Middle East and Africa Plastic Compounding Market, By Product Type (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), Source (Fossil-Based, Bio-Based, and Recycled), Additive Type (Fillers, Anti-Oxidants, Colorants, UV Stabilizers, Reinforcement Agents, Flame-Retardants, Anti-Foaming Agents, Oxygen Scavengers, Blowing Agents, and Others), Manufacturing Process (Injection Molding, Extrusion, and Others), Application (Automotive, Building & Construction, Packaging, Electrical & Electronics, Medical, Optical Media, Consumer Goods, Industrial Machinery, Textiles, and Others) Industry Trends and Forecast to 2029
Market Analysis and Insights
The increasing demand for plastic compounding in infrastructure development is an important driver for the Middle East and Africa plastic compounding market. Physical properties of plastic compounds and shifting preference toward the adoption of lightweight materials for the production of automobile parts are expected to propel the growth of the Middle East and Africa plastic compounding market.
The major restraints that may negatively impact the Middle East and Africa plastic compounding market are fluctuations or volatility in raw materials prices and high substitution potential from its bio-based counterparts.
Shifting preference for bio-based and recycled plastics is expected to provide an opportunity in the Middle East and Africa plastic compounding market. However, stringent regulations imposed on the use of plastic are projected to challenge the Middle East and Africa plastic compounding market growth.
The Middle East and Africa plastic compounding market is expected to gain significant growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.3% in the forecast period of 2022 to 2029.
The Middle East and Africa plastic compounding market report provide details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Year
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Product Type (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), Source (Fossil-Based, Bio-Based, and Recycled), Additive Type (Fillers, Anti-Oxidants, Colorants, UV Stabilizers, Reinforcement Agents, Flame-Retardants, Anti-Foaming Agents, Oxygen Scavengers, Blowing Agents, and Others), Manufacturing Process (Injection Molding, Extrusion, and Others), Application (Automotive, Building & Construction, Packaging, Electrical & Electronics, Medical, Optical Media, Consumer Goods, Industrial Machinery, Textiles, and Others)
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Countries Covered
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Egypt, Saudi Arabia, United Arab Emirates, South Africa, Israel, and the Rest of the Middle East and Africa
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Market Players Covered
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DuPont, BASF SE, Dow, Arkema, KURARAY CO., LTD., Asahi Kasei Corporation, Ravago, LyondellBasell Industries Holdings B.V (A Subsidiary of LyondellBasell), Akro-Plastic GmbH, Exxon Mobil Corporation, DSM, SABIC, Sojitz Corporation, Celanese Corporation, HEXPOL AB, Covestro AG, Eni, LANXESS, INEOS, among others
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Market Definition
Plastic compounds are widely used in the electronic and electrical industries for electromagnetic shielding and antistatic applications. In addition, they are replacing metal components in the automotive industry. This has helped in increasing car safety by reducing the total weight of the vehicle. Plastic compounding has also lowered the carbon emissions and increased fuel efficiency and performance of vehicles in the automotive industry, which in turn boosts the growth of the plastic compounding market.
Middle East and Africa Plastic Compounding Market Dynamics
Drivers
- Increase in demand for plastic compounding in infrastructure development
The growing number of residential and commercial projects in developing countries is boosting infrastructural development as consumer awareness regarding attractive interiors is increasing, increasing the demand for these materials in interior design. The booming construction industry is anticipated to complement the plastic compounding market. PVC and CPVC play an important role in the sustainable management of this sector through various products like pipes, wires & cables, waterproofing membranes, and wood PVC composites. Most developing countries are expected to benefit from the rising construction spending and inclination of consumers toward utilizing sustainable and lightweight building materials instead of conventional materials such as metals and alloys.
- Growing advantages and superior physical properties of plastic compounds
Some plastic products benefit from compounding to prohibit germs' growth on their surface. These plastic additives are mostly used in the production of medical products, and this plastic can also be compounded to add extra protection against UV rays that often lead to degradation of the material. All these advantages offered by compounded plastics have spurred their demand from different end-users and industries, which will boost its growth in the Middle East and Africa plastic compounding market.
- Shift in preference toward the adoption of lightweight materials for the production of automobile parts
Regulatory intervention by various governments across the globe to reduce gross vehicle weight and improve fuel efficiency, which will reduce carbon emissions, has driven automotive OEMs and spare parts manufacturers to adopt plastics as the substitute for metals such as steel and aluminum for fabricating automotive components. With growing thermoplastic and thermosets demand in automotive component fabrication, plastic compounding is expected to gain prominence due to increasing quality and material specification requirements from automotive OEMs.
- Multiple and varied applications scope of plastic compounding
Apart from these applications, various compounded plastic such as PVC is commonly used to insulate electrical wiring, while thermosets are commonly used for switches, light fittings, and handles to withstand high temperatures and heat. Plastics are ideal for housings for items like hairdryers, electric razors, and food mixers because they protect the user from electric shock. Thus the increasing use and wide application scope in various industries like electronics and appliances, packaging, and construction are expected to drive the growth of the Middle East and Africa plastic compounding market.
Opportunities
- Shift in preference for bio-based and recycled plastics
Bio-based plastics are plastics manufactured from bio-based polymers, which contribute to more sustainable commercial plastic life cycles as part of a circular economy, in which virgin polymers are made from renewable or recycled raw materials. Carbon-neutral energy is used to produce these plastics, and the products are reused or recycled at their end of life (EOL). Bio-based plastics have a lower carbon footprint and exhibit advantageous material properties compared with fossil-based plastic compounds. Moreover, they are also compatible with existing recycling streams, and some offer biodegradation in controlled or predictable environments.
