Growing Advantages and Superior Physical Properties of Plastic Compounds Drive the Demand for the North America Plastic Compounding Market

 Plastic compounding is a process of transforming the characteristics of basic plastics using mixtures of plastics and additives. Plastic compounds have superior physical properties such as a wide range of conductivity and flame retardancy and are lightweight.

Access Full Report @  https://www.databridgemarketresearch.com/reports/north-america-plastic-compounding-market

Data Bridge Market Research analyzes that the North America Plastic Compounding Market is expected to grow with a CAGR of 4.7% in the forecast period of 2023 to 2030 and is expected to reach USD 80,994.32 million by 2030.

Key Findings of the Study

Shifting Preference Toward the Adoption of Lightweight Materials for the Production of Automotive Parts

Compounded plastics offer exceptional serviceability and high-impact resistance, which has boosted their usage in the automobile industry. The automotive segment is expected to occupy the largest share owing to the increasing usage of plastics in place of metal and alloys in automotive components and spare parts. The automotive industry is the third most important consumer sector of polymers after packaging and building and construction.

Various materials such as polypropylene (PP) and others are extensively used in automotive operations as these composites are light in weight and are replacing metal factors in automotive to reduce the weight of the vehicles. This results in lower carbon emissions and increase the energy effectiveness and performance of the vehicles. This factor is anticipated to increase the use of plastic in automotive operations and parts. In addition, properties such as good fatigue resistance, light weightiness, and better temperature and chemical resistance are anticipated to increase the demand for these compounded plastic materials and therefore, likely to drive the growth of this market in the future.

Report Scope and Market Segmentation

Segment Analysis

The North America plastic compounding market is segmented into five notable segments based on product type, source, additive type, manufacturing process, and application.

• Based on product type, the market is segmented into Polyethylene (PE), Polypropylene (PP), thermoplastic vulcanizates, thermoplastic polyolefins, poly vinyl chloride, polystyrene, Polyethylene Terephthalate (PET), Poly-Butylene Terephthalate (PBT), Polyamide (PA), polycarbonate, acrylonitrile butadiene styrene, and others. In 2023, the Polyethylene (PE) segment is expected to dominate the North America plastic compounding market with a 27.77% market share due to increasing consumption rates for a wide range of applications.

In 2023, the Polyethylene (PE) segment of product type is anticipated to dominate the North America plastic compounding market.

In 2023, the Polyethylene (PE) segment is expected to dominate the North America plastic compounding market due to a rise in operation sectors, including construction, electrical & electronics, and automotive.

• Based on source, the market is segmented into fossil-based, bio-based, and recycled. In 2023, the fossil-based segment is expected to dominate the market with a 50.39% market share due to the versatile applications offered by polymers.
• Based on additive type, the market is segmented into anti-oxidants, UV stabilizers, colorants, blowing agents, flame-retardants, reinforcement agents, fillers, anti-foaming agents, oxygen scavengers, and others. In 2023, the anti-oxidants segment is expected to dominate the market with a 23.45% market share due to the increased rate of applications rate of anti-oxidants.
• Based on manufacturing process, the market is segmented into extrusion, injection molding, and others. In 2023, the extrusion segment is expected to dominate the market with a 53.75% market share due to increased consumption rate and demand and also the better advantages offered.
• Based on application, the market is segmented into automotive, building & construction, packaging, electrical & electronics, medical, consumer goods, industrial machinery, optical media, textiles, and others. In 2023, the automotive segment is expected to dominate the market with a 25.96% market share due to an increased utilization rate for automotive applications.

Major Players

Data Bridge Market Research recognizes the following companies as the major plastic compounding market players in the North America plastic compounding market that include DuPont (U.S), BASF SE (Germany), DOW (U.S.), Arkema (France), Kuraray Co., LTD. (Japan), Adell Plastics Inc. (U.S.), Asahi Kasei Corporation (Japan), RTP Company (U.S.), Ravago (U.S.), LyondellBasell Industries Holdings B.V (Netherlands), Kraton Corporation (U.S), Akro-Plastic GmbH (Germany), Ineos (U.K.), Exxon Mobil Corporation (U.S.), DSM (Netherlands), and Sabic (Saudi Arabia).

Market Development

• In June 2022, the Chairman and Chief Executive Officer of DOW participated in a fireside chat during the Bernstein 38th Annual Strategic Decisions Conference on Thursday, June 2 at 8:00 a.m. ET
• In April 2022, DOW received eight 2022 Edison Awards – two gold, four silver, and two bronze, again earning more awards than any other organization. Over the past 10 years, DOW also earned more Edison Awards than any other company. Being recognized with an Edison Award is one of the highest accolades a company can receive in the name of innovation and business success.
• In May 2022, BASF SE launched its Ultradur B4335G3 HR HSP, which is an all-rounder for reliable protection. The PBT in this material offers a unique combination of different properties, such as outstanding hydrolysis resistance and good flowability, and ensures safety for sensitive electronics in extremely challenging environments.
• In May 2022, BASF SE expanded its brand portfolio with the launch of Ultramid A3U44G6 DC OR (PA66 - GF30 FR). This product is a flame-retardant engineering plastic for the eMobility market with high technical requirements from the industry on PA66.
• In April 2022, LyondellBasell announced its decision to cease the operation of its Houston Refinery by December 31, 2023. In the interim, the Company will continue serving the fuels market, which is expected to remain strong in the near term, and consider potential transactions and alternatives for the site. This will allow the company to focus more actively on its other business segments.

Regional Analysis

Geographically, the countries covered in the North America plastic compounding market report are U.S., Canada, and Mexico.

As per Data Bridge Market Research analysis:

The U.S. is the dominant region in the North America plastic compounding market during the forecast period 2023-2030

In 2023, the U.S. is expected to dominate the North America plastic compounding market owing to the rising demand for plastic compounding and the high implementation rate. The U.S. will continue to dominate the North America plastic compounding market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. Many developing economies of the world are focusing on climate change and methods and practices to move on the path of environmental conservation by reducing their carbon footprint. This responsibility is realized both by the corporate and the government sector. The governments of the world are developing policies for subsidizing and easing the process of the adoption of renewable energy.

The U.S. is estimated to be the fastest-growing region in the North America plastic compounding market for the forecast period 2023-2030

The U.S. is expected to grow during the forecast period due to the presence of major market players and the rapid development of plastic compounding for a wide range of applications. In addition to this, various technological advancements related to the production and usage of plastic compounding have increased.

For more detailed information about the plastic compounding market report, click here – https://www.databridgemarketresearch.com/reports/north-america-plastic-compounding-market