Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “Europe Plastic Compounding Market Size By End-use Industry (Consumer Goods, Construction, Automotive, Electrical & Electronics, Construction, Automotive, Aerospace), By Product (Thermosetting Polymers [Epoxy Resin, Polyurethane Resin], Thermoplastic Polymers [Polypropylene, Polyethylene, Polyester, Polycarbonate, Polyvinyl Chloride, Polyethylene Terephthalate, Acrylonitrile Butadiene Styrene, Poly(methyl methacrylate), Polybutylene Terephthalate, Polyoxymethylene], Thermoplastic Elastomers [Polyurethanes, Polyamides, SBC])”, to Cross $40.5 Bn By 2026.
The market is growing owing to the robust product demand for automotive applications and the growing construction industry in the region.
Plastic has been an extensively adopted and used materials of the modern world owing to its unrivaled functional properties and economic cost. In the past few decades, the use of plastic has escalated twentyfold around the worlds and considering the trend, it is likely to increase twofold again in the coming two decades. According to PlasticsEurope, an association of plastic manufacturers, Europe held around 18.5% of the overall plastic production in the world in 2017. The Europe plastic compounding market is likely to witness substantial potential from various end-user industries including consumer goods, electrical & electronics, automotive, aerospace, and construction. Additionally, other applications, including 3D printing, consumer goods packaging, and boosting demand for bioplastics are expected to drive the European plastic compounding market size by 2026.
Thermoplastic Polymers to Drive the Market Size
Thermoplastic polymers accounted for a major market share and are anticipated to lead the Europe plastic compounding market in terms of value. The huge share is accredited to its broad application range and more profitable manufacturing process than other segments. The robust demand for these polymers is attributable to the high demand for polyethylene (PE). This has a sizable demand for packaging sector for various applications, such as packaging of consumer goods, automotive interior, geomembranes, bags, and containers.
The increasing consumer spending in automotive, medical, and construction industries will drive sales for thermoplastic elastomers and hence improving the plastic compounding market size. In European Union, consumer spending increased from EUR 1511.13 Billion in the second quarter of 2020 to EUR 1710.87 Billion in the third quarter of 2020. Therefore, owing to the increasing consumer spending in different verticals of the industry sector, automotive emerged as the major revenue generator for the Europe plastic compounding market. Growth of the automotive application can also be contributed to favorable government regulations, which are aimed at reducing vehicular weight and have been a key driving force for the rising consumption of plastics in automobiles.
However, the impact of COVID-19 has been witnessed in multiple parameters in the plastic compounding market. During the initial spread of the contagious COVID-19 virus, the manufacturing process stood standstill and sales flatlined owing to the imposed lockdowns and disrupted supply chain. A transition in consumer priority for need-based essential products also negatively impacted the demand. Major sectors such as consumer goods, electronics, automotive, and aerospace experienced a substantial decrease in the demand. Meanwhile, market participants are set to rebound the manufacturing process over a longer stretch of time as governments are introducing multiple support and stimulation packages to increase consumer confidence.
Some of the key manufacturers involved in the Europe plastic compounding market include The Dow Chemical Company, BASF, SE, LyondellBasell Industries N.V., Solvay SA, Kraton Corporation, Owens Corning Corp., Saudi Basic Industries Corporation (SABIC), RTP Company, AKRO-PLASTIC GmbH, Agiplast Italia Srl. Biesterfeld AG, and The Compound Company BV, among others.
European Plastic Compounding Market, By End-use
Europe Plastic Compounding Market, By Product
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