Chemicals Industry Today

Plastic Compounding Market | Estimated to witness significant growth due to their demand in Automotive and Construction

Global Plastic Compounding Market Information- by Product Type (Acrylonitrile Butadiene Styrene (ABS), Polyethylene, Polyvinyl Chloride, Polystyrene, Polyamide, Polycarbonate, Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PEB), Thermoplastic Olefins (TO), Thermoplastic Vulcanizates (TV)), by Application (Automotive, Electrical & Electronics, Consumer Goods, Construction, Packaging, Medical Devices, Industrial Machinery, and others)– Forecast till 2023
Published 07 February 2018

Pune, India, February 7, 2018/MRFR Press Release/- Market Research Future published a Half Cooked Research Report on “Global Plastic Compounding Market Research Report - Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

The Dow Chemical Company, Lyondell Basel, Exxon Mobil Corporation, SABIC, INEOS, BASF SE, Eni S.p.A, Chevron Phillips Chemical Company, LANXESS among others are some of the prominent players at the forefront of competition in the Global Plastic Compounding Market and are profiled in MRFR Analysis. 

Plastic Compounding Market – Overview
Plastic Compounding are widely utilized in numerous end use industries such as packaging, medical devices, automotive, consumer goods, electrical & electronics, industrial machinery, construction, and others. Plastic Compounding Market is estimated to witness significant growth due to their demand in automotive and construction.  In addition, among the type polypropylene and polyethylene segments are predicted to witness strong growth due to their extensive usage in storage tanks, insulators, containers, and others. Among the application segment, automotive segment accounted for the largest market share in 2016 and holds for around 21% market share due to tremendous automobile production and sales in various emerging economies.

Geographically, Asia Pacific emerged as the largest market for plastic compounding followed by North America and Europe. The Asia Pacific Plastic Compounding Market is estimated to register significant growth with a healthy CAGR over the forecast year on account of rising construction activities in this region. In addition, the demand for plastic compounding is expected to raise in various countries of Asia Pacific such as China, India, Japan, Thailand, Malaysia, Australia, Singapore, and South Korea owing to continuous expansion of building & construction sector coupled with high adoption rate from automotive sector. Moreover, huge investment by some of the manufacturers operating in the market in their innovation and research & development activities and shifting of plastic compounding manufacturing facilities in this region is predicted to drive the plastic compounding regional market growth. North American plastic compounding market is predicted to witness average growth due to raising demand for plastic compounding in medical devices and packaging sector. European market is predicted to witness moderate growth on account of growing use of plastic compounding in industrial machinery and continuous growth of consumer goods. Furthermore, various emerging economies of Latin America and the Middle East & Africa are predicted to witness steady growth due to rising purchasing power and strong consumer base for automobile and construction industry.

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Industry/ Innovation/ Related News:
August 2017- Asahi Kasei Company Ltd, a part of Asahi Kasei Corporation announced to build a new plant for the production of plastic compounds in Changshu, Jiangsu, China. Under its business strategy company is expanding its plastic compounds production and sales facilities in Thailand, China, Japan, the United States, Germany, and Mexico. With this capacity expansion, the company will able to meet the increasing demand for plastic compounds in China.
January 2018- Alterra Plastics announced to invest around USD 700,000 to expand the existing manufacturing capabilities for plastic compounds. The company will set up new manufacturing equipment, which includes mixers and blenders to add two new production lines. This capacity expansion will help company to meet the increasing demand for plastic compounds across the globe.

June 2017- BASF SE announced that the company started operation of engineering plastic at its expanded compounding plant in Germany. This expansion will help company to produce 70,000 tons more Ultramid (PA:polyamide) and Ultradur (PBT:polybutylene terephthalate) every year. This additional capacity increased the flexibility in the worldwide production network of BASF.

February 2017- Clariant, one of the leading companies in specialty chemicals announced to expand its plant in Lewiston. And construct a new compounding line to meet the increasing demand for pre-colored medical plastic compounds which is supplied under its MEVOPUR brand name. This capacity expansion will help the company to spread its footprint across the globe.

January 2016- LANXESS, a leading supplier in plastic compounds, announced to startup the operation of a second production line for high-performance plastics compounding at its North Carolina unit. The expansion have an investment of around USD 15 million and will double the plant capacity. With this capacity expansion, the company strengthen its position as a reliable supplier among the North American consumers.

December 2017- Celanese Corporation, a leading specialty materials organization announced to established an agreement to acquire Omni Plastics and their subsidiaries. With this expansion the company will expand its plastic compounding business across the globe.

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Competitive Landscape
The Plastic Compounding Report has analysed the level of competition among the major manufacturers as well as sector growth and market scenario. The Global Plastic Compounding Market comprises of large number of suppliers operating in the market which includes large scale and medium scale producers. The prominent producers operating in the global plastic compounding industry has shifted their focus towards growth association specifically by Asia Pacific as medium level and small scale manufacturers are from this region specifically from China, Singapore, South Korea, India, Indonesia, Thailand, Taiwan, Malaysia, Australia, and Japan. Apart from this, the key manufacturers are focusing on expanding their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements.

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