The North America Plastic Compounding Market would witness market growth of 6.8% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 4,427.3 kilo tonnes, showcasing a growth of 23.2% (2020-2023).
Plastic compounds play a vital role in the building and construction industry, offering a wide range of advantages and applications. One of the primary uses of plastic compounds in this sector is in structural components, such as pipes, fittings, profiles, and panels. Thus, the Canada market utilized 455.6 kilo tonnes of plastic compounds in the market 2020.
The US market dominated the North America Plastic Compounding Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $18,371.1 million by 2031. The Canada market is experiencing a CAGR of 9.2% during (2024 - 2031). Additionally, The Mexico market would experience a CAGR of 8.3% during (2024 - 2031).
The versatility and flexibility offered by compounded plastics make them well-suited for various applications, from structural components in automotive vehicles to food packaging materials and medical devices.
Moreover, in the automotive industry, compounded plastics are used in interior and exterior components, under-the-hood parts, and lightweight structural elements to improve fuel efficiency and vehicle performance while reducing emissions.
The automotive industry in Mexico, like elsewhere, is increasingly focused on lightweighting initiatives to improve fuel efficiency, reduce emissions, and enhance vehicle performance. It offers significant weight savings compared to traditional materials such as metal, contributing to the overall lightweight goals of automakers.
Free Valuable Insights: The Plastic Compounding Market is Predict to reach USD 110.4 Billion by 2031, at a CAGR of 7.1%
Based on Product, the market is segmented into Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyethylene Terephthalate (PET), Polycarbonate (PC), Polyurethane (PU), Polymethyl Methacrylate (PMMA), Acrylonitrile Butadiene Styrene (ABS) and Others. Based on Source, the market is segmented into Fossil-based, Bio-based and recycled. Based on Application, the market is segmented into Automotive, Building & Construction, Electrical & Electronics, Packaging, Consumer goods, Industrial Machinery, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Product (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Source (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Application> (Volume, Kilo Tonnes, USD billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD billion, 2020-2031)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 