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.
Browse in-depth TOC on "Plastic Compounds Market".
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).
Browse Adjacent Market: Resins and Polymers Market
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