In the world of plastics manufacturing, the plastic compounding industry plays a crucial role in producing high-quality and customized plastic materials for various applications. Understanding the latest statistics and trends in this industry is essential for stakeholders to make informed decisions and stay competitive in the market. In this blog post, we will delve into key statistics and insights shaping the plastic compounding industry, exploring market size, growth projections, emerging technologies, and more. Join us as we unravel the data behind this dynamic sector and gain valuable perspectives on the future of plastic compounding.
The Latest Plastic Compounding Industry Statistics Explained
The global plastic compounding market size was estimated at USD 59.10 billion in 2019.
The specified statistic indicates that the global plastic compounding market was valued at approximately USD 59.10 billion in the year 2019. This figure represents the total market value of plastic compounding activities worldwide during that particular year. Plastic compounding involves the process of combining additives and modifiers with base polymer resins to enhance their properties for various industrial applications. The market size serves as a key indicator of the economic significance and growth potential of the plastic compounding industry, reflecting the demand for customized plastic materials across different sectors such as automotive, packaging, construction, and consumer goods. Tracking changes in market size over time can provide insights into trends, developments, and opportunities within the industry.
It is anticipated to register a CAGR of 6.3% over the forecast period.
This statistic suggests that the quantity or value being measured is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% over a specified timeframe in the future. The CAGR is a smoothed annual growth rate that provides a consistent rate of growth over a specified period by assuming that returns are compounded annually. In this context, it indicates that the variable being analyzed is projected to increase steadily by an average of 6.3% each year during the forecast period, reflecting sustained growth momentum over time. This statistic enables stakeholders to gauge the expected growth trajectory and potential performance of the subject matter in question.
PVC was the leading product, comprising over 20% of the overall volume in 2019.
The statistic ‘PVC was the leading product, comprising over 20% of the overall volume in 2019’ indicates that polyvinyl chloride (PVC) accounted for more than one-fifth of the total volume of products in the specified market or industry in the year 2019. This means that PVC had the highest proportion of volume among all products during that time period, highlighting its significance and dominance in the market. The fact that it comprised over 20% of the overall volume suggests that PVC played a major role in driving activity and consumption within the industry, likely making it a key product in terms of production, sales, and overall market performance for that year.
The automotive industry in North America uses around 21% of the plastic compounds produced.
The statistic indicates that approximately 21% of the total production of plastic compounds in North America is utilized by the automotive industry. This suggests that the automotive sector is a significant consumer of plastic materials within the region. The high demand for plastic compounds by the automotive industry may be attributed to various factors such as the need for lightweight and durable materials for vehicle components, interior design elements, and packaging. Understanding this statistic provides insight into the importance of the automotive industry as a key player in the consumption and utilization of plastic compounds in North America, highlighting the industry’s impact on the overall plastic production and usage within the region.
The European plastic compounding market accounted for over 25% of the revenue share in 2019.
The statistic stating that the European plastic compounding market accounted for over 25% of the revenue share in 2019 indicates that the European region played a significant role in the global plastic compounding industry during that year. This implies that a quarter of the total revenue generated in the plastic compounding market worldwide came from Europe in 2019, highlighting the region’s strong presence and contribution to the industry. The statistic suggests that Europe was a major player in terms of manufacturing and selling plastic compounds, likely due to factors such as advanced technology, strategic market positioning, and high demand for plastic compounds in various sectors within the region.
The sector of packaging is projected to emerge as the fastest-growing consumer of plastic compounds with a CAGR of 5.8% from 2020 to 2027.
The statistic indicates that the packaging industry is expected to experience significant growth as a consumer of plastic compounds over the period from 2020 to 2027. The compound annual growth rate (CAGR) of 5.8% suggests a steady and sustained increase in the demand for plastic materials within the packaging sector. This growth projection reflects ongoing trends such as the rise of e-commerce, increasing demand for convenience and sustainability in packaging, and the need for innovative and durable packaging solutions. As a result, the packaging industry is likely to play a prominent role in driving the demand for plastic compounds in the coming years, emphasizing the importance of sustainability efforts and innovation in material usage within the sector.
In 2020, Asia Pacific held the largest share of 40.5% in terms of revenue.
The statistic indicates that in the year 2020, the Asia Pacific region accounted for the highest proportion of total revenue among all the regions discussed. Specifically, Asia Pacific’s share of revenue was calculated to be 40.5%, which suggests that this region played a significant role in contributing to the overall financial performance or market size being measured. This statistic highlights the economic importance and magnitude of business activities within the Asia Pacific region, signaling its prominence and potentially leading to further analysis or strategic focus on this specific geographical area for business expansion, investment opportunities, or market dynamics.
The plastic compounding industry is expected to reach a market size of $104.4 billion by 2028.
The statistic that the plastic compounding industry is projected to reach a market size of $104.4 billion by 2028 indicates a substantial growth trajectory in the industry. This forecast suggests that demand for plastic compounding services and products is expected to surge over the coming years, likely driven by factors such as increased industrial production, infrastructure development, and technological advancements. The significant market size projection also implies that businesses operating within this industry have promising opportunities for expansion and profitability in the near future. Overall, this statistic underscores the industry’s potential for robust growth and presents a positive outlook for players in the plastic compounding sector.
The polypropylene segment is expected to dominate the plastic compounding market till 2028.
