SAN FRANCISCO, Dec. 2, 2021 /PRNewswire/ -- 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% from 2021 to 2028. 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.
Key Insights & Findings from the report:
- 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.
Read 142 page market research report, " Plastic Compounds Market Size, Share & Trends Analysis Report By Resin (PP, PE), By Technology (Injection Molding, Extrusion), By Filler (Unfilled, Calcium Carbonate-filled), By End Use, By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research
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.
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
- Thermoplastic Polyolefins (TPO)
- Thermoplastic Vulcanizates (TPV)
- Polystyrene (PS)
- Polybutylene Terephthalate (PBT)
- Polyamide (PA)
- Polycarbonates (PC)
- Acrylonitrile Butadiene Styrene (ABS)
- 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
- Blow Molding
- Plastic Compounds Filler Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Calcium Carbonate-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)
- Electrical, Electronics & Electrotechnical
- Building & Construction
- Power Tools
- Sport & Leisure
- Plastic Compounds Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- 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.
- Qingdao Gon Science & Technology Co., Ltd.
- Foster Corp.
Check out more studies related to plastics, conducted by Grand View Research:
- Plastic Compounding Market - The global plastic compounding market size was valued at USD 61.4 billion in 2020 and is expected to grow at a CAGR of 5.5% over the forecast period. Increasing substitution for glass, metals, wood, natural rubber, and man-made materials, such as concrete, is driveing the growth.
- Plastic Market - The global plastic market size was valued at USD 579.7 billion in 2020 and is expected to expand at a CAGR of 3.4% from 2021 to 2028. Increasing plastic consumption in the construction, automotive, and electrical & electronics industries is projected to support market growth.
- Medical Plastic Compounds Market - The global medical plastic compounds market size was estimated at USD 53.32 billion in 2017. It is projected to expand at a CAGR of 5.2%. Growing awareness regarding health issues and subsequent changes in regulatory policies concerning plastics usage have a positive impact.
Browse through Grand View Research's coverage of the Global Plastics, Polymers & Resins Industry .
Gain access to Grand View Compass , our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058Toll Free: 1-888-202-9519Email: firstname.lastname@example.orgWeb: https://www.grandviewresearch.comFollow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.