Chicago, June 27, 2024 (GLOBE NEWSWIRE) -- The Global Plastic Compounds Market projected to grow from USD 70.8 billion in 2024 to USD 97.3 billion by 2029, registering a CAGR of 6.6%, as per the recent study by MarketsandMarkets™. The growing demand from industries such as packaging and building & construction industries that are extensively using plastic compounds due to their excellent properties and advantages is boosting the demand for plastic compounds.
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Browse in-depth TOC on “Plastic Compounds Market”.
259 - Market Data Tables
54 - Figures
265 - Pages
List of Key Players in Plastic Compounds Market:
- BASF SE (Germany)
- Dow Chemical Company (US)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- SABIC (Saudi Arabia)
- Asahi Kasei Corporation (Japan)
- Covestro AG (Germany)
- Arkema (France)
- RTP Company (US)
- Westlake Corporation (US)
Drivers, Restraints, and Opportunities in Plastic Compounds Market:
- Driver: Increasing demand in packaging and building & construction industries
- Restrain: Volatility in raw material prices
- Opportunity: Advancements in additive manufacturing
- Challenge: Plastic waste management crisis
Key Findings of the Study:
- Polyamide (PA), by type, is expected to be the fastest growing segment during the forecast period.
- Bio-based is anticipated to be the fastest growing segment, by source, during the forecast period.
- Automotive is anticipated to be the third largest segment, by end-use industry, during the forecast period.
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The plastic compounds market, by product, is segmented into PVC, PE, PP, PS, PA, PC, PET, PU, ABS, and others. Globally, “PP" commands the largest market share in the plastic compounds market due to several factors. PP is highly versatile and can be modified in numerous ways to suit various applications and adapted to meet specific technical requirements. It is highly resistant to acids and corrosion, making it an ideal material for containers holding acidic liquids like cleaning agents. PP can be melted and molded into any desired shape multiple times without significant degradation. It can last for decades without degrading, making it suitable for applications requiring long-term stability. All these factors contribute to the long-term growth of the market.
Plastic compounds market, by source is segmented into fossil-based, bio-based, and recycled. Fossil-based plastic compounds, derived from petroleum, natural gas, and coal, include materials such as polyethylene, polypropylene, and polyvinyl chloride. These plastics are produced through a multi-step process: extraction of raw fossil fuels, refinement into petrochemical feedstocks like ethylene and propylene, and polymerization into various plastic resins. Widely used in packaging, household items, and industrial applications, these materials are valued for their durability and versatility.
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North America is the second largest market. The economy in this region has witnessed a mixed impact of the global recession and some local disturbances, which affected the demand for plastic compounds. The plastic compounds market in the region is diversified and strongly focused on the development of new products and advanced technology to cater to the needs of end users. The demand for plastic compounds is primarily driven by the presence of global manufacturers in the region, technological advancements in design and manufacturing, and product modernization in terms of quality and application development.
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