Global Plastic Compounding Market to Reach US$ 93.2 Billion by 2028, Impelled by Increasing Plastic Usage in Automotive Industry

February 14, 2023 | Chemical & Materials

The latest report by IMARC Group, titled "Plastic Compounding Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global plastic compounding market size reached US$ 64.9 Billion in 2022. Plastic compounding is the process of blending plastics with additional materials, such as fillers, fibers, additives, and colorants, to change the physical and aesthetic characteristics of plastics. It involves various stages, such as determining additives ratio, mixing via twin-screw extruders, cooling, and cutting and packaging. It can also help improve the conductivity, toughness, and flame and wear resistance of plastics. Owing to these benefits, plastic compounding finds extensive applications in the healthcare, electronics, and transportation industries across the globe.


Global Plastic Compounding Market Trends:

The market is primarily driven by the increasing utilization of plastics in the automotive industry. Nowadays, plastic is widely replacing heavy materials, such as metal and glass, as it helps in reducing the weight of the vehicle. In addition, plastics developed through plastic compounding are widely used to manufacture furniture, toys, pipes, seals, floor coverings, cables, appliances, and profiles for windows and doors, which represents another major growth-inducing factor. Besides this, materials like polypropylene (PP) find extensive applications in stationery, textiles, loudspeakers, laboratory equipment, and food packaging containers. This, coupled with the expanding aerospace industry, is contributing to market growth. Moreover, rapid industrialization and significant growth in the construction sector are also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 93.2 Billion by 2028, exhibiting a CAGR of 6.1% during the forecast period (2023-2028). 


Market Summary:

  • Based on the product, the market has been classified into 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), acrylonitrile butadiene systems (ABS), and others.
  • On the basis of the application, the market has been segmented into automotive, building and construction, electrical and electronics, packaging, consumer goods, industrial machinery, medical device, optical media, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Adell Plastics Inc., Agiplast, Asahi Kasei Corporation, Aurora Plastics LLC, BASF SE, Celanese Corporation, Coperion GmbH (Hillenbrand Germany Holding GmbH), Covestro AG, K.D. Feddersen, LyondellBasell Industries Holdings B.V., Ravago Manufacturing India Pvt. Ltd., and Solvay S.A.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
 Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Adell Plastics Inc., Agiplast, Asahi Kasei Corporation, Aurora Plastics LLC, BASF SE, Celanese Corporation, Coperion GmbH (Hillenbrand Germany Holding GmbH), Covestro AG, K.D. Feddersen, LyondellBasell Industries Holdings B.V., Ravago Manufacturing India Pvt. Ltd. and Solvay S.A
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Global Plastic Compounding Market to Reach US$ 93.2 Billion by 2028, Impelled by Increasing Plastic Usage in Automotive Industry
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