Published Date: 2021-01-06
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According to the Graphical Research new growth forecast report titled “APAC Plastic Compounding Market size will surpass USD 71.7 billion by 2026”. The construction industry is one of the major end-users of polymer composites and plastics. Engineered plastics have been widely used as substitutes in various industrial sectors, generating huge revenue gains throughout the forecast period. Compounded plastics are widely used across the construction sector in applications ranging from roofing, windows, doors, building panel, and others. The growing population in the region has triggered the construction sector, mainly in China and India, which is projected to positively contribute to the overall market throughout the assessment period.
The automotive industry is another major end-use sector in the plastic compounding market. The continuously changing demographics in the region and the rising per capita income have propelled demand for luxury cars in the past few years, especially in countries including India, Japan, and Malaysia. This is estimated to surge the regional sales of passenger vehicles, in turn, contributing to product demand. Various compounded plastics such as polyethylene, polystyrene, & polyvinyl chloride are used in both on-hood and under the hood components of automobiles. The automobile industry accounted for over 30% of the market share in 2019. However, environmental regulations relating to the use of plastics are anticipated to be one of the major restraints in the overall APAC plastic compounding market.
The overall plastic compounding market has various opportunities with new and advanced technologies coming up in recent years. One such major technological break is the bio-based plastic compounding techniques. Bioplastics are the organic form of polymers derived from renewable sources. Growing government intervention to reduce dependency on fossil fuels is projected to open up various opportunities in the bioplastic segment in the coming years.
Proficient players in the market are adopting various strategies to gain a larger market share. Capacity expansion is one of the major strategies adopted by various companies to cater to the growing penetration of compounded plastics in varied industrial sectors. For instance, in 2014, BASF SE expanded its compounding capacity of engineered plastics in Shanghai, China mainly for polyurethane elastomers and polyamides.
Key players in the APAC plastic compounding market include MRC Polymers, Inc., BASF SE, The Dow Chemical Company, Solvay S.A., LyondellBasell Industries, Lanxess Kraton Corporation, A. Schulman, Aurora Plastics LLC, Foster Corporation, Saudi Basic Industries Corporation (SABIC), Asahi Kasei Plastics, RTP Company, Kuraray Plastics, Covestro AG, Chevron Phillips Chemical Company LLC, and PolyOne Corporation.
The APAC plastic compounding market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
APAC Plastic Compounding Market, By Product
Asia Pacific Plastic Compounding Market, By End-user
The above information is provided on a country basis for the following:
Asia Pacific
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