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Plastic compounding is a process in which several materials are mixed, generally in an extruder, and then converted into pellets. The resulting product obtained from pelleting is processed into final products, afterward.
The major growth driver for the plastic compounding market has been the rise in demand for plastics in sectors such as construction, electrical and electronics, and automotive. The building and construction industry has been growing at a rapid pace.
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With population numbers on a constant rise, the need for more residential buildings is fueling construction activities, thus propelling the demand for plastic compounding products and construction materials.
A type of plastic compounding which is gaining importance in several industries, such as 3D modelling, consumer goods, and medicine, is thermoplastic compounding. Players in the plastic compounding market are raising their production capacities in long-fiber reinforced thermoplastics. A rise in demand for reinforced thermoplastics and thermostats in the fabrication of automotive parts is helping the plastic compounding market expand, globally.
Plastics are the favored material option for a majority of consumer goods. Plastic compounding manufacturers are using double screw compounding as well as additives to improve the flexibility of thermoplastics. Manufacturers are also using mechanical and chemical knowledge to make sure thermoplastics do not contain any raw materials, which is a concern to customers.
Indian Market Players to Join Hands With Overseas Firms To Introduce Niche Products
Plastic compounding manufacturers are constantly communicating with suppliers to get a better understanding of demand and supply chain risks. Manufacturers are taking additional safety measures to try and prevent the transmission of COVID-19. Thus, plastic compounds that are used in medical devices such as personal protective equipment and ventilator components. Players in plastic compounding market are putting in a greater effort to meet the demand for high-quality polymers and compounds used in these medical devices.
In terms of region, the global plastic compounding market has been divided into five regions: Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America. The global plastic compounding market is expected to witness profitable growth in Asia Pacific in the near future.
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It was predicted that in 2020 that Asia Pacific would dominate the plastic compounding market, in terms of volume, the reason being that companies in various key economies such as India were making manufacturing plants completely automated to ensure non-toxic operational environment for their employees.
Indian plastic compounding market players are collaborating with organizations in Germany and Shanghai to bring niche products into the plastic compounding market. These joint ventures are facilitating in widening the revenue streams and develop more trust with the existing partners.
Stakeholders Keeping Low R&D Budgets, Emphasizing on Testing Activities
Rise in demand for plastic compounding in several applications, rapid industrialization, availability of cheap labor and natural resources, and supportive government policies are boosting the plastic compounding market. Synthetic polymers such as PVC, PC, and PP have been used in several applications such as electronic components, automotive components, and packaging.
The plastic compounding market is estimated to grow at a compound annual growth rate (CAGR) of approximately 6% during the forecast period 2021-2031 and, the plastic compounding market is estimated to reach US$ 107.6 Bn by the year 2031.
Some of the important manufacturers in the global plastic compounding market include Covestro AG, Clariant International, DuPont, and Citadel Plastics.
There is a requirement to enhance the availability of more durable, lightweight, and low-emission materials. As a result, stakeholders are preferring are increasingly focusing on testing activities.
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The global plastic compounding market can be segmented as follows:
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