October 03, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Plastic Compounding Market Insights, Forecast to 2025’, the worldwide plastic compounding market is anticipated to surpass US $79900 million by the year 2025.
Plastic compounding is a method of transforming thermoplastics and basic plastics by melt blending them with a mixture of additives and plastics. Plastic compounds possess features like flame retardance, light weight, wide range of conductivity and wear resistance. These features boost the product demand in construction, automotive, electrical, and packaging industries, thus, propelling plastic compounding market growth.
According to the report, plastic compounding market was worth US $58900 million in 2018 and is expected to increase at a CAGR of 4.5% by the year 2025. The report also offers a comprehensive insight about market growth, trends, drivers, challenges, and opportunities impacting the industry growth.
The worldwide plastic compounding market is examined on the basis of type, application spectrum and regional landscape. Based on the type, the market is segmented as PA compounds, PE compounds, PVC compounds, PP compounds and others, wherein PP compounds segment held 35.21 % market share in 2017. While speaking of the application spectrum, the market is fragmented as building & construction, consumer goods, automotive, packaging, electronics & appliances, and others.
Considering the regional landscape, the plastic compounding market is bifurcated into five major regions; North America consists of Canada, United States, and Mexico; Europe comprises France, UK, Italy, Germany, Russia, and rest of Europe; India, China, Indonesia, Japan, Australia, Thailand, Malaysia, South Korea, Vietnam, and Philippines fall under Asia Pacific; South America consists of Brazil and rest of South America; Turkey, South Africa, Egypt, rest of Middle East & Africa, and GCC countries come under Middle East & Africa region.
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The prominent companies operating in plastic compounding market include Mexichem, LyondellBasell, ExxonMobil, SABIC, Mitsui Chemicals, BASF, RTP, Solvay, DowDuPont, SINOPEC, Westlake Chemical, CNPC, Chevron Phillips Chemical, Kkalpana Industries, Shanghai PRET Composites, Ineos Styrolution, Kingfa, Total Petrochemicals, Trinseo, and Chi Mei Corporation.