacific economies including China, Japan, Germany and Spain is expected to provide potential growth prospects for industry expansion.
- Ongoing technological advancements and chemical based innovations are likely to promote new eco-friendly products over the study timeframe
- Introduction of advanced injection molding and automated production technologies will increase the revenue generation opportunities
- Industry participants are expanding their production plants and manufacturing capabilities to strengthen their foothold in the industry
Plastic compounding plays a vital role in enhancing the performance characteristics of plastic resins with additives to cater the growing consumer requirements. Customized polymer formulations are developed to meet specific demand by aerospace, electronics and packaging industries Increasing commercial and residential infrastructure projects coupled with rising awareness regarding attractive home interiors options will positively influence the industry size. Enhanced durability, corrosion resistance, insulation and easy to install features are providing potential opportunities for increased applications in window frames, interior design, piping and insulation products. Enhanced flexibility, durability and adaptability offered by thermoplastic polymers enable their integration in consumer goods and packaging industry. Moreover, improvement in tensile strength and chemical resistance are positively influencing the product lifecycle and reusability.
Consumer inclination towards vehicle safety, reliability and enhanced fuel economy are promoting the adoption of innovative automotive plastics in interior, exterior and under the hood applications. Stringent vehicle emission norms and standards specified by regional government bodies are supporting the incorporation of lightweight plastic products. Further, innovative materials such as bio-based FDME have higher potential to replace petroleum-based materials in many applications in industries like textiles, packaging and plastics engineering.
Initiatives and programs undertaken for reducing the environmental impact and increase the adoption of industrially compostable and reusable plastics will provide positive outlook for the industry expansion. However, oscillating crude oil prices will result in finished product price fluctuations, further restricting the industry size.
Strategic acquisitions and collaborations of industry participants are significantly contributing towards expanding their global business operations. Increasing demand of compounded plastics is providing potential opportunities for expansion of production facilities and new product penetrations to serve a large consumer base. For instance, SABIC launched ‘HDPE P6006L’ polyethylene for production of pipes of greater diameter and higher density while maintaining higher stability.