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Plastic Compounds Market worth $97.3 billion by 2029 Globally, at a CAGR of 6.6% says MarketsandMarkets™

By Globenewswire June 27, 2024 • 9:00 pm

Chicago, June 27, 2024 (GLOBE NEWSWIRE) — The Global  Plastic Compounds Market  projected to grow from USD 70.8 billion in 2024 to USD 97.3 billion by 2029, registering a CAGR of 6.6%, as per the recent study by MarketsandMarkets™. The growing demand from industries such as packaging and building & construction industries that are extensively using plastic compounds due to their excellent properties and advantages is boosting the demand for plastic compounds.

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Browse in-depth TOC on “Plastic Compounds Market”.

259 – Market Data Tables
54 – Figures
265 – Pages

List of Key Players in Plastic Compounds Market:

  • BASF SE (Germany)
  • 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)
  • Westlake Corporation (US)

Drivers, Restraints, and Opportunities in Plastic Compounds Market:

  • Driver: Increasing demand in packaging and building & construction industries
  • Restrain: Volatility in raw material prices
  • Opportunity: Advancements in additive manufacturing
  • Challenge: Plastic waste management crisis

Key Findings of the Study:

  • Polyamide (PA), by type, is expected to be the fastest growing segment during the forecast period.
  • Bio-based is anticipated to be the fastest growing segment, by source, during the forecast period.
  • Automotive is anticipated to be the third largest segment, by end-use industry, during the forecast period.

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The plastic compounds market, by product, is segmented into PVC, PE, PP, PS, PA, PC, PET, PU, ABS, and others. Globally, “PP” commands the largest market share in the plastic compounds market due to several factors. PP is highly versatile and can be modified in numerous ways to suit various applications and adapted to meet specific technical requirements. It is highly resistant to acids and corrosion, making it an ideal material for containers holding acidic liquids like cleaning agents. PP can be melted and molded into any desired shape multiple times without significant degradation. It can last for decades without degrading, making it suitable for applications requiring long-term stability. All these factors contribute to the long-term growth of the market.

Plastic compounds market, by source is segmented into fossil-based, bio-based, and recycled. Fossil-based plastic compounds, derived from petroleum, natural gas, and coal, include materials such as polyethylene, polypropylene, and polyvinyl chloride. These plastics are produced through a multi-step process: extraction of raw fossil fuels, refinement into petrochemical feedstocks like ethylene and propylene, and polymerization into various plastic resins. Widely used in packaging, household items, and industrial applications, these materials are valued for their durability and versatility.

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North America is the second largest market. The economy in this region has witnessed a mixed impact of the global recession and some local disturbances, which affected the demand for plastic compounds. The plastic compounds market in the region is diversified and strongly focused on the development of new products and advanced technology to cater to the needs of end users. The demand for plastic compounds is primarily driven by the presence of global manufacturers in the region, technological advancements in design and manufacturing, and product modernization in terms of quality and application development.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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