Plastic Compounds Industry Overview
The plastic compounds market size was valued at USD 66.74 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2028. Increasing demand from the automotive industry is anticipated to significantly drive the market growth during the forecast period. The use of compounded plastic products in automotive applications helps reduce fuel consumption on account of their lightweight.
Increasing awareness regarding consumer safety and health hazards in various industries, such as automotive, healthcare, and others is expected to drive the global demand for plastics over the forecast period. In the automotive industry, compounded plastics find application in under-the-hood components, structural parts, electrical components lighting, and others.
Gather more insights about the market drivers, restrains and growth of the Global Plastic Compounds Market
The product application in the automotive industry is driven by the demand for safe, lightweight, and inexpensive multi-utility vehicles with high fuel efficiency and better comfort esthetics. Currently, on average, plastics account for 10 to 15% of the total curb weight of a car.
The food beverage industry involves the use of plastics primarily for the production of containers, bottles, and other plastic packaging containers. Product demand in food packaging is driven by the need for food safety. Perishable and sterile foods require hygiene systems and contamination protection from different types of microorganisms, such as bacteria, wherein plastic compounds play an important role.
Ascending demand for hot and cold beverages is likely to fuel the growth of plastic compounds as plastic compounded products are widely utilized for imparting useful properties to various types of plastics, such as PS, PP, and PET. Plastics are increasingly being used in the packaging of Ready-to-Eat (RTE) foods as the desired features are imparted by plastic compounds with the addition of different types of fillers and additives. These trends are expected to positively impact the demand for plastic compounds in the food beverage packaging application over the forecast period.
However, the outbreak of COVID-19 negatively impacted the product demand in various applications including automotive, building construction, appliances, and others owing to the stalled manufacturing activities, restrictions in supply transportation, and economic slowdown across the globe in 2020. However, the recommencing industrial operation is projected to positively influence the product demand in the coming years.
Browse through Grand View Research's Plastics, Polymers Resins Industry Research Reports
- Returnable Packaging Market: The global returnable packaging market size was valued at USD 103.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030.
- Flame Retardants for Aerospace Plastics Market: The global flame retardants for aerospace plastics market size to be valued at USD 29.1 million by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% during the forecast period.
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)
- 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
Market Share Insights
- January 2021: Eurostar Engineering Plastics was acquired by Ascend Performance Materials, a Houston-based manufacturer of polyamide 66 resin
- May 2019: BASF SE initiated operations of the expanded compounding plant in Altamira, Mexico. This plant has a production capacity of 15,000 tons per year for its existing products, such as Ultradur and Ultramid. This initiative helped the company expand its market in Mexico.
Key Companies profiled:
Some of the prominent players in the global plastic compounds market include:
- 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.
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