August 04, 2023 11:19 ET | Source: ReportLinker ReportLinker
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plastic Compounding Global Market Report 2023" - https://www.reportlinker.com/p06479785/?utm_source=GNW , RTP Company, PolyOne Corporation (Avient Corporation), Polyvisions Inc., Kingfa Sci. And Tech. Co. Ltd., Kraton Corporation, Kuraray Co. Ltd., and Polykemi AB. The global plastic compounding market is expected to grow from $624.46 billion in 2022 to $674.38 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The plastic compounding market is expected to reach $883.31 billion in 2027 at a CAGR of 7%.xPlastic compounding refers to the process of incorporating additional components into a molten plastic base in order to create a material with the desired characteristics. This process enables the creation of custom plastic materials with properties such as increased strength, durability, flame retardancy, and UV stability. The plastic compounding market consists of revenues earned by entities by providing feedstock testing, masterbatch creation, and prework testing, compounding and in-process testing, post-blending, and final quality control testing.The market value includes the value of related goods sold by the service provider or included within the service offering. The plastic compounding market also includes sales of polyurethane, nylon, polyphenylene oxide, and acetyl which are used in providing plastic compounding.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Plastic compounding refers to the process of incorporating additional components into a molten plastic base in order to create a material with the desired characteristics. This process enables the creation of custom plastic materials with properties such as increased strength, durability, flame retardancy, and UV stability. Asia-Pacific was the largest region in the plastic compounding market in 2022.North America is expected to be the fastest-growing region in the forecast period. The regions covered in plastic compounding report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The main types of products involved in plastic compounding are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polyethylene terephthalate (PET), polybutylene terephthalate (PBT), polyamide (PA), polycarbonate (PC), acrylonitrile butadiene styrene (ABS), and others.Polyethylene (PE) refers to a thermoplastic homopolymer formed of a molecular subunit made of many repeating ethane monomers. Its sources include fossil-based, bio-based, and recycled, and it is mainly used in various applications such as automotive and transportation, infrastructure and construction, electrical and electronics, packaging, consumer goods and lifestyle, industrial machinery, and others. The increasing number of commercial and residential projects is expected to propel the growth of the plastic compounding market going forward.Commercial and residential projects refer to the construction of buildings. Commercial projects are properties that are used for business activities, while residential projects refer to properties solely utilized for private living quarters.Plastic compounding is primarily used in commercial and residential projects to provide desirable properties to plastic materials, such as enhanced strength, durability, flexibility, flame retardancy, UV resistance, and color stability. For instance, in February 2021, according to Construct connect, Inc., a US-based provider of software solutions for the preconstruction industry, in 2021, US construction starts increased by 5.9 % to $747 billion, and residential construction grew 14.5 %. Additionally, in 2021, Canadian commercial and residential construction starts increased by 6.5 % to C$91.8 billion ($67.68 Billion). Both the residential and non-residential sectors saw growth in residential construction, which increased by 19.7 %. Furthermore, according to the Department for Leveling Up, Housing, and Communities (DLUHC), a UK-based government department, in the UK, there are now 49,470 more homes being built than there were in 2020, a rise of 4 %. Additionally, compared to the previous year, house building in London increased significantly by 18 % to 14,530 in 2021. Therefore, the increasing number of commercial and residential projects is driving the growth of the plastic compounding device market. Technological advancements are a key trend gaining popularity in the plastic compounding market.Major companies operating in the plastic compounding market are focused on developing innovative technologies to strengthen their position in the market. For instance, in November 2022, Lummus Technology LLC., a US-based developer of process technologies launched Novolen Pure polypropylene (PP) technology. This innovative new grade range of polymers can help with the manufacturing of high-quality goods for automotive, medical, and food packaging materials. This unique non-phthalate manufacturing approach delivers significant energy savings by establishing a superior hydrogen reaction with the catalyst. It also offers various versions that are relevant to an operator’s process and end-product requirements. In March 2020, Ube Industries Ltd., a Japan-based chemical manufacturing company, acquired Premium Composite Technology North America Inc. (PCTNA) for an undisclosed amount. With this acquisition, Ube Industries Ltd aims to construct its first manufacturing facility in North America and get access to PCTNA’s plastic compounding technology and know-how, to expand its product line and capabilities. Premium Composite Technology North America Inc. is a US-based manufacturer of plastic compounds made from non-nylon resins. The countries covered in the plastic compounding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The plastic compounding market research report is one of a series of new reports that provides plastic compounding market statistics, including plastic compounding industry global market size, regional shares, competitors with a plastic compounding market share, detailed plastic compounding market segments, market trends and opportunities, and any further data you may need to thrive in the plastic compounding industry. This plastic compounding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p06479785/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Zip Lock Bag
