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 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
Okay, so here's the dealtwo big things are pushing the market forward. First, everyone wants lighter vehicles. Second, electric vehicles are all the rage. And get this, Asia-Pacific is the world's biggest producer of electronics! Places like India, China, Indonesia, and South Korea are churning out tons of electronic components. All of this points to growth in the plastic compounding market. Want the full scoop? The North America Plastic Compounding Market report gives you the whole picture. It breaks down key segments, trends, what's driving things, what's holding things back, the competitive scene, and all the other important stuff that's impacting 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
The demand for lighter vehicles is really taking off in the auto industry, so the market is expected to do well. For ages, car companies have been trying to slim down vehicles because weight plays a big role in how they handle and how much gas they use. Plus, more and more construction projects are using plastic compounding, which is also helping the market grow. But, here's a catchprices for raw materials are all over the place. If those prices go up, then the average cost of everything else does too. This has led to increased inventory due to these rising costs, and that could put a damper on how fast the market can expand.
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
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