The Plastic Compounding Market slated to surpass $63.2 billion by 2028, Says Global Market Insights Inc.
The growth of the plastic compounding market is facilitated by the growing construction sector, expanding automotive industry, and increasing consumer interest in renovation projects, says this report.
SELBYVILLE , Del., March 28, 2022 /PRNewswire/ -- As per the latest research report by Global Market Insights Inc., the Plastic Compounding Market was estimated at USD 42.5 billion in 2021 and is expected to reach a valuation of around USD 63.2 billion by 2028, registering with a CAGR of 5.9% from 2022 to 2028. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, wavering market trends, competitive scenario, and major investment pockets.
Plastic compounding is typically utilized in commercial and residential building construction as well as automotive applications. Notably, prevalent product demand in the automotive and construction sectors, coupled with high adoption of plastics in varied industry verticals, is primed to stimulate market growth through the forecast timespan.
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Thermoplastic elastomers have gained popularity as an alternative to synthetic or natural rubber, wood, metal, and glass. Mounting consumer spending in medical, automotive, and construction industries, coupled with stringent regulatory compliances regarding sustainable products, would bolster product uptake in the coming years. Driven by these factors, the thermoplastic elastomers product segment is estimated to grow steadily at a CAGR of about 5.7% through the forecast period.
On the other hand, the plastic compounding market share from the thermoplastic polymers product segment is foreseen to reach a sizable valuation by 2028, delivering a solid growth rate over the study timeline. Increasing uptake of thermoplastic polymer compounding in automotive applications is likely to fuel segmental progress in the forthcoming years.
Key reasons for plastic compounding market growth:
1. Surging usage in construction activities.
2. High uptake in consumer goods industry.
3. Growing adoption in automotive market.
4. Rising prominence in packaging applications.
5. Prevalent utilization in food & beverage sector.
2028 forecasts show 'construction' segment retaining its dominance:
On the basis of industry, the construction segment is speculated to garner a valuation of more than USD 9,029 million by 2028. Plastics offer high durability and cost efficiency and thus, find extensive usage in construction activities, especially in walls, insulations, doors, roofing, flooring, and windows, among other application areas. Growing construction sector on account of rapid industrialization, along with prominent utilization of plastics in wall coverings, decorations, water proofing, floorings, and so forth, is set to foster segmental outlook in the upcoming years.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific plastic compounding market is poised to hold the largest share of about 46.2% in the overall industry by 2028. This growth is boosted by the booming domestic food & beverage and consumer goods industries, which is likely to drive the demand for plastics in packaging applications. Additionally, mounting number of automotive manufacturing facilities owing to soaring availability of skilled labor and raw materials in APAC is forecast to promote regional market growth in the future.
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Impact of COVID-19 pandemic on plastic compounding market:
The onset of COVID-19 adversely impacted operations in virtually all industries. Supply chain disruptions, declining availability of raw materials, and labor shortage in view of stringent lockdown restrictions imposed across the globe led to a decrease in demand for plastics, thereby affecting market growth during the pandemic. However, prevalent vaccination drives, reducing COVID-19 cases, and growing emphasis on identifying effective solutions for plastic waste disposal have been profitable for industry expansion in recent years.
Leading market players:
Some prominent industry participants operating in the global plastic compounding industry are RTP Company, SABIC, LyondellBasell, Dow Chemicals Company, Aurora Plastics LLC, Solvay SA, A. Schulman, BASF SE, Kraton Corporation, and Owens Corning Corp, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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