(MENAFN- EIN Presswire) EINPresswire/ -- According to a report published by Allied Market Research, titled“Plastic Compounding Market by Polymer Type, End Use, and Region: Global Opportunity Analysis and Industry Forecast, 2023–2032”, the market was valued at $448.3 million in 2022 and is projected to reach $781.3 million by 2032, registering a CAGR of 5.7% from 2023 to 2032.

Plastic compounding involves blending base polymers with various additives and fillers to enhance properties such as strength, durability, color, and flame resistance. These customized compounds are extensively used across industries including automotive, construction, packaging, electronics, and medical devices.

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Market Dynamics:-

Drivers:

- Increasing demand from the packaging industry
- Rising plastic production rates

Restraints:

- Stringent government regulations on plastic usage

Opportunities:

- Rapid expansion of the automotive sector, boosting demand for lightweight plastic components

Segment Insights:-

By Polymer Type

- Polypropylene (PP) segment held the largest share in 2022, accounting for over one-fourth of the total market revenue.
- Widely used in automotive applications such as bumpers, dashboards, and trims, driven by rising consumer purchasing power.
- Polyethylene terephthalate (PET) is expected to record the highest CAGR of 6.4% during the forecast period.

By End Use:

- The packaging segment dominated in 2022 with over one-third of global revenue.
- Growth is fueled by the rising consumption of packaged food, increasing disposable incomes, and busy urban lifestyles.
- The building & construction segment is forecast to grow at the fastest CAGR of 6.3% through 2032.

By Region:

- Asia-Pacific held nearly half of the global market share in 2022 and is expected to maintain dominance, growing at a CAGR of 6.2%.
- Strong growth in China's plastic production (over 60 million tons in 2020) and rapid automotive industry expansion in India and Australia are key contributors.

Key Market Players:

- ASAHI KASEI CORPORATION
- BASF SE
- CELANESE CORPORATION
- COVESTRO AG
- KINGFA SCIENCE AND TECHNOLOGY (INDIA) LIMITED
- LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
- AVIENT CORPORATION
- SABIC
- SOLVAY
- DUPONT

These leading companies adopt strategies such as new product launches, collaborations, expansions, and joint ventures to strengthen their market presence and drive innovation in polymer compounding.

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About Us

Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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