Plastic Compounding Market is expected to rise at a higher CAGR during the forecast period. To manufacture a plastic material of macromolecular substance, it should be loaded with antioxidants, lubricants, and fillers. Additives are used in order to enhance the mechanical, electrical & chemical properties of plastic to simplify the processing in order to enable its appearance and finish. Plastic compounding is therefore a procedure of adding such additives to the substance.
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The key driving factors responsible for the growth of Plastic Compounding market :
Plastic compounding market is driven by modernization of plastic industry and has a great potential for plastic compounding industry in the near future. Plastic compounders are prominent contributors to the market growth. Increase in medical device manufacturers and shift from metal to plastic for 3D printing applications is supplementing the market growth during the forecast period. Rise in construction expenditure and use of engineered plastics are steadily growing in this sector. Therefore, construction applications are enlarging the market landscape in near future.
By product, the plastic compounding market is segmented as thermoplastic polymers and thermosetting polymers. Thermoplastic polymers are likely to grow at a higher pace during the forecast period. Geographically, plastic compounding market is segmented into North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions are expected to grow during the forecast period owing to favorable economic conditions and rise of SMEs. China is a major hub for production of end-use industries to consume plastic compounds. Europe market is likely to witness moderate growth during the forecast period due to debt crisis, slower industrial output and post-Brexit crisis is likely to remain dominant in Europe.
U.S. market retains the higher position owing to the rise in automotive and construction sector. The key players profiled in the plastic compounding industry report are A.Schulman, BASF, DuPont, The Dow Chemical Company, LyondellBassell Industries, and SABIC.
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