- Ongoing development in catalyst technologies to increase the performance and yield of resins
Some catalysts can increase resin yield and, at the same time, increase quality issues and offer subpar product performance. Therefore, continuously improving polymerization catalyst technologies will enhance the performance, customization, and yield of polyethylene and other polymer resins, which will provide a lucrative opportunity for the key players to increase their production and offer superior products in the market.
Restraints/Challenges
- Fluctuations or volatility in the prices of raw materials
These oscillating petrochemical prices can hamper the growth of the plastic compounding market supported by future supply and demand changes, which are expected to keep plastics prices very volatile. Most raw materials are produced through downstream processes of petrochemicals. Volatility in crude oil prices is mainly due to political instability, supply and demand imbalances, and seasonal variations. In addition, the market is highly integrated, from raw material procurement to distribution channels.
- High substitution potential from its bio-based counterparts
Various restrictions imposed by national governments on the consumption of polymers derived from petrochemicals in different end-use industries have incentivized the use of bio-based polymers production. These bio-compound plastics are made from plants or other renewable sources instead of hydrocarbons. Polymers derived through bio-based sources, such as Polylactic Acid (PLA), Polybutylene Succinate (PBS), and Polyhydroxyalkanoate (PHA), have shown remarkable biodegradability that their petrochemical-derived counterpart products severely lack. Therefore, these products are gaining wide popularity, especially in biomedical and agricultural applications.
- Stringent regulations imposed on the use of plastic
There has been the imposition of various stringent regulations on the use of plastic with rising environmental concerns related to toxicity issues, which will pose a major challenge to the growth of the Middle East and Africa plastic compounding market.Many large and most developed countries and regions have taken significant steps to introduce regulations to drive sustainability, while others are still operating as per the status quo, with limited or no regulations in place.
- Strict environmental concerns
Consumers are becoming increasingly aware that plastic and various plastic materials can harm the environment. This has made much of consumers' concern focused on plastic's post-consumption or end-of-life effects on the environment, such as its recyclability, biodegradability, and reusability. However, the effect of plastic on the environment starts well before it hits store shelves as it starts with the extraction of fossil fuels and crude oil as it is the major source of its raw materials.
Recent Development
- 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 flow ability and ensures safety for sensitive electronics in extremely challenging environments
Middle East and Africa Plastic Compounding Market Scope
The Middle East and Africa plastic compounding market is categorized based on product type, source, additive type, manufacturing process, and application. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Product Type
- Polyethylene (PE)
- Polypropylene (PP)
- Poly Vinyl Chloride
- Polyethylene Terephthalate (PET)
- Thermoplastic Vulcanizates
- Polycarbonate
- Thermoplastic Polyolefins
- Polyamide (PA)
- Polystyrene
- Poly-Butylene Terephthalate (PBT)
- Acrylonitrile Butadiene Styrene
- Others
Based on type, the Middle East and Africa plastic compounding market is classified 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.
Source
- Fossil-Based
- Bio-Based
- Recycled
Based on the source, the Middle East and Africa plastic compounding market is classified into fossil-based, bio-based, and recycled.
Additive Type
- Anti-Oxidants
- UV Stabilizers
- Colorants
- Blowing Agents
- Flame-Retardants
- Reinforcement Agents
- Fillers
- Anti-Foaming Agents
- Oxygen Scavengers
- Others
Based on the additive type, the Middle East and Africa plastic compounding market is classified into fillers, anti-oxidants, colorants, UV stabilizers, reinforcement agents, flame-retardants, anti-foaming agents, oxygen scavengers, blowing agents, and others.
Manufacturing Process
- Injection Molding
- Extrusion
- Others
Based on the manufacturing process, the Middle East and Africa plastic compounding market is classified into injection molding, extrusion, and others.
Application
- Automotive
- Building & Construction
- Packaging
- Electrical & Electronics
- Medical
- Consumer Goods
- Industrial Machinery
- Optical Media
- Textiles
- Others
Based on application, the Middle East and Africa plastic compounding market is segmented into automotive, building & construction, packaging, electrical & electronics, medical, optical media, consumer goods, industrial machinery, textiles, and others.
Middle East and Africa Plastic Compounding Market Regional Analysis/Insights
The Middle East and Africa plastic compounding market in the healthcare industry is segmented on the basis of country, product type, source, additive type, manufacturing process, and application.
Some of the countries in the Middle East and Africa plastic compounding market are Egypt, Saudi Arabia, United Arab Emirates, South Africa, Israel, and the Rest of the Middle East and Africa.
Saudi Arabia is expected to dominate the Middle East and Africa plastic compounding market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the multiple and varied applications scope of plastic compounding in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points downstream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of the Middle East and African brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Middle East and Africa Plastic Compounding Market Share Analysis
The Middle East and Africa plastic compounding market competitive landscape provide details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies' focus related to the Middle East and Africa plastic compounding market.
Some of the prominent participants operating in the Middle East and Africa plastic compounding market are DuPont, BASF SE, Dow, Arkema, KURARAY CO., LTD., Asahi Kasei Corporation, Ravago, LyondellBasell Industries Holdings B.V (A Subsidiary of LyondellBasell), Akro-Plastic GmbH, Exxon Mobil Corporation, DSM, SABIC, Sojitz Corporation, Celanese Corporation, HEXPOL AB, Covestro AG, Eni, LANXESS, INEOS, among others.
Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning grids, Market Time Line Analysis, Market Overview and Guide, Company Positioning grids, Company Market Share Analysis, Standards of Measurement, Middle East and Africa Vs Regional, and Vendor Share Analysis. Please request an analyst call in case of further inquiry.
Customization Available
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands' understanding of the market for additional countries (ask for the list of countries), clinical trial results in data, literature review, refurbished market, and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you with data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.
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