PUBLISHER: 360iResearch | PRODUCT CODE: 1500287
PUBLISHER: 360iResearch | PRODUCT CODE: 1500287
[190 Pages Report] The Plastic Compounding Market size was estimated at USD 80.26 billion in 2023 and expected to reach USD 84.60 billion in 2024, at a CAGR 5.87% to reach USD 119.73 billion by 2030.
Plastic compounding includes blending base polymers with various additives to create customized materials with enhanced properties. These properties include improved strength, durability, heat resistance, and other characteristics tailored to specific applications and end-use industries. The surging demand for lightweight materials in the automotive industry to achieve fuel efficiency and reduce greenhouse gas emissions drives the need for plastic compounding. Rapid urbanization and increased infrastructural developments have led to higher consumption of plastics in construction activities, creating a platform for the growth of the plastic compounding market. Volatility in raw material prices and disruptions in the supply chain associated with plastic compounding hampers market growth. Ongoing development of sustainable compound formulations that reduce environmental impact by market vendors is expected to create opportunities for market growth.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 80.26 billion |
Estimated Year [2024] | USD 84.60 billion |
Forecast Year [2030] | USD 119.73 billion |
CAGR (%) | 5.87% |
Regional Insights
The plastic compounding market is rapidly evolving in the Americas due to raw materials' huge availability and significant expansion of end-user industries. The growing production and automotive sales have expanded the usage of plastic compounding across Asia-Pacific and the Americas region. As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, economies including China, the United States, Japan, India, South Korea, Mexico, and Brazil were among the major manufacturers of commercial vehicles. Moreover, European countries, including Germany, France, the UK, Spain, Ireland, Italy, Switzerland, Russia, and Austria, are significantly involved in the production and export of aircraft, with major demand for compounded plastic. Continuous increase in electronics sales across Asia-Pacific and the Americas is expected to create a platform for market growth. Introducing new biocompatible materials to enhance the qualitative characteristics of high-temperature and high-performance plastic compounds in the Americas is expected to create growth opportunities for the market in the coming years.
Market Insights
The market dynamics represent an ever-changing landscape of the Plastic Compounding Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plastic Compounding Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Plastic Compounding Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Republic Services and Ravago Partnering to Advance Sustainable Packaging Solutions
Republic Services, Inc., and Ravago, a polymer recycling and distribution company, have announced the formation of Blue Polymers, LLC. This innovative partnership aims to bolster circularity in the plastics industry by developing a network of facilities that produce 100% post-consumer recycled products. Leveraging recycled polyethylene and polypropylene from Republic Services' Polymer Centers, Blue Polymers is expected to create high-quality recycled resin suitable for consumer packaging and other applications. Custom-blended and compounded materials are expected to be created through four new facilities to help customers achieve their sustainability targets while complying with relevant regulatory requirements regarding recycled content. Republic's vast recycling capabilities and Ravago's extensive expertise in plastic materials distribution, resale, compounding, and recycling aim to fulfill the growing demand for sustainable packaging. [Published On: 2023-07-21]
LyondellBasell Acquires Compound Manufacturer Mepol Group
LyondellBasell Industries N.V., a global plastics, chemicals, and refining company, announced the acquisition of Mepol Group and its subsidiaries, Polar and Industrial Technology Investments Poland. By incorporating Mepol's knowledge in sustainability and technical compounds into their APS business unit, LyondellBasell aims to capitalize on prevailing market trends focused on circularity and sustainable living. The APS division of LyondellBasell produces an array of compounding solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors, and powders. The company looks forward to bolstering its production capacity of polymers derived from recycled or renewable sources by integrating Mepol Group's capabilities into this segment. [Published On: 2023-07-05]
Borealis to Acquire Rialti S.p.A., a European Producer of Recycled Polypropylene Compounds
Borealis, a global company in advanced and circular polyolefin solutions, has announced its intention to acquire Rialti S.p.A., an Italian polypropylene compounder and recycler. Located in the Varese region of Italy, Rialti has established itself as one of Europe's significant companies specializing in producing sustainable polypropylene (PP) compounds. The acquisition of Rialti aligns with Borealis' ongoing efforts toward circularity over the past ten years. By incorporating Rialti into its portfolio, Borealis aims to broaden its circular offering while strengthening its capacity to support customer-driven sustainability goals. [Published On: 2023-06-30]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plastic Compounding Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Plastic Compounding Market, highlighting leading vendors and their innovative profiles. These include 3M Company, Adell Plastics Inc., AKRO-Plastic GmbH, APAR Industries, APPL Industries Limited, Arkema S.A., Asahi Kasei Corporation, Aurora Plastics, LLC, BASF SE, Celanese Corporation, Coperion GmbH, Covestro AG, DuPont de Nemours, Inc., European Plastics Joint Stock Company, FillPlas Co. Ltd., Foster Corporation, Kingfa Sci.&Tech. Co.,Ltd., Kraton Corporation by DL Chemical Co., Ltd., Lanxess AG, LyondellBasell Industries N.V., Mark Tech Polymers Pvt. Ltd., Polyvisions Inc., Ravago, Royal DSM, RTP Company, Sojitz Corporation, Star Plastics, LLC, Sumika Polymer Compounds (Europe) Ltd., The Dow Chemical Company, and Trivalence Technologies LLC.
Market Segmentation & Coverage