North America Plastic Compounding Market Size By Product (Thermoplastic Elastomers, Thermosetting Polymers), By End User (Automotive, Construction), By Regional Analysis And Forecast
North America Plastic Compounding Market Size By Product (Thermoplastic Elastomers, Thermosetting Polymers), By End User (Automotive, Construction), By Regional Analysis And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
North America Plastic Compounding Market Size By Product (Thermoplastic Elastomers, Thermosetting Polymers), By End User (Automotive, Construction), By Regional Analysis And Forecast
North America Plastic Compounding Market Size And Forecast
North America Plastic Compounding Market size was valued at USD 70.52 Billion in 2024 and is projected to reach USD 133.65 Billion by 2031, growing at a CAGR of 7.78% from 2024 to 2031
A rise in the manufacturing of lightweight vehicles and a rise in the demand for electric vehicles are the two main market drivers. The largest producer of electrical and electronic goods worldwide is Asia-Pacific. Many of the top producers of electronic components in the world are based in countries like India, China, Indonesia, and South Korea. These considerations suggest that the plastic compounding market will grow. The North America Plastic Compounding Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
North America Plastic Compounding Market Definition
The process of combining polymers and additives to modify the properties of thermoplastics and basic plastics is known as plastic compounding. Superior physical characteristics of plastic compounds include conductivity, flame resistance, wear resistance, and lightweight. The North American Plastic Compounding Market is being further stimulated by these features, which raise their demand in a variety of industries, including automotive, building & construction, packaging, electrical, and electronics. The demand for electronic and electrical products has increased recently throughout the region as a result of R&D and technological advancements in the electrical and electronic industry.
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North America Plastic Compounding Market Overview
Due to the rising need for lightweight vehicles from the automotive sector, the market is anticipated to grow profitably. The driving dynamics and fuel efficiency of a vehicle are directly impacted by its weight, hence the automotive industry has been concentrating on reducing vehicle weight for decades. The market is expanding as a result of the increasing use of plastic compounding in the building sector. However, this pattern has been considerably influenced by fluctuating raw material prices. Any increase in raw material prices would be accompanied by an equal increase in average pricing. Inventory has increased as a result of rising raw material costs. and is so anticipated to impede market expansion.
North America Plastic Compounding Market Segmentation Analysis
The North America Plastic Compounding Market is segmented on the basis of Product, End User, And Geography.
North America Plastic Compounding Market, By Product
Thermoplastic Elastomers
Thermosetting Polymers
Thermoplastic Polymers
On the basis of Product, the North America Plastic Compounding Market has been segmented into Thermoplastic Elastomers, Thermosetting Polymers, and Thermoplastic Polymers. During the projection period, Thermoplastic Elastomers are expected to grow at the highest CAGR of 7.38%, accounting for the greatest market share in 2019. In 2019, the market for thermosetting polymers was the second-largest. TPEs are copolymers, or mixtures, of thermoplastics and rubber, making them perfect for a range of uses. To create the finished product, thermoplastic elastomers combine the properties of the hard-thermoplastic phase and soft elastomer phase.
North America Plastic Compounding Market, By End User
Automotive
Construction
Aerospace
Consumer Goods
Electrical & Electronics
Others
On the basis of End User, the North America Plastic Compounding Market has been segmented into Automotive, Construction, Aerospace, Consumer Goods, Electrical & Electronics, and Others. During the projection period, the automotive sector is expected to grow at the highest CAGR of 7.50%, accounting for the biggest market share in 2019. The second-largest market in 2019 was construction. In the automotive sector, plastic is progressively taking the place of metal parts and components. The primary factor fueling market expansion is the expanding use of plastic in automobile components. The car manufacturing sector has experienced some success in recent years.
North America Plastic Compounding Market, By Geography
United States
Canada
Mexico
US accounted for the largest market share in 2019 and is projected to grow at the highest CAGR of 7.10% during the forecast period. Canada was the second-largest market in 2019.
Key Players
The major players in the market are Dow Inc., LyondellBasell Industries, N.V., DuPont de Nemours, Inc., BASF SE, SABIC, RTP Company, Kraton Polymers Inc., Covestro, Washington Penn Plastics Company, and Asahi Kasei Plastics North America, Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
Key Developments
With the creation of AFFINITY RE, Dow Packaging and Specialty Plastics expanded the high-performance AFFINITY GA polyolefin elastomers (POE) line to provide customers with sustainable solutions.
The company completed the acquisition of A. Schulman, Inc., is one of the leading suppliers of high-performance plastic composites, compounds, and powders.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
KEY COMPANIES PROFILED
Dow Inc., LyondellBasell Industries, N.V., DuPont de Nemours, Inc., BASF SE, SABIC, RTP Company, Kraton Polymers Inc., Covestro, Washington Penn Plastics Company, and Asahi Kasei Plastics North America, Inc.
SEGMENTS COVERED
By Product
By End User
By Geography
CUSTOMIZATION SCOPE
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Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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