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Increasing Demand from the Automotive Industry is anticipated to Drive Plastic Compounds Market Growth

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Increasing demand from the automotive industry is anticipated to significantly drive the plastic compounds  market growth during the forecast period. The use of compounded plastic products in automotive applications helps reduce fuel consumption on account of their lightweight.

Increasing awareness regarding consumer safety and health hazards in various industries, such as automotive, healthcare, and others is expected to drive the global demand for plastics over the forecast period. In the automotive industry, compounded plastics find application in under-the-hood components, structural parts, electrical components & lighting, and others.

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The global Plastic Compounds market size is expected to be worth around US$ 101.65 billion by 2030, according to a new report by Vision Research Reports.

The global Plastic Compounds market size was valued at US$ 68.74 billion in 2020 and is anticipated to grow at a CAGR of 6.1% during forecast period 2021 to 2030.

In this study, the years considered to estimate the market size of Plastic Compounds are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

By Resin Analysis

The Polypropylene (PP) resin segment led the market and accounted for more than 27% of the overall revenue share in 2020 and is estimated to grow at the fastest CAGR over the forecast period. Polypropylene can be processed using any of the thermoplastic processing methods, such as injection molding, extrusion blow molding, and general-purpose extrusion.

This has made it a popular material in several industries of developed and emerging economies. Automotive has been the largest application segment for PP compounds owing to their high impact resistance and serviceability.

By Technology Analysis

The extrusion segment led the market and accounted for the largest revenue share of more than 34% in 2020. Extrusion is a continuous process of converting solid plastic compound pellets, granules, or powders into melted form and further reconstituting them as finished products.

The plastic compounds are melted by the extruder wall heat and the mechanical work of the screw. Furthermore, the molten plastic compounds are forced through a die, which shapes them into the desired end products.

Rising demand for injection molded compounded products from the automotive, packaging, and healthcare applications are fueling the segment growth. Injection molding is a discontinuous process as the plastic parts are produced in molds and are required to be cooled before being removed.

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By Filler Analysis

The calcium carbonate-filled fillers segment led the market and accounted for the largest revenue share of more than 24% in 2020. Polyethylene and polypropylene compounds are commonly used with calcium carbonate-filled fillers for manufacturing furniture and packaging solutions.

calcium carbonate fillers can reduce the amount of resin required for producing components by 41%, which possesses an economic advantage for use of calcium carbonate fillers.

By End-use Analysis

The automotive end-use segment led the market and accounted for the largest revenue share of 25% in 2020. PP and PBT compounds are widely used in various automotive applications, such as exterior body parts, ignition, front grilles, and others.

 Several grades of PP and PBT compounds have been developed over the past years to meet diverse performance requirements. Growing demand for sustainable materials in the automotive segment has been a major factor driving the demand for lightweight plastics.

By Region Analysis

Asia Pacific dominated the global market and accounted for the largest revenue share of over 47.0% in 2020 and is estimated to grow further at the fastest CAGR from 2021 to 2030.

Favorable economic and manufacturing initiatives by the governments in Asia Pacific are boosting the market growth. Government investments in six Asian countries (China, Thailand, Indonesia, India, Vietnam, and Malaysia) for developing the manufacturing industry and improving infrastructure& supply chain facilities are expected to drive the regional market growth.

Increasing demand for consumer goods, such as refrigerators and washing machines, in countries, such as India, Vietnam, Philippines, China, and Thailand, is expected to fuel the demand for plastic compounds in these applications

Key Players

  • Adell Plastics
  • Asahi Kasei Corp.
  • Chevron Phillips Chemical Company LLC
  • China XD Plastics Co., Ltd.
  • Covestro AG
  • Dow Inc.
  • DuPont
  • Qingdao Gon Science & Technology Co., Ltd.
  • Foster Corp.

Market Segmentation

  • By Resin
    • Polypropylene (PP)
    • Polyethylene (PE)
    •  Thermoplastic elastomers (TPE)
      • Thermoplastic Styrenic Elastomers
        • Saturated
        • Unsaturated
      • Thermoplastic polyolefins
      • Thermoplastic vulcanizates
    • Polystyrene (PS)
    • Polybutylene terephthalate (PBT)
    • Polyamide (PA)
    • Polycarbonates (PC)
    • Acrylonitrile Butadiene Styrene (ABS)
    • Bioplastic
    • Acrylonitrile styrene acrylate (ASA)
    • Styrene Acrylonitrile (SAN)
    • Polymethyl methacrylate (PMMA)
    • Polyoxymethylene (POM)
    • Blends (PC/ABS, ABS/PBT, PS/PP)
  • By Technology
    • Injection Molding
    • Extrusion
    • Blow Molding
    • Others
  • By Filler
    • Unfilled
    • Calcium Carbonate Filled
    • Talcum Filled
    • Glass Fiber Reinforced
    • Long Glass Fiber Filled
    • Flame Retardant
    • Carbon Fiber Reinforced
  • By End-use
    • Automotive
    • Appliances
    • Electrical, Electronics & Electrotechnical
    • Building & Construction
    • Furniture
    • Power Tools
    • Packaging
    • Agriculture
    • Sport & Leisure
    • Healthcare
    • Others
  • Regional
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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