Plastic Compounding Market will witness substantial demand in consumer goods by 2024. Plastics are used in consumer goods for a wide range of applications, including food packaging, furniture, household appliances, toys, etc. Packaging is integral to the delivery of safe, high-quality consumer products. Various household electrical appliances will have substantial demand for plastics in the coming years.
PVC is widely used to insulate electric wiring, while thermosetting plastics are used for switches, light fittings and handles. 3D printing applications, innovative packaging techniques for consumer goods and surging demand for bioplastics will be few significant trends driving the global plastic compounding market by 2024.
Request for a sample copy of this report @
Plastic Compounding Market Size will surpass USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. Plastics usage has increased twentyfold in the past half-century and is expected to double again in the next 20 years. Plastic compounders play a vital role in enhancing the performance of plastic resin with key additives to meet the end-user industry needs.
Global plastic compounding market will be propelled by rising automotive industry by 2024. Plastic compounding consumption per vehicle in the U.S. was roughly USD 52 per vehicle in 2016. Currently, an average car consists of around 10-15% plastics of total car weight. The tendency to use plastic in automotive will increase in the forecast timeframe due to government initiatives across the globe to reduce vehicular emissions by reducing automotive weight.
Global plastic compounding market for thermoplastic polymers was valued at over USD 18 billion in 2016. Thermoplastic polymers are estimated to lead the global plastic compounding market by 2024. The higher demand will be attributed to their re-usable nature, wide range of applications and lower manufacturing costs compared to the other segments.
Browse Complete Report Summary @
North America constituted approximately 18% of the global market share for plastic compounding in 2016. Presence of packaging giants as International Paper, Tetrapak, Reynolds Group, Ball Corporation and Owens-Illinois will have a positive impact on plastics demand in the region. Rising thermoplastic elastomer usage in sports equipment, paving & roofing, personal hygienic products and medical equipment will boost the regional plastic compounding market growth. Strong demand for 3D printing from aerospace and defense, healthcare, education, and consumer products industries will also boost the plastic compound market size particularly in the U.S.
Significant market players include: A. Schulman, RTP Company, Dow Chemical, LyondellBasell Industries, BASF, SABIC, Solvay, etc. Various research initiatives are constantly taken up by companies to improve the production capacity. For instance, in February 2016, A. Schulman expanded compounding capacity at its Kerpen plant in Germany, by adding two new production lines. the company had invested in a fully automatic packaging line in addition to the twin screw extruders, In December 2015, A. Schulman expanded the capacity of its polypropylene compounding plant in Saudi Arabia in a joint venture with Saudi resin maker National Petrochemical Industrial.