As per the research report ‘North America Plastic Compounding Market Forecast 2027 By Product, By Industry, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America plastic compounding market is expected to reach a valuation of USD 23.38 billion by the year 2026.

Increasing consumer awareness regarding the detrimental effects of plastic waste on the environment as well as flourishing automotive and consumer goods industries are driving North America plastic compounding market growth.

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Innovations in the form of bioplastics are steadily gaining momentum as they are crucial in limiting the usage of petroleum sources, which contributes significantly to reduction in carbon dioxide emissions, thus augmenting the industry outlook.

Based on the application spectrum, the automotive industry utilizes a major portion of compounding plastics as nearly one third of the components that make a car are comprised of plastic. Apart from this, plastic also facilitates in improving safety, performance, and reducing the weight of the vehicle making it fuel efficient.  

Meanwhile, the consumer goods segment is anticipated to record a CAGR of 6.7% through 2026, attributable to the extensive usage of plastics as a packaging material in a variety of consumer goods such as television sets, refrigerators, food processors, and microwaves for marketing purpose.  

On the other hand, the construction segment also contributes significantly to overall market remuneration, as plastic is a crucial component in the construction of building panels, glazing, window or door profiles, pipes, sealants, and adhesives among others to extend their performance and lifespan.

Speaking of the product landscape, the thermoplastic segment accounted for 88% volume share in industry in 2019, due to growing product adoption in the automotive sector as it is lower in density, making it an excellent choice in reducing weight of the vehicle. ‘

Geographically, the United States and Canada are poised to emerge as lucrative growth avenues over the forecast period, as both nations are encouraging the integration of plastic in automobile manufacturing, creditable to stringent government regulations that aim to reduce pollution levels and improve fuel efficiency.

The competitive terrain of North America plastic compounding market space is defined by key players such as RTP Company Inc., Foster Corporation, Saudi Basic Industries Corporation (SABIC), Aurora Plastics LLC, Kraton Corporation, Solvay S.A., LyondellBasell Industries N.V., The Dow Chemical Company, and BASF SE.