CHICAGO, June 17, 2024 /PRNewswire/ -- The report "Plastic Compounds Market by Product (PVC, PP, PE, PS, PA, PC, PET, PU, ABS), Source, End-use Industry (Automotive, Packaging, Electrical & Electronics, Building & Construction, Consumer Goods, Medical), and Region - Global Forecast to 2029", Plastic Compounds Market size is projected to grow from USD 70.8 billion in 2024 to USD 97.3 billion by 2029, registering a CAGR of 6.6% during the forecast period.
The growth of the plastic compounds market is fueled by several key factors. The packaging and building, & construction industries are seeing increasing demand for plastic compounds for various applications. There is a growing demand for environmentally friendly and sustainable materials from consumers and businesses. Recyclable plastic compounds are being sought as alternatives to conventional plastic compounds.
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259 - Tables
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"Polyamide (PA), by type, is expected to be the fastest growing segment during the forecast period."
Polyamides, commonly known as nylons, are recognized as high-performance plastics due to their exceptional temperature and electrical resistances, making them suited for use in industries like automotive, transportation, consumer goods, textiles, and electrical & electronics. The key attributes driving polyamide usage include toughness, durability, thermal and chemical resistance, flexibility, abrasion and corrosion resistance, thermal insulation, and adhesion properties.
"Bio-based is anticipated to be the fastest growing segment, by source, during the forecast period."
Bio-based plastic compounds are derived from renewable biomass sources, offering a sustainable alternative to traditional fossil-based plastics. These bioplastics are produced from various natural sources such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, and recycled food waste. Bio-based plastics have limited dependence on finite and unevenly distributed fossil fuel resources, which are linked to environmental impacts and geopolitical issues. Life cycle analyses have shown that certain bioplastics can have a lower carbon footprint than fossil-based plastics, especially when biomass is used as both the raw material and for energy production.
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"Automotive is anticipated to be the third largest segment, by end-use industry, during the forecast period."
Most of the interior, as well as the exterior parts of a modern vehicle, are made with plastic compounds such as PS, PP, PE, and PET. These plastic compounds are used in dashboards, steering wheels, loudspeaker grills, carpets, and door linings, as well as seats, seat belts, and airbags. The use of plastic compounds in various automotive applications helps reduce vehicle weight and fuel consumption. The increasing replacement of conventional materials such as metals and glass by plastic compounds is driving the market for plastic compounds in this segment.
"Middle East & Africa is expected to be the third fastest-growing region in the global plastic compounds market, by region, during the forecast period."
The Middle East & Africa is one of the emerging markets globally and provides significant opportunities for plastic compounds manufacturers. This region includes the GCC Countries (Saudi Arabia, the UAE, and Rest of GCC), South Africa, and the Rest of Middle East & Africa. Several factors, including rising disposable income, increasing industrialization, and the growing population, are expected to drive the plastic compounds market in the region. The region witnesses unstable industrial development owing to geopolitical factors and fluctuating crude oil prices. However, positive growth is expected in emerging GCC economies and the Middle East and North Africa (MENA), which are investing heavily in industrial and infrastructural developments.
The key players profiled in the report include BASF SE (Germany), The Dow Chemical Company (US), LyondellBasell Industries Holdings B.V. (Netherlands), SABIC (Saudi Arabia), Asahi Kasei Corporation (Japan), Covestro AG (Germany), Arkema (France), RTP Company (US), and Westlake Corporation (US).
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