This statistic indicates that within the plastic compounding market, the polypropylene segment is projected to maintain a leading position in terms of market share or revenue generation up until the year 2028. This suggests that polypropylene-based products are likely to be in high demand and have a competitive edge over other plastic materials in various industries such as automotive, construction, packaging, and consumer goods. Factors such as favorable properties of polypropylene, increased adoption in end-use applications, and technological advancements driving innovation and product development in the sector could contribute to the continued dominance of the polypropylene segment in the plastic compounding market for the foreseeable future.
Thermoplastic polymers accounted for more than 80% of the total plastic compounding industry in 2019.
The statistic indicates that thermoplastic polymers held a dominant position within the plastic compounding industry in 2019 by accounting for over 80% of the total market share. This suggests that the majority of plastic compounding activities involved the processing and combination of thermoplastic materials with additives to create customized plastic compounds with desired properties. The significant market share held by thermoplastic polymers reflects their versatility, ease of processing, and wide range of applications across various industries, making them a popular choice for compounding processes in 2019.
The plastic compounding industry in Latin America is projected to exhibit a growth rate of about 4% up to 2024.
The statistic “The plastic compounding industry in Latin America is projected to exhibit a growth rate of about 4% up to 2024” indicates that the plastic compounding sector in Latin America is expected to experience a steady increase in its overall market size over the next few years. This growth rate of 4% suggests that the industry is likely to expand at a moderate pace, reflecting potential increases in production, demand for plastic compounds, and overall economic activity within the region. Factors such as technological advancements, market trends, and government policies may contribute to this growth projection, presenting opportunities for companies within the plastic compounding industry to capitalize on emerging market developments and strengthen their competitive positions in Latin America.
The market for bio-plastics is expected to reach $68.57 billion by 2024, affecting the plastic compounding industry accordingly.
This statistic indicates that the market for bio-plastics is projected to grow significantly and reach a value of $68.57 billion by the year 2024. This expected growth suggests a shift in the plastics industry towards more sustainable and environmentally-friendly alternatives, such as bio-plastics. As a result, the plastic compounding industry, which involves the processing and mixing of different materials to create plastics with specific properties, is likely to be impacted by this trend. Companies within the plastic compounding sector may need to adapt their production processes and product offerings to meet the increasing demand for bio-plastics and align with changing consumer preferences towards more sustainable materials.
The wire and cable industry will signal significant growth in the plastic compounding market, with a projected CAGR of 5.3% from 2019-2025.
The statistic indicates that the plastic compounding market is expected to experience substantial growth driven by the wire and cable industry, projecting a Compound Annual Growth Rate (CAGR) of 5.3% from 2019 to 2025. This suggests that there will be increasing demand for plastic compounds within the wire and cable sector, likely due to factors such as technological advancements, infrastructure development, and product innovations. The projected growth rate of 5.3% highlights a positive trend in market expansion over the specified timeframe, indicating potential opportunities for businesses operating within the plastic compounding industry to capitalize on this growth and expand their market presence.
In terms of function, the plasticizers segment emerged as the dominant segment accounting for 29.7% of the total market revenue in 2019.
The statistic indicates that among all segments within the market, the plasticizers segment held the highest share of total market revenue in 2019, accounting for 29.7%. This suggests that plasticizers, which are substances added to materials to increase their flexibility, played a significant role in driving the overall market performance during that year. The dominance of the plasticizers segment highlights its importance in meeting the needs and preferences of consumers and industries within the market, potentially indicating high demand and growth opportunities within this specific product category. Understanding the stronghold of the plasticizers segment can provide insights for businesses and decision-makers in terms of strategic planning and resource allocation within the market.
The consumer goods segment of plastic compounding is expected to witness a CAGR of 5.5% from 2019 to 2025.
This statistic indicates that the consumer goods segment within the plastic compounding industry is projected to experience a Compound Annual Growth Rate (CAGR) of 5.5% from the year 2019 to 2025. A CAGR of 5.5% suggests that the consumer goods segment is expected to grow at a steady and consistent pace over the specified time period. This growth rate signifies an increasing demand for plastic compounds used in the production of consumer goods, such as packaging materials, household products, and various other items. This projection may impact the market dynamics, supply chain management, pricing strategies, and overall competitiveness within the plastic compounding industry for manufacturers, suppliers, and consumers alike.
Specialty compounds are expected to observe the highest growth, at a CAGR of 6.6%, within the forecast period.
This statistic indicates that specialty compounds, which are specific types of chemical compounds designed for particular applications or industries, are projected to experience the greatest rate of growth over a specified time period. The Compound Annual Growth Rate (CAGR) of 6.6% signifies the average annual growth rate for these specialty compounds within the forecast period. This suggests that demand for specialty compounds is expected to increase significantly due to factors such as technological advancements, evolving consumer preferences, and expanding market opportunities. As a result, companies operating in the specialty compounds industry may expect to see expanding business prospects and potentially higher profitability as they capitalize on this anticipated growth trend.
Conclusion
After analyzing the statistics and trends in the plastic compounding industry, it is evident that this sector is growing at a rapid pace, driven by increasing demand for advanced materials and sustainable solutions. Companies in this industry should stay informed about the latest market developments and technology innovations to maintain a competitive edge in this dynamic environment.
References
0. – https://www.www.grandviewresearch.com
1. – https://www.www.gminsights.com
2. – https://www.www.visionresearchreports.com
3. – https://www.www.prnewswire.com
4. – https://www.www.globenewswire.com
