North America 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 2030.
North America Plastic Compounding Market Analysis and Insights
The North America plastic compounding market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyzes that the market is growing 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. The major factor driving the market growth is the increase in demand for plastic compounding in infrastructure development, growing advantages and superior physical properties of plastic compounds, the shift in preference toward the adoption of lightweight materials for the production of automobile parts, and multiple and varied applications scope of plastic compounding.
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.
These properties increase their demand in various automotive, building and construction, packaging, and electrical and electronics, thus boosting the market growth.
The North America plastic compounding market report provides details of market share, new developments, and the impact of domestic and localized market players, analyzes 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.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2020 - 2016)
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Quantitative Units
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Revenue in USD Millions
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Segments Covered
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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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U.S., Canada, and Mexico
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Market Players Covered
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DuPont, BASF SE, DOW, Arkema, KURARAY CO., LTD., Adell Plastic Inc., Asahi Kasei Corporation, RTP Company, Ravago, LyondellBasell Industries Holdings B.V (A Subsidiary to LyondellBasell), KRATON CORPORATION. (A Subsidiary of DL Chemical Co., Ltd.), Akro-Plastic GmbH, Exxon Mobil Corporation, DSM, SABIC, and 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 carbon emissions and increased fuel efficiency and performance of vehicles in the automotive industry, which in turn boosts the growth of the plastics compounding market.
North America Plastic Compounding Market Dynamics
DRIVERS
- Growing Advantages and Superior Physical Properties of Plastic Compounds
Some plastic products benefit from being compounded to prohibit the growth of germs 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 the degradation of the material. All these advantages offered by compounded plastics have spurred their demand from different end-users and industries, which will boost market growth.
- Shifting 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 a 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.
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 plastics compounds. Moreover, they are also compatible with existing recycling streams, and some offer biodegradation in controlled or predictable environments.
- Growing Demand for Plastic Compounding in Electric Vehicles and Light Weight Vehicles
The use of plastic compounding in various parts of a vehicle help lowers the overall weight of the vehicle, which further increases the life and efficiency of the vehicle components. The rapid economic growth has enabled more and more consumers to buy their own cars, which has resulted in improved mobility and expansion of the automotive market in the world, but also serious urban air pollution, high greenhouse gas emissions, and growing dependence on oil imports, 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 Prices of Raw Materials
These oscillating petrochemical prices may hamper the market growth supported by future supply and demand changes, which are expected to keep plastic 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 polymer 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 market growth. Many large and 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.
- Impact of Russia-Ukraine Conflict
Even before Russia invaded Ukraine, there were already supply chain challenges related to plastic and polymer production. For instance, in February 2021, the plastic industry was devastated by a freak winter storm that laid waste to Texas Power grids and 80% of the U.S. resin production. This ice storm led to power outages for several days, halting petroleum production. This will provide a challenge to market growth in the forecast period.
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.
North America Plastic Compounding Market Scope
The North America plastic compounding market is segmented into five notable segments 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 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.
Source
- Fossil-Based
- Bio-Based
- Recycled
Based on source, the market is segmented 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 additive type, the market is segmented into fillers, anti-oxidants, colorants, UV stabilizers, reinforcement agents, flame-retardants, anti-foaming agents, oxygen scavengers, blowing agents, and others.
Manufacturing Process
- Extrusion
- Injection Molding
- Others
Based on manufacturing process, the market is segmented 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 market is segmented into automotive, building & construction, packaging, electrical & electronics, medical, optical media, consumer goods, industrial machinery, textiles, and others.
North America Plastic Compounding Market Regional Analysis/Insights
The North America plastic compounding market is segmented into five notable segments based on product type, source, additive type, manufacturing process, and application.
The countries covered in the North America plastic compounding market are the U.S., Canada, and Mexico. The U.S. is dominating the 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 increase in footfalls in hospitals and diagnostic centers.
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, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Plastic Compounding Market Share Analysis
The North America plastic compounding market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, 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, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to the market.
Some of the prominent participants operating in the North America plastic compounding market are DuPont, BASF SE, DOW, Arkema, KURARAY CO., LTD., Adell Plastic Inc., Asahi Kasei Corporation, RTP Company, Ravago, LyondellBasell Industries Holdings B.V (A Subsidiary to LyondellBasell), KRATON CORPORATION. (A Subsidiary of DL Chemical Co., Ltd.), Akro-Plastic GmbH, Exxon Mobil Corporation, DSM, SABIC, and INEOS among others.
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