Plastic compounding is a manufacturing process
of transforming the characteristics of basic plastics & thermoplastics
using a mixture of plastics & additives. The blends are usually dosed
automatically via feeders or hoppers with set-points. They have superior
physical properties such as wide range of conductivity, flame retardancy, wear
resistance, and light weight. The process has lowered the carbon emissions and
increased fuel efficiency & performance of vehicles in the automotive
industry. The plastic compounding are extensively used in industries for
instance automotive, industry, electrical and electronics, medical and others.
According to study, “Global
Plastic Compounding Market: Information by Product (Polypropylene,
Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, and Others),
Application (Automotive, Electrical & Electronics, Building &
Construction), Region-Forecast till 2023” the key companies operating in the
global plastic compounding market are Asahi Kasei Corporation, Borealis AG,
SABIC, INEOS, Covestro AG, Mitsui Chemicals Inc., SO.F.TER S.r.l,
LyondellBasell Industries Holdings BV, Versalis S.p.A (Eni S.p.A), Sojitz
Corp., 3M, Mexichem SAB de CV, Lanxess AG, Celanese Corp., BASF SE, Hillenbrand
Inc., DowDuPont. The plastic compounding market is moderately fragmented &
highly competitive. Key companies are concentrating on growth strategies, for
instance merger & acquisition activities, in order to support their product
portfolio and boost market share. Ongoing research & development (R&D)
activities among these players intending to improvement the behavioral
properties of plastic compounds are predicted to drive the market in the near
future.
Based on type, plastic compounding market is
segmented into additives and polymer/copolymers. Additives include
anti-oxidants, reinforcement agents, UV stabilizers, colorants and others
(thermo-stabilizer, laser-marking, flame-retardant, anti-microbial,
anti-foaming agents, anti-static, oxygen scavenger, anti-block, CO2 barrier
agents, metal deactivators). Based on product type, market is segmented into
polyethylene, thermoplastic vulcanizates, polypropylene, poly vinyl chloride,
polystyrene, thermoplastic polyolefins, polycarbonate, polyethylene,
acrylonitrile butadiene styrene, polybutylene terephthalate, polyamide and
others. In addition, based on application, market is segmented into automotive,
electrical & electronics, construction, industrial machinery, packaging,
optical media, consumer goods, medical devices and others. The packaging segment
dominates the market due to increase in demand from food & beverages and
consumer goods industry.
The plastic compounding market is driven by
rise in demand for light & innovative materials in the packaging industry,
followed by increase in plastic consumption in the automotive industry, rise in
construction industry, surge in infrastructure development, rise in
environmental concerns, rapid industrialization & increase in disposable
income, replacement for glass & metals and growth of key end-use industries.
However, harmful impact of VOCs present in the coating and volatility in raw
material prices may impact the market. Moreover, growth in use of recycled
plastic in various end-use industries is a major trend for market. Furthermore,
rise in use of bio-based plastic in various end-use applications is a key trend
for market.
Based on geography, the Asian-Pacific region
holds major share in plastic compounding market owing to high rate of adoption
of plastic compounds in electrical & electronics and automotive application
in the region. The European and North-American regions are anticipated to
witness significant growth rate due to growth in advancement in R&D
activities among universities over the forecast period. It is projected that
the market will be reached at rapid pace as a result of surge in demand for
frozen food products during the forecast period.
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