ALBANY, N.Y., Feb. 16, 2021
- Massive utilization of plastics in making automotive and electronics components to drive growth
- Plastic compounders eye incredible revenue potential in Asia Pacific in next few years and expand production units
ALBANY, N.Y., Feb. 16, 2021 /PRNewswire/ -- Plastic compounding consists essentially of the use of additives, fillers, and reinforcers to the base resin to modify the characteristics of the base materials. Interesting mix of properties of plastics have emerged in the plastic compounding market in relation to mechanical, chemical, electrical, and aesthetic properties. For instance, carbon black, graphite, metallic fibres, and carbon fibres are used to fabricate high-end plastics characterized by high thermal and electrically conductivity. Likewise, additives are used to make plastics light-weight so that they meet the functional requirement of automotive manufacturers.
Over the years, the processes used in the plastic compounding market have been focusing toward the concept of environmental friendliness, such as being less resource-intensive. Businesses in the automotive, electrical and electronics, industrial, consumer goods, and medical have been utilizing compounded plastics to lend their specific functional properties to their products.
The regions with proliferating demand for plastics compounds are natural precursors to the steadily rising demand for plastic compounders. Asia Pacific held major share of the market and is expected to rise at promising growth rate during the forecast period of 2019 – 2027. The valuation of the plastic compounding market was pegged at ~US$ 60,000.0 Mn in 2018, and is projected to reach worth of ~US$ 95,000 Mn by the end of 2027.
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Key Findings in Plastic Compounding Market
The consistently rising demand for light-weight and high characteristics plastics in the automotive industry has kept revenue growth in the plastic compounding market steady. Light-weight vehicles serve as a huge business proposition for these companies to meet various stringent region-specific carbon emission norms. Strides being made in the automotive industry have further added impetus to the demand in the plastic compounding market. Plastic compounders along with other stakeholders in the plastic industry ecosystem notably plastic converters are looking for environmentally friendly compounding methods. Growing number of patents in relation to high-performing fillers in this respect is thus constantly expanding avenue in the market.
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The rapid pace of commercialization of electric and hybrid vehicles presents a new prospect for players in the plastic compounding market. This is because there is a trend of supplanting the use of metals with plastics in various vehicles manufacturers. Further, growing popularity of electric cars among consumers will boost the demand for compounding of plastic automotive material. Advances in filler material technology have led access to new chemistries to fabricators in the plastic compounding market.
Over the past few years, a rapidly expanding automotive and automobile industry in several parts of Asia Pacific has led stakeholders look for massive avenues there. Plastic compounders in recent years have keenly expanding their production facilities to boost their position in the plastic compounding market. In particular, they are shifting to East Asia. China, South Korea, and Indonesia are some of the key regions with vast revenue potential. Growing utilization of high-end plastics in the electronics industry is also a key trend in the plastic compounding market.
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Plastic Compounding Market: Key Driving Factors and Promising Avenues
Plastic Compounding Market: Key Players
Some of the prominent plastic compounding companies are:
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