What is Plastic Compound
Through the use of a mixture of plastics and additives, plastic compounding modifies the properties of thermoplastics and basic plastics. Superior physical characteristics of plastic compounds include a wide range of flame retardancy, wear resistance, conductivity, and lightweight. These qualities improve their demand in a variety of industries, including electrical & electronics, packaging, building & construction, and automotive, fueling the expansion of the worldwide plastic compounding market.
Plastic compounds are frequently employed in the electrical and electronic industries for antistatic and electromagnetic shielding purposes. In the automotive sector, they are also replacing metal parts. Making the vehicle lighter overall, this has contributed to an increase in vehicle safety. Plastic compounding has also reduced carbon emissions and improved vehicle performance and fuel efficiency, which is helping the plastic compounding market grow.
Market Drivers –
Increasing demand in the construction industry –
They are mostly utilized for building and infrastructure insulation. Plastic compounding has been used for the window, doors, cables, and pipes. Plastic composite has characteristics similar to steel like texture, resistance to rust, and environmental condition has increased the demand for compounding plastic. Increasing residential projects, the attractive interior also increases the demand for plastic compounds.
Increasing usage in the automobile industry –
Some of the factors increasing the growth of this market include the rise in lightweight vehicle production and the rising demand for electric vehicles. The demand for cars has been spurred by rapid industrialization and an increase in personal disposable income in rising economies like India and China. The market will benefit from the usage of plastic compounds since they extend vehicle life and improve vehicle performance.
Market Restraints –
The changing price of raw materials –
The expansion of the plastic compounding market is anticipated to be hampered by rising prices for the raw materials used in the process, which are caused by fluctuating crude oil prices and petrochemical as well as strong substitution potential from their bio-based counterparts.
Environmental Guidelines for recycling plastic-
It is crucial to completely separate the plastic waste and avoid attempting to reprocess commingled plastic waste without the necessary technologies. Regulation for plastic recycling also affects the growth of compounding plastic.
Conclusion –
Many industries, including those in the building, automotive, electrical & electronics, and packaging, employ polyethylene compounds extensively and this is increasing the demand for plastic compounding. The need for plastic compounding is driven by increasing construction activity in industrialized countries.
Author's Detail
Sonali Shinde, LinkedIn
Working as a research analyst in the Chemical & Materials domain. I gained experience in formulating strategic insights, trend analysis, market estimations, competitive landscapes, M&A analysis, DRO, report writing, secondary research, and quantitative research. I also have experience in using a range of statistical and analytical tools to analyze data.
Author's Detail:
Sonali Shinde /
LinkedIn
Working as a research analyst in the Chemical & Materials domain. I gained experience in formulating strategic insights, trend analysis, market estimations, competitive landscapes, M&A analysis, DRO, report writing, secondary research, and quantitative research. I also have experience in using a range of statistical and analytical tools to analyze data.
