The Europe plastic compounding market size is projected to reach USD 18.4 billion by 2025, according to a new report by Grand View Research, Inc., registering a 5.7% CAGR during the forecast period. Plastic consumption has increased rapidly in automotive and electrical and electronics industries. This can be attributed to regulatory intervention to improve fuel efficiency by reducing vehicle weight, thus reducing carbon emissions. This trend has driven automotive OEMs to adopt plastics as a substitute for metals such as steel and aluminum for fabricating automotive components.
The compounding industry is a key component of the Europe plastics industry. The number of compounders in Central and Eastern Europe is increasing rapidly. Of the total compounding facilities in Europe, only 10% are fully integrated. However, these compounders manage about 50% of the overall demand in the region. Exports from Poland and Hungary have witnessed a significant increase since 2016.
The European market has witnessed a progressive increase in consumption of white goods, especially in the electronics industry. Plastics are used extensively in manufacturing white goods due to its properties such as electrical insulation, heat insulation, lightweight, design flexibility, durability, and energy-efficiency.
They are used in the production of hygienic and attractive knobs, liners, handles, door facings and internal fittings on refrigerators, housings tops, and lids or closures of dishwashers and washing machines. Increasingly aging European population and cost pressures on the healthcare sector have further increased need for electronic innovations.
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Europe Plastic Compounding Market Report Highlights
• On the basis of product, the value of polyethylene terephthalate is projected to ascend at a revenue-based CAGR of 7.0% from 2019 to 2025 as it is 100% recyclable
• By application, automotive dominated the market in terms of revenue, with a share of over 21.7% in 2017 as need for energy-efficient cars keeps on increasing. Rising demand for lightweight passenger vehicles expected to further augment consumption over the forecast period
• The Germany plastic compounding market is anticipated to reach USD 4.6 billion by 2025, owing to presence of a large number of formulator production facilities. With growing awareness of sustainability, the country also leads in the production of recycled PET
• The market for plastic compounding is characterized by a high degree of product innovation as manufacturers are investing heavily to capture the potential market and replace heavier substitutes while maintaining quality standards as per European norms
• Some of the key industry participants are BASF SE, Dow Chemical Co., SABIC, LyondellBasell Industries, and Covestro.
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Europe Plastic Compounding Market Segmentation
Grand View Research has segmented the Europe plastic compounding market on the basis of product, application, and country:
Europe Plastic Compounding Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Polyethylene, (PE)
• Polypropylene, (PP)
• Thermoplastic Vulcanizate, (TPV)
• Thermoplastic Polyolefin (TPO)
• Polyvinyl Chloride (PVC)
• Polyethylene Terephthalate (PET)
• Polybutylene Terephthalate (PBT)
• Acrylonitrile Butadiene Styrene
Europe Plastic Compounding Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
• Electrical & Electronics
• Industrial Machinery
• Medical Devices
• Optical Media
Europe Plastic Compounding Regional Outlook (Revenue, USD Million, 2014 – 2025)
• Czech Republic
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Browse More Related Report:
Plastic Compounding Market Size, Share & Trends Analysis Report By Product (PE, PP, TPV, TPO, PVC, PS, PET, PBT, PA, PC, ABS), By Application (Automotive, Optical Media), By Region (APAC, Europe), And Segment Forecasts, 2021 – 2028
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