The global Plastic Compounding Market size is expected to reach USD 112.08 billion by 2030, according to a report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The construction and vehicle industries are expected to encourage demand for interiors, exteriors, and under-the-hood components. Plastic compounding is used in automotive under-hood components, building interiors and exteriors in construction and infrastructure, and the electrical and electronics industry, which is anticipated to boost the market growth.
Polyethylene Terephthalate (PET) is a
plastic used to make bottle containers for packaged water and fizzy beverages.
PET is considered a safe, durable, flexible, non-toxic, lightweight, and 100%
recyclable raw material. As a result, it has acquired wide acceptance, which is
expected to propel the expansion of the market over the forecast period.
In 2021, Asia Pacific was the top revenue
source for the PET compound market. The regional usage of PET compound is
expected to be driven by rising demand for beverages, particularly carbonated
drinks and nutritional drinks. The expansion in population, changing
lifestyles, and the emergence of local beverage makers all contribute to this
trend. The presence of a large pool of contract bottlers in the Asia Pacific
will also have an impact on the variety of packaging industries.
Plastics have always been used extensively
in the construction sector, with products ranging from pipe fittings and
insulation to construction materials and equipment. Plastic compounds are
adjusted to meet their specific needs. For instance, flame retardant chemicals
are added to Polyvinyl Chloride (PVC) components and are an essential
part of building materials.
Related Press Release@ Plastic Compounding Market Report
Plastic
Compounding Market Report Highlights
- Polypropylene (PP) is the most consumed plastic
compounding product. It held the largest revenue share of over 25.0% in
2021. Its production has increased due to growing demand from the
packaging and medical device industries all over the globe
- Polyethylene compounds find widespread application
in the building and construction segment. Rapid urbanization and
industrialization, especially in emerging economies such as China and
India, coupled with the rising infrastructure development activities in
the Middle East, are expected to fuel the growth of the construction
industry
- Volatility in crude oil prices can be attributed to
political instability, supply-demand imbalances, and seasonal variations.
The volatility in crude oil prices can negatively impact the market growth
- Major plastic compounding companies have been
acquiring their own compounding plants, rather than establishing plants,
to strengthen their position in the global landscape. In February 2022,
BASF SE acquired Solvay’s PA66 business as a part of a takeover. The
products acquired under the takeover include different grades of polyamide (PA)
and polyphthalamide (PPA), which will be traded across Europe
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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