Global Plastic Compounding Market Report 2024: Trends, Strategies, And Opportunities
Plastic Compounding Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Plastic Compounding Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The global plastic compounding market has exhibited robust growth in recent years. It is projected to increase from $674.38 billion in 2023 to $727.57 billion in 2024, achieving a compound annual growth rate (CAGR) of 7.9%. Despite facing challenges, the market is expected to surge to $947.31 billion by 2028 at a CAGR of 6.8%, driven by innovations in polymer science and the growing emphasis on sustainability.
Increasing Demand for Electronic Devices Fuels Market Growth
The rising demand for electronic devices is a significant driver behind the growth of the plastic compounding market.2 Electronic devices, which include a wide range of gadgets and equipment, require specialized materials for heat resistance and electrical insulation. Plastic compounding enables the development of smaller, more durable components that enhance device performance and protect against environmental factors. For instance, according to the Japan Electronics and Information Technology Industries Association, total electronic equipment production in Japan reached $52.37 billion in May 2023, marking an increase from $45.93 billion in May 2022. This growth underscores the expanding role of plastic compounding in the electronics sector.
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Key Players and Market Trends
Leading companies such as Adell Plastics Inc., Asahi Kasei Corporation, and Celanese Corporation are at the forefront of innovation in the plastic compounding market. Technological advancements are a major trend, with firms focusing on new solutions to stay competitive. For instance, Lummus Technology LLC launched Novolen Pure polypropylene (PP) technology in November 2022. This new-grade range of polymers supports high-quality production for various applications, including automotive, medical, and food packaging.
In a strategic move, LyondellBasell Industries Holdings B.V. has invested in advanced compounding technologies to enhance product performance and sustainability. Such innovations are expected to drive further market growth.
Major Trends Shaping the Market
Key trends influencing the plastic compounding market include:
• 3D Printing and Additive Manufacturing: Increasing use of these technologies for producing customized and complex parts.
• Smart Packaging Solutions: Growing demand for packaging that integrates advanced features and functionalities.
• Customization and Specialty Compounds: Rising need for materials tailored to specific applications and performance requirements.
• Technological Advancements: Ongoing improvements in compounding processes and polymer science.
• Use of Engineering Plastics: Increased adoption of high-performance plastics in various industries.
Market Segmentation
The plastic compounding market is segmented as follows:
• By Product: Polyethylene (PE), Polypropylene (PP), Poly Vinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), Polyamide (PA), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Other Products
• By Source: Fossil-Based, Bio-Based, Recycled
• By Application: Automotive and Transportation, Infrastructure and Construction, Electrical and Electronics, Packaging, Consumer Goods and Lifestyle, Industrial Machinery, Other Applications
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the plastic compounding market in 2023. However, North America is expected to be the fastest-growing region during the forecast period, driven by advancements in technology and increased focus on sustainability and circular economy initiatives.
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Plastic Compounding Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Plastic Compounding Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on plastic compounding market size,3 plastic compounding market drivers and trends, plastic compounding market major players, competitors' revenues, market positioning, and market growth across geographies. The plastic compounding market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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