The global plastic compounding market surpassed USD 43.70 billion in 2019 and is expected to grow with a CAGR of 6.5% from 2019 to 2025. Prevalent use of plastic compounding owing to its increased usage in various industrial applications are contributing factors driving the global plastic compounding market.
The adroit market research report on global plastic compounding gives a detailed information of the market from the year 2015 to 2025. The report comprises of market drives, restraints, opportunities and challenges. The historic period considered is from 2015 to 2017, followed by the forecasted period from 2019 to 2025. The other parameters considered are the Porter’s five forces analysis, PESTLE analysis considering all the futuristic approaches.
The global plastic compounding market has been segmented based on product, application, and region. Based on the product, polypropylene (PP) held over a 30% share of the total plastic compounding industry in 2019. Its compounds are widely used in automotive applications due to high impact resistance and serviceability. Economic growth in the Asian and Latin American economies has powered demand in the automotive industry, both in terms of car purchases and domestic production. Considering the ever-increasing output of vehicles, along with regulatory developments, which require manufacturers to minimize vehicle weight and boost fuel efficiency; the use of plastics in automotive applications will increase dramatically over the forecast era. It has a strong tolerance to fatigue and greater chemical and temperature tolerance. These factors have made PP popular material for multiple applications in developed economies and emerging economies alike.
By application, the automotive sector is expected to lead the product category over the forecast period. Increased incorporation of plastics as opposed to metals and alloys into automotive parts was a crucial factor in the development of the market. In recent years, there has been a substantial rise in automobile demand, primarily led by the development of the industry and the industrial environment of emerging markets. China, India, and Brazil are the fastest-growing economies and are also the main automotive manufacturing hubs. This pattern is expected to persist in the future, thereby boosting demand for compound plastic.
Key Segments of the Global Plastic Compounding Market
Product Overview, 2015-2025 (USD Million) (Kilo Tons)
Application Overview, 2015-2025 (USD Million) (Kilo Tons)
- Electrical and Electronics
Regional Overview, 2015-2025 (USD Million) (Kilo Tons)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa