December 26, 2019
According to the recent study titled ‘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’ available at MarketStudyReport.com, the global plastic compounding market is projected to accumulate US $56.9 billion by the year 2026.
Plastic compounding is a vital industrial process wherein the properties of plastic resins are enhanced by using additives. These products are customized according to the consumer need and application specification. Compound polymers are extensively used across electronics, aerospace, construction, and packaging industries owing to their various capabilities like improved durability, chemical resistance, higher tensile strength, corrosion resistance, and better insulation, which in turn is fueling the growth of plastic compounding market.
Changing preference of automotive manufacturers for plastic parts over metallic components for reducing the overall weight of vehicles and improving fuel efficiency will boost the demand for plastic compounding. Adoption of automated production and injection molding technologies for plastic compounding will offer automobile companies superior flexibility to design vehicles at low cost. High demand for reliable, fuel-efficient, and low-emission vehicles across Asia Pacific and Europe, with consequently rising automotive production are impelling plastic compounding market growth.
Moreover, rapid urbanization, coupled with numerous construction projects are boosting the demand for products from plastic compounding. Governments across the globe are investing towards the development of commercial infrastructure. This, in tandem with changing consumer perspective towards appealing home interiors, and product application for piping, insulation, and window frames will augment the market outlook.
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In addition, federal initiatives towards reducing carbon footprint, controlling pollution, and improving disposal techniques to lower environmental impact, along with rising inclination towards using reusable & recycled plastic products will further enhance the expansion of plastic compounding market. However, fluctuating crude oil prices, leading to uncertainty in finished product price, is presumed to prevail as growth restraining factor.
The major players operating in plastic compounding market profiled in the report include RTP Company, Foster Corp., Saudi Basic Industries Corp. (SABIC), A. Schulman, Aurora Plastics LLC, Kraton Corp., Solvay SA, LyondellBasell Industries, BASF SE, and The Dow Chemical Company among others.
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