According to a new report, published by KBV research, The Global Plastic Compounding Market size is expected to reach $110.4 billion by 2031, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 38,687.6 kilo tonnes, experiencing a growth of 23.4% (2020-2023).
The Polyethylene (PE) segment is anticipating a CAGR of 7.6% during (2024 - 2031). The demand for polyethylene compounds has steadily increased across various end-use industries. Industries such as packaging, automotive, construction, consumer goods, and healthcare rely heavily on polyethylene compounds for applications ranging from packaging materials and automotive components to pipes, cables, and medical devices.
The Fossil-based segment is leading the Global Plastic Compounding Market by Source in 2023; thereby, achieving a market value of $60.2 billion by 2031. Fossil-based raw materials such as petroleum-derived polymers (e.g., polyethylene, polypropylene, polystyrene) and additives are often more cost-effective than their bio-based or alternative counterparts. This cost advantage makes fossil-based compounds attractive for manufacturers seeking economical solutions without compromising performance.
The Packaging segment would register a CAGR of 6.8% during (2024 - 2031). Compound polymers provide alternatives to conventional packaging materials like paperboard, metal, and glass that are both lightweight and durable. Using compounded plastics in packaging enables manufacturers to reduce material costs, transportation expenses, and environmental impact while maintaining product integrity and safety. Thus, the segment will grow rapidly in the coming years.
Full Report: https://www.kbvresearch.com/plastic-compounding-market/
The Asia Pacific region dominated the Global Plastic Compounding Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $47.5 billion by 2031. The Europe region is experiencing a CAGR of 6.6% during (2024 - 2031). Additionally, The North America region would exhibit a CAGR of 6.8% during (2024 - 2031).
By Product (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Application> (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD billion, 2020-2031)
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