U.S (New York)– The “Plastic Compounding Market ” 2023 research report appears to cover various aspects of the market, including the strategies of top players, market segments, competitive landscape, manufacturing, and pricing structures. In this report, we will provide an in-depth analysis of the current state of the global Plastic Compounding Market , its key drivers and challenges, and its future prospects. This study contains research on market dynamics, such as SWOT, PESTLE, and Porter’s Five Forces analysis, as well as details about drivers, constraints, trends, and opportunities. These studies may assist in providing a thorough overview of the worldwide industry. Additionally, the key segments of the industry are evaluated according to their performance.
According to a new report published by Report Ocean, titled , “Plastic Compounding Market by Polymer Type and End Use: Global Opportunity Analysis and Industry Forecast, 2019 – 2026,”the global market was valued at $565,416.7 million in 2018, and is projected to reach $932,330.5 million by 2026, growing at a CAGR of 6.4% from 2019 to 2026. Plastic compounding is a process of preparing plastic formulations by blending polymers and additives in a molten state. These blends are automatically treated with fixed set points usually through feeders. It is usually a blend of copolymers such as styrene acrylonitrile resin (SAN), acrylonitrile butadiene styrene (ABS), and styrene maleic anhydride (SMA) with additives such as UV-stabilizers, antioxidants and other value adding agents and sometimes strengthening component such as glass fiber, is added.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
In addition, rapid industrialization as well as urbanization and expansion of automotive, electronics & electrical and construction industries are some of the key factors that supplement the growth of the plastic compounding market. Moreover, plastic is used in the construction sector in floorings, insulation materials, storage tanks, performance safety windows, doors, pipes, and cables. This factor has led to increase in demand for plastic compounds and is expected to drive the growth of the market. In addition, owing to the properties such as light weight, resistance to fatigue and better chemical and temperature resistance have led to increase in use of plastic compound in automobile and electronic and electrical industries. This factor is anticipated to increase the demand for plastic compounds in future.
Based on polymer type, the market is segmented into polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS) and expanded polystyrene (EPS), polyethylene terephthalate (PET), polyurethane (PU), acrylonitrile butadiene styrene (ABS), and other polymers. The polypropylene is widely used in automotive applications owing to the properties such as light weight, good fatigue resistance, and resistance to chemical and high temperature.
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Based on end use, the market is segmented into automotive, building and construction, packaging, electrical & electronics, medical and others. The packaging segment is expected to grow owing to increase in expenditure of consumers and improvement in standard of living that has fueled the demand for packaged food & beverages across developing countries such as China and India. In addition, growing demand for automobiles across Asia-Pacific and European region has also increased the demand for plastic compounds in packaging of automotive interiors. These factors are projected to increase the plastic compounding market growth, which positively impacts this market.
Based on region, the plastic compounding market trends is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounts for a major share in the market due to increase in demand for plastic compounds in the developing economies such as India and China, owing to development of the construction, automotive and electronic & electrical industries. This factor is anticipated to increase the Asia-Pacific plastic compounding market size from 2019 to 2026.
Key Findings of the Plastic Compounding Market:
Based on region, the Asia-Pacific plastic compounding market share is predicted to account for a share of 42.31% by the end of 2026.
Based on polymer type, the polypropylene segment is expected to account for a share of 23.29% by the end of 2026.
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Market players have adopted expansion, acquisition, and collaboration as their key strategies to gain competitive advantage in the plastic compounding industry. The key players operating in the market include Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro AG, DowDuPont Inc., Kingfa Sci. and Tech. Co., Ltd., LyondellBasell Industries Holdings B.V., Polyone Corporation, SABIC and Solvay SA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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