The plastic compounding market is poised to witness significant growth through 2028 on account of prevalent product adoption across varied end-use verticals.
Plastic compounding refers to the process that involves melt-blending of plastics with particular additives to help change the aesthetic, physical, thermal, and electrical features of the material. Prominent uptake of plastics in diverse industries has been favorable for business growth in recent years.
The plastic compounding market has been segregated based on product, end-use, and region. In terms of product, the market has been bifurcated into thermoplastic elastomer, thermoset polymer, thermoplastic polymer, and others. Under thermoplastic polymer, the market has been categorized into polypropylene, polyethylene, polycarbonate, polyester, polyvinyl chloride (PVC), polyoxymethylene, polyethylene terephthalate, polybutylene terephthalate, acrylonitrile butadiene styrene, poly(methyl methacrylate), and others.
The polyethylene segment is expected to grow at a CAGR of approximately 6.0% over the analysis period. The polypropylene segment was valued at more than USD 7,085.6 billion in 2021 and is set to observe steady growth through 2028. The polyester segment is projected to register about 5.3% CAGR over the study timespan. The polycarbonate segment is anticipated to reach a valuation of over USD 901.4 million by 2028.
The polyethylene terephthalate segment is foreseen to observe notable growth by 2028, delivering a CAGR of approximately 6.7% through the assessment timeframe. In 2021, the PVC segment exceeded a valuation of USD 4,929.3 million and is likely to witness substantial growth over 2022-2028. The acrylonitrile butadiene styrene segment is estimated to progress at nearly 5.6% CAGR through the study timeline. The polybutylene terephthalate segment is speculated to surpass USD 717.7 million in revenue by 2028.
The poly(methyl methacrylate) segment is poised to grow at a CAGR of around 4.2% between 2022 and 2028. In 2021, the polyoxymethylene segment was valued at more than USD 417.4 million and is slated to witness considerable growth through the review period. The others segment is anticipated to develop at above 5.2% CAGR through 2028.
The thermoset polymer segment is forecast to exceed USD 3,836.1 million in revenue by 2028. Under thermoset polymer, the plastic compounding market has been categorized into epoxy resin, polyurethane resin, and others. The polyurethane resin segment is expected to register solid growth at a CAGR of approximately 7.1% over the stipulated timespan. The epoxy resin segment was valued at USD 348.9 million in 2021 and is primed to record notable revenue growth by the end of 2028. The others segment is expected to progress at above 6.4% CAGR through the forecast period.
Under thermoplastic elastomer, the plastic compounding market has been classified into polyurethanes, polyamides, SBC, and others. The SBC segment is anticipated to witness notable growth at a CAGR of nearly 6.9% over the study timespan. In 2021, the others segment exceeded USD 1,215.1 million in revenue and is set to attain a sizable share in the market by 2028.
The plastic compounding industry share from the others product segment is projected to develop at a CAGR of more than 4.9% through the estimated period.
From the end-use perspective, the plastic compounding market has been divided into automotive, electrical & electronics, aerospace, consumer goods, construction, and others. The electrical & electronics segment is speculated to grow at about 5.8% CAGR between 2022 and 2028. The aerospace segment is likely to observe strong growth at a CAGR of above 5.6% through the forecast timeline. The others segment is anticipated to surpass a valuation of USD 3,710.1 million by 2028.
In the regional landscape, the Latin America plastic compounding market accounted for over 6.8% of the global industry revenue in 2021 and is forecast to grow at a CAGR of about 5.5% over the assessment timeframe. Meanwhile, the Middle East & Africa plastic compounding industry is slated to showcase significant growth at a rate of approximately 5.0% through 2028.