The global plastic compounding market size was US$ 642,738.7 million in 2021. The global plastic compounding market is forecast to grow to US$ 932,575.9 million by 2030 by registering a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2022 to 2030.
Plastic compounding is the process of combining plastics and additives to alter the properties of basic plastics. Plastic compounds are light and have outstanding physical properties. They are widely used in the electronic and automotive industries, mainly for applications in electromagnetic shielding and antistatic.
Factors Influencing the Market
The growing manufacturing capacity of lightweight vehicles is expected to surge the demand for plastic compounding. Plastic composites are becoming more vital in the automobile industry. Moreover, vehicles made of plastic composites are lighter and more rigid. It will increase the demand for plastic compounding in the automobile industry. Furthermore, the introduction of new efficient car models with advanced features and broader applicability is expected to boost composites production for automotive applications during the study period.
Plastic compounding is forecast to gain impetus due to environmental restrictions in Europe and the United States for low CO2 emissions.
The growing cost of plastic compounds may impede the growth of the plastic compounding market during the study period.
Growing advancements in plastic compounding, such as also the development of plastics with nanotechnology and composite technology, will offer lucrative growth opportunities for the market players during the forecast period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has created a backdrop in the entire automotive industry, which also impacted the demand for plastic compounding. The market witnessed various challenges related to supply chain obstructions, unavailability of raw material, etc. Various automotive production units were closed as a result of the pandemic. Thus, it also affected the global plastic compounding market.
Regional Analysis
On the basis of Region, Europe is expected to dominate the global plastic compounding market by holding the highest market share. Countries such as Germany, the UK, France, and Russia, are expected to be the major contributors as the builders, architects, and service consultants are looking for new efficient elements to construct a building. As a result, it will open a new doors of possibilities for the global plastic compounding market.
In addition, the packaging and automotive industries are gaining substantial traction across Europe. The growing investment in these industries will benefit the plastic compounding market during the forecast period.
Competitors in the Market
Market Segmentation
The global plastic compounding market segmentation focuses on Polymer, End-Use, and Region.
By Polymer Type Outlook
By End-Use Outlook
By Regional Outlook
