The Global Automotive Plastic Compounding Market was $290.2 Mn in 2020, and it is expected to reach $568.2 Mn by 2031. It is eventually growing at a commendable high compound of annual growth rate CAGR of 6.1% between 2021-2031. According to the ODD, Automotive Distributors’ Association, the sales of passenger cars and light commercial vehicles jumped by 60% year-on-year in July 2020 owing to the support of marketing campaigns and easing of lockdown measures. The global automotive plastic compounding industries exhibit significant growth potential both from the international and domestic markets. The average per capita plastics consumption is relatively lower in the region than in the rest of the EU, which offers significant investment opportunities for turkey automotive plastic compounders. However, the demand for automotive vehicles in the country is expected to drive market growth during the forecast period. Now, moving forward, the robust demand for the global Automotive Plastic Compounding market in the compounding department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
The Global Automotive Plastic Compounding Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Automotive Plastic Compounding market is segmented as product and application. Based on Product, the global Automotive Plastic Compounding market has been divided into Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polyamide (PA), Thermoplastic Elastomer (TPE), and Others. Based on Application, the global Automotive Plastic Compounding market has been bifurcated as Instrument Panels, Powertrain, Door Systems, Interior Components, Exterior Fascia, Under-the-hood, and Others.
By Region, North America is Holding the Major Market Share
The Global Automotive Plastic Compounding Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America has a significant share among those regions. Increasing awareness for plastic material and global pollution is the major factor for the growth of the market over the region. The growing demand for automotive vehicles is another factor in the development of the market. Increasing disposal incomes, availability of various international retail, and other potential factors drive the market over the forecast period. Apart from that, the Asia Pacific and the Rest of the regions are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Automotive Plastic Compounding Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Petkim Petrokimya Holding A.Ş., Alfa Polimer İnovasyon Plastik A.Ş., Tisan Mühendislik Plastikleri San. Tic. Ltd. Şti., Elastron TPE, EPSAN, Pimar-Plastics Limited, MASKOM Plastik San. ve Tic. Ltd. Şti., ALBIS Distribution GmbH und Co. KG, Tosaf, LANXESS, PolyOne Corporation, LyondellBasell Industries Holdings B.V, EUROTEC A.S., Kingfa, and SABIC among others.
The Global Automotive Plastic Compounding Market Has Been Segmented into:
Global Automotive Plastic Compounding Market: By Product
Global Automotive Plastic Compounding Market: By Application
Global Automotive Plastic Compounding Market: By Region