Asia Pacific Plastic Compounding Market To Grow At 8.8% CAGR Till 2033

The Asia Pacific plastic compounding market size was exhibited at USD 30.85 billion in 2023 and is projected to hit around USD 71.70 billion by 2033, growing at a CAGR of 8.8% during the forecast period 2024 to 2033.

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Asia Pacific Plastic Compounding Market Key Takeaways:

• Based on product, polypropylene (PP) dominated the market with the largest revenue share of over 30% in 2023.
• The thermoplastic vulcanizates (TPV) segment is anticipated to grow at the fastest CAGR of 12.3% during the forecast period.
• Based on the source, fossil-based compounded plastics held the largest market share in 2023.
• Automotive applications dominated the market with the largest revenue share in 2023.
• The optical media segment is anticipated to grow at the fastest CAGR during the forecast period.

Increasing demand for consumer goods such as refrigerators and washing machines in countries such as India, Vietnam, the Philippines, China, and Thailand is expected to fuel the demand for plastic compounding in the region. Growing demand for automotive in the region is further projected to facilitate investment in Asia Pacific. 

The region contributed to over 40% revenue share of the global plastic compounding market in 2023. Low manufacturing cost in China and India as compared to Europe is expected to propel the use of plastic compounding in automobiles. Companies from Northeast Asia are mainly engaged in pushing their economies to grow in key sectors of raw material extraction, manufacturing, and services. Thus, governments across the region have transformed rural industries into well-equipped world-class manufacturing facilities through the implementation of protectionism, financial investment, and regulatory support.

Moreover, the availability of cheap labor as well as proximity to raw material suppliers is further attracting the interest of investors in the region. China, Indonesia, South Korea, India, and Taiwan are expected to drive the regional market growth over the forecast period. Furthermore, government initiatives such as Make in India, smart cities, modified special incentives package scheme, Domestic Efficient Lighting Programme, 100% FDI in electronic hardware manufacturing, and National Electronic Policy are likely to propel electronics production in the region in the coming years. Technology transitions, such as IoT and 4G/LTE networks, are accelerating the adoption of electronic products, thereby fuelling the demand for plastic.

Asia Pacific Plastic Compounding Market By Product Insights

Based on product, polypropylene (PP) dominated the market with the largest revenue share of over 30% in 2023. Polypropylene is a thermoplastic polymer and is made by combining propylene monomers. The product is widely used in a variety of applications, in consumer goods packaging, in plastic parts for various industries including the automotive industry, and special devices such as hinges, and textiles.

Asia Pacific Plastic Compounding Market By Source Insights

Based on the source, fossil-based compounded plastics held the largest market share in 2023. The major driving factor for the segment is the wide applicability of petrochemical-based plastics. Industries such as automotive, construction, and packaging are the major end-users of fossil-based compounded plastics. Moreover, petrochemical extraction from fossil fuels is fairly convenient as compared to the manufacturing of other plastics such as bio-based plastics. 

Asia Pacific Plastic Compounding Market By Application Insights

Automotive applications dominated the market with the largest revenue share in 2023. Increasing disposable income, growing middle-class population, availability of cheap labor, and other factors are contributing to the increase in automobile production, especially in the Asia Pacific region.

Country Insights

China Plastic Compounding Market Trends

China plastic compounding market held a 56.8% share of the total market revenue in 2023. Healthy growth among the key manufacturing industries including automotive and electrical & electronics is likely to contribute substantially toward the ascending demand for plastics in China. The automotive industry in the country is expanding on account of a strong demand for cars as well as various other vehicle types including medium & heavy trucks and buses. Electric cars remain a promising category as the government is providing substantial subsidies to manufacturers and favorable discounts and incentives for customers who are buying these cars.

India Plastic Compounding Market Trends

The plastic compounding market in Indiais expected to grow at a substantial rate during the forecast period. The consumer electronics industry is majorly driving the growth of the plastic compounding market in India. The market is majorly driven by the increasing middle-class population, rising disposable income, and improving standard of living. In addition, the adoption of high-end technology devices and declining electronics prices are anticipated to fuel the market growth over the forecast period.

Asia Pacific Plastic Compounding Market Recent Developments

• In August 2022, several new products were launched by The Polyplastics Group. Topas COC, Laperos LCP, and Duracon POM are new addition to their plastic compounding product portfolio. With this launch, the company aims to cater better to the growing demand from end-use industries. 

Some of the prominent players in the Asia Pacific plastic compounding market include:

• LyondellBasell Industries N.V.
• Teijin Plastics
• Kraton Polymers Inc.
• RTP Company
• BASF SE
• SABIC
• The 3M Company
• Polyplastics Asia Pacific Sdn Bhd
• Melchers Malaysia
• Helistrom Sdn Bhd
• Sheng Foong Plastic Industries Sdn Bhd
• The Inabata Group
• CIPC Resin
• Sin Yong Guan & Co.
• Eveready Manufacturing Pte Ltd.
• Compounding and Coloring Sdn Bhd

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 from 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 com

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Asia Pacific plastic compounding market

Source

• Fossil-based
• Bio-based
• Recycled

Product

• Polyethylene (PE)
• Polypropylene (PP)
• Thermoplastic Vulcanizates (TPV)
• Thermoplastic Polyolefins (TPO)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Polyethylene Terephthalate (PET)
• Polybutylene Terephthalate (PBT)
• Polyamide (PA)
• Polycarbonate (PC)
• Polyurethane (PU)
• Polymethyl Methacrylate (PMMA)
• Acrylonitrile Butadiene Styrene (ABS)
• Others

Application

• Automotive
• Building & construction
• Electrical & electronics
• Packaging
• Consumer goods
• Industrial machinery
• Medical devices
• Optical media
• Aerospace & Defense
• Others

Country

• China
• India
• Japan
• South Korea

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