Selbyville, DE -- (SBWire) -- 02/14/2019 --The 'Plastic Compounding market' study formulated by Market Study Report, LLC, offers an in-depth analysis of the current market trends influencing this business vertical. The study also includes market valuation, market size, revenue forecasts, geographical spectrum and SWOT Analysis of the industry. In addition, the report depicts key challenges and growth opportunities faced by the industry bigwigs, in consort with their product offerings and business strategies. Plastic Compounding Market will surpass USD 50 billion by 2024; according to a new research report.
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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.
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.
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.
Thermoplastic elastomers segment was valued more than USD 7 billion in 2016. Thermoplastic elastomers have progressed as a substitute for metal, synthetic or natural rubber, wood, glass, etc. Cumulative expenditure in medical, automotive and construction sectors in addition to the supervisory compliances for sustainable product development will propel the plastic compounding market for thermoplastic elastomers by 2024.
Consumer goods was a key end-user segment in global plastic compounding market in 2016. The segment generated above USD 7 billion in 2016 and is projected to witness extensive gains by 2024. Plastic compounding market for consumer goods will have substantial demand for packaging, household appliances, furnishing applications, etc. in the coming years. Consumer goods is projected to be the fastest growing segment over the forecast period.
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 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.
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Plastic compounding market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Plastic Compounding Market, Product by End-user
Thermoplastic Polymers
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyethylene
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polypropylene
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyester
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polycarbonate
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyethylene Terephthalate
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyvinyl Chloride
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Others
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Thermosetting Polymers
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyurethane Resin
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Epoxy Resin
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Others
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Thermoplastic Elastomers
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyamides
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Polyurethanes
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
SBC
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Others
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Others
Consumer goods
Electrical & electronics
Construction
Automotive
Aerospace
Others
Plastic Compounding Market by End-user
Consumer Goods
Electrical & Electronics
Construction
Automotive
Aerospace
Others
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The above information is provided on a regional and country basis for the following:
North America
U.S.
Canada
Europe
Germany
UK
France
Spain
Italy
Asia Pacific
China
India
Japan
Australia
Indonesia
Malaysia
Latin America
Brazil
MEA
South Africa
Saudi Arabia
Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Data Sources
Chapter 2: Executive Summary
Business trends
Regional trends
Product trends
End-use trends
Chapter 3: Plastic Compounding Industry Insights
Industry segmentation
Industry landscape
Vendor matrix
Technological and innovation landscape
Chapter 4: Plastic Compounding Market, By Region
Chapter 5: Company Profile
Business Overview
Financial Data
Product Landscape
Strategic Outlook
SWOT Analysis
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Plastic Compounding Market Size, Growth Opportunities, Trends by Manufacturers, Regions, Application & Forecast to 2024
Plastic Compounding Market Analysis, Growth by Top Companies, Trends by Types and Application, Forecast to 2024