- Demand for the worldwide plastic compounding market was projected at about 219 million tons in 2013. Growing demand for plastics in the sectors of automotives, construction, electricals and electronics, etc is estimated to be a primary factor, positively affecting the plastic compounding market. Plastics are utilized across different applications. These include electronic parts, automotive constituents, furniture, and building materials.
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Regulatory interference decreases the weight of automotives. Reduced weight of automotives enhance the effectivity of fuel and decrease carbon ejections. The aforementioned factor has prompted vehicular OEMs to utilize plastics as a replacement to metals, like aluminium and steel for making vehicular constituents. With rising demand for plastics in the manufacture of vehicular constituents, the plastic compounding market is predicted to gain momentum in the years ahead.
This is on account of escalating need for quality materials in vehicular OEMs. Rising investments in the construction sector in developing regions and quick expansion in the construction industry of Africa are also projected to boost the plastic compounding market in the years to come. The cancer causing and non-biodegradability properties of some plastics are continuously examined by certain regulatory organizations. This factor is estimated to hinder the market in the future.
The plastic compounding market has been fragmented on account of products, applications and geographies. The products market includes PVC, olefins, PET, polystyrene, engineered polymers and others. The others sector consists of polysulfone, PEEK, polyimide, PMMA, etc.
Some of the applications have been explained above. Other application sectors of the plastic compounding market include manufacturing equipment, client goods, fabrics and toys. Rising demand for plastic compounding in these sectors is also anticipated to drive the demand for the market.
The regional sectors include Asia Pacific, rest of the world, Europe and North America.
The products market was dominated by olefins in 2013. Olefins are a primary product utilized in compounding. They occupied more than 50 percent of the volume in the plastic compounding market that year. Increased demand for polyethylene, specifically LDPE, in the sectors of conveyance and packaging has been a principle factor, positively affecting the growth of olefins.
Huge demand for polypropylene in electrical and vehicular constituents has invited more demand for olefins in the past. Positive approach towards oil extraction and drilling operations is also anticipated to drive the demand for olefins compounding over the forecast phase. PET is estimated to witness huge demand during the forecast period.
The applications plastic compounding market was dominated by automotives. Flowing demand for high performance and lightweight automobiles in client sectors is also estimated to steer the market ahead. The regions market was leaded by Asia Pacific in 2014. It captured more than 45 percent of the volume in the plastic compounding market.
Quick urbanization and rising population have boosted the fiscal conditions of India and China. The main industries of construction, automotives, client devices and electrical and electronics have experienced fast development. This has caused increased utilization of plastics in these industries and steered the sales of the plastic compounding market.
Information Source: Grand View Research
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