The size of the global plastic compounding market, estimated at USD 63.1 billion in 2020, is anticipated to rise at a CAGR of 6.9% from 2021 to 2028. The industry is anticipated to develop as natural rubber, wood, metals, glass, and concrete are increasingly used in place of plastic. Due to its use in a variety of industrial applications and its ease of moulding, plastic is becoming more and more in demand.
Comparing plastic fittings to metal or wooden fittings, plastic fittings are thought to be much simpler to install. The fact that these fittings come in a variety of colour combinations increases their aesthetic appeal. Additionally, plastic fittings have a very tight seal, which acts as a barrier against unwelcome outside elements like dust or water. In the upcoming years, the industry may be driven by the characteristics of plastic compounds. In the complex process of compounding plastics, the ratio of additives is determined, the melt is mixed at high speed using twin screw extruders, cooled, and then the final pellet is cut and packaged.
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In 2021, the polypropylene market segment held the top spot and contributed more than 25.0% of worldwide revenue. Its compounds have a high level of impact resistance and serviceability, which makes them widely employed in automotive applications. Both domestic manufacturing and vehicle sales have increased as a result of economic expansion in Latin American and Asian markets. Plastic usage in automotive applications is expected to increase significantly over the projection period due to rising automotive production, regulatory trends requiring manufacturers to enhance fuel efficiency, and pressure to reduce vehicle weight from consumers. It has greater chemical and temperature resistance as well as good fatigue resistance. These elements have helped PP become a well-liked material for numerous uses in both established and developing countries.
In 2021, the automobile industry contributed more than 20.0% of total revenue. The segment’s growth has been significantly influenced by the growing use of plastics in automobile components as compared to metals and alloys. Production of automobiles has increased significantly in recent years, mostly due to the development of the industry and the manufacturing environment in emerging countries. The fastest-growing economies include China, India, and Brazil, which are all important auto production centres. Future predictions indicate that this pattern will persist, fueling demand for plastic compounds.
In 2021, Asia Pacific held a 40.0%+ share of the worldwide revenue, dominating the market. The economic climate and the rise of plastic manufacturers promote the growth. The region’s automotive, industrial machinery, construction, packaging, and electrical and electronics industries will all experience increased demand as a result of the expanding manufacturing sector. It is the leading manufacturer and user of consumer goods, autos, and packaging materials, which cleared the path for the expansion of the local market. The majority of producers work in one of the value chain areas for the plastics industry. The demand in the region is further fueled by the fact that APAC is one of the biggest consumers and producers of electrical and electronic goods, such as wires and equipment.
Key Organizations & Market Share Information
The global market is extremely fragmented, with small and medium-sized businesses holding more than 60.0% of the market share (SMEs). In order to strengthen their position in the market, businesses are rapidly growing their production capacity. With the rise of independent standalone compounders, the industry has seen major capacity growth in China. Chinese compounders serve a huge pool of medium-sized businesses, as opposed to major end-use organisations like automotive manufacturers and Original Equipment Manufacturers (OEMs), which often enter into strategic relationships with compounders or increase their capacity for compounding.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa