PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515600
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515600
Asia Pacific Plastic Compounding Market, By Source, By Product Type, By Application and By Country- Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
REPORT HIGHLIGHT
Asia Pacific Plastic Compounding Market size was valued at USD 30,013.90 Million in 2023, expanding at a CAGR of 9.10% from 2024 to 2032.
Plastic compounding is the process of merging various polymer materials with additives and fillers to create customized blends with specific properties and characteristics. This typically involves melting and mixing polymer resins with additives like colorants, flame retardants, UV stabilizers, and reinforcing agents such as fiberglass or carbon fiber. Through compounding, manufacturers can tailor plastics to meet specific performance requirements, such as enhanced strength, durability, flame resistance, or aesthetic appeal. These compounded plastics have extensive applications across multiple industries, including automotive, construction, electronics, packaging, and healthcare, where precise material properties are crucial for product performance and functionality.
Asia Pacific Plastic Compounding Market- Market Dynamics
Lower manufacturing costs in China and India to propel market demand
The lower manufacturing costs in China and India compared to Europe are expected to boost the use of plastic compounding in the automotive industry. Companies in Northeast Asia are primarily focused on advancing their economies in key sectors like raw material extraction, manufacturing, and services. Governments across the region have upgraded rural industries into world-class manufacturing facilities through protectionist policies, financial investments, and regulatory support. Additionally, the availability of inexpensive labor and proximity to raw material suppliers are attracting significant investor interest. Countries such as China, Indonesia, South Korea, India, and Taiwan are projected to drive regional market growth over the forecast period. Government initiatives like "Make in India," smart cities development, modified special incentives package schemes, the Domestic Efficient Lighting Programme, 100% FDI in electronic hardware manufacturing, and the National Electronic Policy are set to boost electronics production in the region in the coming years. Technology transitions, including the adoption of IoT and 4G/LTE networks, are accelerating the uptake of electronic products, thereby increasing the demand for plastics.
Asia Pacific Plastic Compounding Market- Key Insights
As per the analysis shared by our research analyst, the Asia Pacific market is estimated to grow annually at a CAGR of around 9.10% over the forecast period (2024-2032)
Based on Source segmentation, Fossil-based was predicted to show maximum market share in the year 2023
Based on Product Type segmentation, Polypropylene (PP) was the leading type in 2023
On the basis of country, China was the leading revenue generator in 2023
Asia Pacific Plastic Compounding Market- Segmentation Analysis:
The Asia Pacific Plastic Compounding Market is segmented on the basis of Source, Product Type, Application, and Country.
The market is divided into three categories based on Source: Fossil-based, Bio-based and Recycled. Regarding the source, fossil-based compounded plastics held the largest market share in 2023. The major driving factor for this segment is the wide applicability of petrochemical-based plastics. Industries such as automotive, construction, and packaging are significant end-users of fossil-based compounded plastics. Additionally, the extraction of petrochemicals from fossil fuels is more convenient compared to the manufacturing processes for other plastics, such as bio-based plastics.
The market is divided into fourteen categories based on Product Type: Polyethylene (PE), Polypropylene (PP), Thermoplastic Vulcanizates (TPV), Thermoplastic Polyolefins (TPO), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), Polyamide (PA), Polycarbonate (PC), Polyurethane (PU), Polymethyl Methacrylate (PMMA), Acrylonitrile Butadiene Styrene (ABS) and Others. Based on product, polypropylene (PP) dominated the market with the largest revenue share in 2023. Polypropylene, a thermoplastic polymer made by polymerizing propylene monomers, is extensively used in a variety of applications including consumer goods packaging, plastic parts for various industries (notably automotive), special devices such as hinges, and textiles.
Asia Pacific Plastic Compounding Market- Geographical Insights
The analysis of the Asia Pacific Plastic Compounding market includes countries such India, China, South Korea, Japan, Australia, Thailand, Indonesia, and the Philippines, along with the rest of the Asia Pacific (APAC). In the Asia Pacific region, China dominated the plastic compounding market in terms of revenue in 2023. Robust growth in key manufacturing industries, including automotive and electrical & electronics, is significantly contributing to the increasing demand for plastics in China. The automotive industry in China is expanding due to strong demand for cars and various other vehicle types, including medium and heavy trucks and buses. Electric cars represent a particularly promising category, bolstered by substantial government subsidies for manufacturers and favorable discounts and incentives for customers purchasing these vehicles.
Asia Pacific Plastic Compounding Market- Competitive Landscape:
Companies in the Asia Pacific Plastic Compounding market compete based on the quality of their products and the technology used in production. Major players, particularly, focus on application development capabilities and innovative product formulations. Established firms like BASF SE invest heavily in research and development to create new and advanced plastic compounds, gaining a competitive edge. To foster a robust and competitive market environment, ASIA PACIFIC Plastic Compounding companies have implemented strategic initiatives such as acquisitions, mergers, new product launches, and production expansions.
Recent Developments:
In November 2023, Borealis AG announced an expansion of its mechanically recycled Asia Pacific Plastic Compounding production, increasing its capacity to over 50 kilotons per annum. This expansion was facilitated by the acquisition of Rialti S.p.A., an Italian polypropylene (PP) compounder specializing in recyclates.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
ASIA PACIFIC PLASTIC COMPOUNDING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
LyondellBasell Industries N.V.
Teijin Plastics
Kraton Polymers Inc.
RTP Company
BASF SE
SABIC
The 3M Company
Polyplastics Asia Pacific Sdn Bhd
Melchers Malaysia
Helistrom Sdn Bhd
Sheng Foong Plastic Industries Sdn Bhd
The inabata group
Others
ASIA PACIFIC PLASTIC COMPOUNDING MARKET, BY SOURCE - MARKET ANALYSIS, 2019 - 2032
Fossil-based
Bio-based
Recycled
ASIA PACIFIC PLASTIC COMPOUNDING MARKET, BY PRODUCT TYPE- MARKET ANALYSIS, 2019 - 2032
Polyethylene (PE)
Polypropylene (PP)
Thermoplastic Vulcanizates (TPV)
Thermoplastic Polyolefins (TPO)
Polyvinyl Chloride (PVC)
Polystyrene (PS)
Polyethylene Terephthalate (PET)
Polybutylene Terephthalate (PBT)
Polyamide (PA)
Polycarbonate (PC)
Polyurethane (PU)
Polymethyl Methacrylate (PMMA)
Acrylonitrile Butadiene Styrene (ABS)
Others
ASIA PACIFIC PLASTIC COMPOUNDING MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032
Automotive
Building & construction
Electrical & electronics
Packaging
Consumer goods
Industrial machinery
Medical devices
Optical media
Aerospace & defense
Others
ASIA PACIFIC PLASTIC COMPOUNDING MARKET, BY COUNTRY- MARKET ANALYSIS, 2019 - 2032
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Table of Contents
1. Asia Pacific Plastic Compounding Market Overview
- 1.1. Study Scope
- 1.2. Market Estimation Years
2. Executive Summary
- 2.1. Market Snippet
- 2.1.1. Asia Pacific Plastic Compounding Market Snippet by Source
- 2.1.2. Asia Pacific Plastic Compounding Market Snippet by Product Type
- 2.1.3. Asia Pacific Plastic Compounding Market Snippet by Application
- 2.1.4. Asia Pacific Plastic Compounding Market Snippet by Country
- 2.2. Competitive Insights
3. Asia Pacific Plastic Compounding Key Market Trends
- 3.1. Asia Pacific Plastic Compounding Market Drivers
- 3.1.1. Impact Analysis of Market Drivers
- 3.2. Asia Pacific Plastic Compounding Market Restraints
- 3.2.1. Impact Analysis of Market Restraints
- 3.3. Asia Pacific Plastic Compounding Market Opportunities
- 3.4. Asia Pacific Plastic Compounding Market Future Trends
4. Asia Pacific Plastic Compounding Industry Study
- 4.1. PEST Analysis
- 4.2. Porter's Five Forces Analysis
- 4.3. Growth Prospect Mapping
- 4.4. Regulatory Framework Analysis
5. Asia Pacific Plastic Compounding Market: COVID-19 Impact Analysis
- 5.1. Pre-COVID-19 Impact Analysis
- 5.2. Post-COVID-19 Impact Analysis
- 5.2.1. Top Performing Segments
- 5.2.2. Marginal Growth Segments
- 5.2.3. Top Looser Segments
- 5.2.4. Marginal Loss Segments
6. Asia Pacific Plastic Compounding Market Landscape
- 6.1. Asia Pacific Plastic Compounding Market Share Analysis, 2023
- 6.2. Breakdown Data, by Key Manufacturer
- 6.2.1. Established Players' Analysis
- 6.2.2. Emerging Players' Analysis
7. Asia Pacific Plastic Compounding Market - By Source
- 7.1. Overview
- 7.1.1. Segment Share Analysis, By Source, 2023 & 2032 (%)
- 7.1.2. Fossil-based
- 7.1.3. Bio-based
- 7.1.4. Recycled
8. Asia Pacific Plastic Compounding Market - By Product Type
- 8.1. Overview
- 8.1.1. Segment Share Analysis, By Product Type, 2023 & 2032 (%)
- 8.1.2. Polyethylene (PE)
- 8.1.3. Polypropylene (PP)
- 8.1.4. Thermoplastic Vulcanizates (TPV)
- 8.1.5. Thermoplastic Polyolefins (TPO)
- 8.1.6. Polyvinyl Chloride (PVC)
- 8.1.7. Polystyrene (PS)
- 8.1.8. Polyethylene Terephthalate (PET)
- 8.1.9. Polybutylene Terephthalate (PBT)
- 8.1.10. Polyamide (PA)
- 8.1.11. Polycarbonate (PC)
- 8.1.12. Polyurethane (PU)
- 8.1.13. Polymethyl Methacrylate (PMMA)
- 8.1.14. Acrylonitrile Butadiene Styrene (ABS)
- 8.1.15. Others
9. Asia Pacific Plastic Compounding Market - By Application
- 9.1. Overview
- 9.1.1. Segment Share Analysis, By Application, 2023 & 2032 (%)
- 9.1.2. Automotive
- 9.1.3. Building & construction
- 9.1.4. Electrical & electronics
- 9.1.5. Packaging
- 9.1.6. Consumer goods
- 9.1.7. Industrial machinery
- 9.1.8. Medical devices
- 9.1.9. Optical media
- 9.1.10. Aerospace & defense
- 9.1.11. Others
10. Asia Pacific Plastic Compounding Market- By Geography
- 10.1. Introduction
- 10.1.1. Segment Share Analysis, By Geography, 2023 & 2032 (%)
- 10.2. Asia Pacific (APAC)
- 10.2.1. Overview
- 10.2.2. Asia Pacific Plastic Compounding Key Manufacturers in Asia Pacific
- 10.2.3. Asia Pacific Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 10.2.4. Asia Pacific Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.5. Asia Pacific Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.6. Asia Pacific Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.7. India
- 10.2.7.1. Overview
- 10.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.7.3. India Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.7.4. India Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.7.5. India Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.8. China
- 10.2.8.1. Overview
- 10.2.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.8.3. China Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.8.4. China Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.8.5. China Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.9. Japan
- 10.2.9.1. Overview
- 10.2.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.9.3. Japan Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.9.4. Japan Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.9.5. Japan Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.10. South Korea
- 10.2.10.1. Overview
- 10.2.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.10.3. South Korea Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.10.4. South Korea Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.10.5. South Korea Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.11. Australia
- 10.2.11.1. Overview
- 10.2.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.11.3. Australia Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.11.4. Australia Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.11.5. Australia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.12. Thailand
- 10.2.12.1. Overview
- 10.2.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.12.3. Thailand Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.12.4. Thailand Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.12.5. Thailand Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.13. Indonesia
- 10.2.13.1. Overview
- 10.2.13.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.13.3. Indonesia Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.13.4. Indonesia Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.13.5. Indonesia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.14. Philippines
- 10.2.14.1. Overview
- 10.2.14.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.14.3. Philippines Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.14.4. Philippines Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.14.5. Philippines Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 10.2.15. Rest of APAC
- 10.2.15.1. Overview
- 10.2.15.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
- 10.2.15.3. Rest of APAC Market Size and Forecast, By Source, 2019 - 2032 (US$ Million)
- 10.2.15.4. Rest of APAC Market Size and Forecast, By Product Type, 2019 - 2032 (US$ Million)
- 10.2.15.5. Rest of APAC Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
11. Key Vendor Analysis- Asia Pacific Plastic Compounding Industry
- 11.1. Competitive Dashboard
- 11.2. Company Profiles
- 11.2.1. LyondellBasell Industries N.V.
- 11.2.2. Teijin Plastics
- 11.2.3. Kraton Polymers Inc.
- 11.2.4. RTP Company
- 11.2.5. BASF SE
- 11.2.6. SABIC
- 11.2.7. The 3M Company
- 11.2.8. Polyplastics Asia Pacific Sdn Bhd
- 11.2.9. Melchers Malaysia
- 11.2.10. Helistrom Sdn Bhd
- 11.2.11. Sheng Foong Plastic Industries Sdn Bhd
- 11.2.12. The inabata group
- 11.2.13. Others
12. 360 Degree Analyst View
13. Appendix
- 13.1. Research Methodology
- 13.2. References
- 13.3. Abbreviations
- 13.4. Disclaimer
- 13.5. Contact Us
List of Tables
- TABLE List of data sources
- TABLE Market drivers; Impact Analysis
- TABLE Market restraints; Impact Analysis
- TABLE Asia Pacific Plastic Compounding Market: Source Snapshot (2023)
- TABLE Segment Dashboard; Definition and Scope, by Source
- TABLE Asia Pacific Plastic Compounding Market, by Source 2019-2032 (USD Million)
- TABLE Asia Pacific Plastic Compounding Market: Product Type Snapshot (2023)
- TABLE Segment Dashboard; Definition and Scope, by Product Type
- TABLE Asia Pacific Plastic Compounding Market, by Product Type 2019-2032 (USD Million)
- TABLE Asia Pacific Plastic Compounding Market: Application Snapshot (2023)
- TABLE Segment Dashboard; Definition and Scope, by Application
- TABLE Asia Pacific Plastic Compounding Market, by Application 2019-2032 (USD Million)
- TABLE Asia Pacific Asia Pacific Plastic Compounding Market, by Country, 2019-2032 (USD Million)
List of Figures
- FIGURE Asia Pacific Plastic Compounding Market Segmentation
- FIGURE Market research methodology
- FIGURE Value chain analysis
- FIGURE Porter's Five Forces Analysis
- FIGURE Market Attractiveness Analysis
- FIGURE COVID-19 Impact Analysis
- FIGURE Pre & Post COVID-19 Impact Comparision Study
- FIGURE Competitive Landscape; Key company market share analysis, 2023
- FIGURE Source segment market share analysis, 2023 & 2032
- FIGURE Source segment market size forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Product Type segment market share analysis, 2023 & 2032
- FIGURE Product Type segment market size forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Application segment market share analysis, 2023 & 2032
- FIGURE Application segment market size forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Asia Pacific Plastic Compounding Market share and leading players, 2023
- FIGURE Asia Pacific Plastic Compounding Market share analysis by country, 2023
- FIGURE India Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE China Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Japan Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE South Korea Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Australia Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Thailand Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Indonesia Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Philippines Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
- FIGURE Rest of APAC Plastic Compounding Market size, forecast and trend analysis, 2019 to 2032 (USD Million)
