Global Plastic Compounding Market Report and Forecast 2024-2032

Global Plastic Compounding Market Outlook

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.

Global Plastic Compounding Market Share by Region

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.

Market Segmentation

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:

• Polyethylene (PE) 

• Polypropylene (PP) 

• Thermoplastic Vulcanizates (TPV) 

• Thermoplastic Polyolefins (TPO) 

• Poly Vinyl Chloride (PVC) 

• Polystyrene (PS) 

• Polyethylene Terephthalate (PET) 

• Polybutylene Terephthalate (PBT) 

• Polyamide 

• Polycarbonate 

• Acrylonitrile Butadiene Styrene (ABS)

• Others

Based on application, the market is categorised into:

• Automotive 

• Building and Construction 

• Electrical and Electronics 

• Packaging

• Consumer Goods 

• Industrial Machinery  

• Medical Devices 

• Optical Media 

• Others

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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Rapid Expansion of Automotive Applications to Invigorate the Growth of the Plastic Compounding Market

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.

Key Players in the Global Market for Plastic Compounding

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:

• 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

• EuroPlas( European Plastics Joint Stock Company) 

• Others

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.

Key Highlights of the Report