Plastic Compounding Market worth USD 932,575.9 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Plastic Compounding Market by Polymer Type (Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene & Expanded Polystyrene, Polyethylene Terephthalate, Polyurethane, Acrylonitrile Butadiene Styrene, and Others), by End-Use (Automotive, Building & Construction, Electrical & Electronics, Medical, Packaging, and Others), by Region – Global Share and Forecast to 2027". The global plastic compounding market size is expected to grow from USD 642,738.7 million in 2020 to USD 932,575.9 million by 2027, at a CAGR of 6.4% during the forecast period. There is growth in the infrastructure sector because of new expressways/highways, modern seaports and airports, metro-rail, and multi-modal logistics parks. The government sector also contributes toward the growth of infrastructure development. Several rules and regulations about highways, airports, roads, and railways are established to boost the individual nation's economy. Presently, plastics find wide usage in buildings in thin coverings, panels, sheets, foams, pipes, and others. Plastic compounding is used increasingly to expand the usefulness and life of conventional building materials and helps them to function more efficiently and economically.

Global Plastic Compounding Market Segmentation

The overall plastic compounding market has been segmented into polymer type, end-users, and region.

• By Polymer Type (Polypropylene, Polyethylene, Polyvinyl Chloride, Polystyrene & Expanded Polystyrene, Polyethylene Terephthalate, Polyurethane, Acrylonitrile Butadiene Styrene, and Others)
• By End-Use (Automotive, Building & Construction, Electrical & Electronics, Medical, Packaging, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Packaging, by end-users, is estimated to hold the largest market share during the forecast period

Based on end-users, the global plastic compounding market is segmented into automotive, building & construction, electrical & electronics, medical, packaging, and others. The packaging segment generated the highest revenue of 35.0% of the total global plastic compounding market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Both polypropylene and high-impact polystyrene are used in making versatile packaging materials. Polypropylene is excellent packaging material as they offer lightweight and cost-effective packaging. Furthermore, polypropylene packaging can withstand a wide temperature range from freezing to microwave temperature. Both polypropylene and polystyrene compounding is used for packaging.

Durability is another key attribute that makes polypropylene compounding excellent for packaging material. High-impact polystyrene features excellent heat retention, hygiene, and shatterproof properties that make it appealing for packaging material. Moreover, the high-impact polystyrene has a glossy surface and provides an excellent surface to print on. High-impact polystyrene compounding is resistant to humidity, which makes it ideal for packaging.

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The Asia Pacific accounts for the largest market share in plastic compounding market 2020

Based on the regions, the global plastic compounding market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 41.9% in the global plastic compounding market and was anticipated to maintain its dominance throughout the forecast period. China, Japan, Korea, and India are the major contributors to the growth of Asia-Pacific. Asia-Pacific is an attractive market for manufacturers, owing to the cheap labor cost, low cost of setting up manufacturing units, and low cost of plastic compounding materials. Some of the prominent manufacturers in this region have launched products and expanded their plastic compounding materials units by setting up manufacturing units.

Asia-Pacific is one of the biggest markets for plastic compounding owing to increased applications in various industries such as automobile, consumer goods & electronics, construction, packaging, and others. China had the largest economy in the world from the past several years. It has established into a highly diversified economy and is considered one of the most significant players in international trade. Major sectors of competitive strength in China include manufacturing, retail, automobiles, mining, green energy, banking, steel, textiles, electronics, telecommunications, energy generation, real estate, e-commerce, and tourism. The growth and development in these sectors drive the demand for plastic compounding.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the plastic compounding market. It also consists of the profiles of leading companies such as BASF SE, LyondellBasell Industries N.V., Dow, Inc., DuPont, RTP Company, Inc., S&E Specialty Polymers, LLC, Covestro AG, and Kraton Polymers, Inc. These market players have focused on acquisitions and expansion to gain a larger market share in the plastic compounding market.

Browse complete report: https://www.marketstatsville.com/plastic-compounding-market

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