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Plastic Compounding Market Size

Report ID: GMI1533
Published Date: Nov 2022
Report Format: PDF

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Plastic Compounding Market Size

Plastic Compounding Market size valuation exceeded USD 46.4 billion in 2023 and is anticipated to grow at over 5.5% CAGR between 2024 and 2032, driven by the growing adoption of plastics in the construction industry worldwide.

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There has been an upsurge in building and infrastructure projects worldwide in recent years, with India, China, and North America among the top countries that have the greatest number of ongoing construction projects. Plastic products are durable and reusable, lower building costs, and reduce waste, which makes them a preferred material for use in the construction space. Widespread use of plastic components, including hinges, screws, and bigger construction components for electrical wiring, flooring, wall covering, waterproofing, and decoration in the expanding construction sector is foreseen to augment the industry revenue through the estimated timeline.

Plastic Compounding Market Report Attributes
Report Attribute	Details
Base Year:	2023
Plastic Compounding Market Size in 2023:	USD 46.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 77 Billion
Historical Data for:	2018 to 2032
No. of Pages:	210
Tables, Charts & Figures:	243
Segments covered:	Product, Application, and Region
Growth Drivers:	Growing construction industry Increasing product application in the automotive sector
Pitfalls & Challenges:	Environmental regulations regarding plastic recycling and Oscillating crude oil prices

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Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

Plastic Compounding Industry was valued at more than USD 46.4 billion in 2023 and is set to expand significantly at over 5.5% CAGR from 2024 to 2032, led by the rising usage of plastics in the construction sector.

The thermoplastic elastomers segment is projected to exceed USD 10 billion by 2032 due to the growing demand for styrene block copolymer (SBC) compounding for several applications.

The electrical & electronics segment is estimated to grow at a 5.5% rate through 2032 owing to the increasing demands for flame retardancy, heat resistance, and increased serviceability in manufacturing materials for electrical and electronic products.

The leading manufacturers in the industry are The Dow Chemical Company, LyondellBasell Industries, Foster Corporation, BASF SE, Solvay SA, Kraton Corporation, Aurora Plastics LLC, Saudi Basic Industries Corporation (SABIC), Owens Corning Corp., and RTP Company, among others.