Plastic Compounds Market Is Expected To Gain Significant Traction Over The Forecast Period: Grand View Research Inc.

 Plastic Compounds Market Growth & Trends

The global plastic compounds market size is expected to reach USD 98.65 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% over the forecast period. The market is estimated to be driven by packaging applications across the globe. The product demand in the packaging industry is driven by high consumerism in major economies, such as China, India, Germany, the U.S., and Brazil. Various regulatory bodies have stipulated guidelines regarding packaging materials in food contact applications. Polypropylene (PP) compounds offer a cost-effective packaging solution and help enhance impact strength, flexibility, clarity, and process efficiency. High demand for Polyethylene (PE) in the packaging industry has majorly contributed to the growth of the packaging end-use segment.

The global COVID-19 pandemic moderately affected the product demand in packaging application in 2020. The demand for packaging for healthcare products, food products, groceries, and e-commerce transportation increased sharply, while the demand for luxury, industrial, and some B2B transport packaging witnessed decline owing to the slowdown and halt in industrial operations. The recommencing industrial operation is expected to positively influence the demand in industrial, and B2B transport packaging in the coming years.

The glass fiber reinforce filler segment is estimated to witness significant growth over the forecast period as these compounds are widely used in building & construction applications. Moreover, they are used to construct domes, fountains, columns, planters, panels, sculptures, façade, roofs, and various other construction components. Components produced using glass fiber reinforced plastics have one-fourth of the weight of steel with similar tensile and compressive strength. Thus, the growth of the building & construction activities across the globe is likely to drive the segment over the forecast period. Glass fiber reinforced plastic is also used for manufacturing boats, which requires water resistance to prevent corrosion and improve the service life of boats.

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Plastic Compounds Market Report Highlights

• In terms of revenue, the automotive end-use segment accounted for the largest revenue share of the global market in 2020 and is expected to witness prominent growth over the forecast period
• Asia Pacific was the dominant regional market in 2020 owing to the growing demand for automobiles in the region coupled with favorable FDI norms by various governments encouraging the adoption of Electric Vehicles (EVs)
• Strategic partnerships, capacity expansions, and new product developments are popular strategies adopted by a majority of players operating in this market
• For instance, in January 2021, Eurostar Engineering Plastics was acquired by Ascend Performance Materials, a Houston-based manufacturer of polyamide 66 resin
• This acquisition helped both the companies to expand their compounding product market globally

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Plastic Compounds Market Segmentation

Grand View Research has segmented the global plastic compounds market on the basis of basis of resin, technology, filler, end use, and region:

Plastic Compounds Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Polypropylene (PP)
• Polyethylene (PE)
• Thermoplastic Elastomers (TPE)
  • Thermoplastic Styrenic Elastomers
    • Saturated
    • Unsaturated
  • Thermoplastic Polyolefins (TPO)
  • Thermoplastic Vulcanizates (TPV)
• Polystyrene (PS)
• Polybutylene Terephthalate (PBT)
• Polyamide (PA)
• Polycarbonates (PC)
• Acrylonitrile Butadiene Styrene (ABS)
• Bioplastic
• Acrylonitrile Styrene Acrylate (ASA)
• Styrene Acrylonitrile (SAN)
• Polymethyl methacrylate (PMMA)
• Polyoxymethylene (POM)
• Blends (PC/ABS, ABS/PBT, PS/PP)

Plastic Compounds Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Injection Molding
• Extrusion
• Blow Molding
• Others

Plastic Compounds Filler Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Unfilled
• Calcium Carbonate-filled
• Talcum-filled
• Glass Fiber Reinforced
• Long Glass Fiber-filled
• Flame Retardant
• Carbon Fiber Reinforced

Plastic Compounds End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Automotive
• Appliances
• Electrical, Electronics & Electrotechnical
• Building & Construction
• Furniture
• Power Tools
• Packaging
• Agriculture
• Sport & Leisure
• Healthcare
• Others

Plastic Compounds Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

List of Key Players of Plastic Compounds Market

• Adell Plastics
• Asahi Kasei Corp.
• BASF SE
• Chevron Phillips Chemical Company LLC
• China XD Plastics Co., Ltd.
• Covestro AG
• Dow Inc.
• DuPont
• Qingdao Gon Science & Technology Co., Ltd.
• Foster Corp.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.