Market Analysis
Plastic Additives Market is projected to be worth USD 65.85 billion by 2028, registering a CAGR of 6.12% during the forecast period (2021 - 2028). Plastic Additives Market Size put merely, are chemicals that are utilized to polymerize, modify or process the end use characteristics of plastics. It can dramatically alter the properties of every variety of plastic. Plastic additives have wide applications including medical, agriculture, textile, consumer goods, automotive, construction, packaging and others. It plays a bigger role in every facet of plastic manufacturing. In consumer products, it used to change the appearance of plastic for cosmetic or aesthetic reasons and in the automotive industry it is used in plastic automobile bumpers to increase its strength. It can help to make plastics lighter, in food-grade and medical use it is used for maintaining safety so that the chemicals and other components do not react with the plastic box or delivery method such as tubes, bags and needles. Besides, it also keeps the food boxes safe during transportation, storage, cooling and heating of various food products. Though plastics are bad for the environment but additives are making some innovations and exciting breakthroughs which may result in certain plastics to become more environmentally friendly.
There are abundant factors that is propelling the growth of the plastic additives market. These factors as per the MRFR (Market Research Future) report include increasing use of plastic in various industries including agriculture, medical and packaging, rapid urbanization, consumers increasing disposable income, use of plastics over conventional materials, trend for healthier lifestyle and consuming healthier food, and demand for eco-friendly packaging materials. On the contrary, strict government regulations, oscillating prices of raw materials and growing awareness regarding the hazardousness of plastics are factors that may restrict the growth of the plastic additives market.
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Market Segmentation
MRFR report offers a broad segmental analysis of the plastic additives market on the basis of type and end-use industry.
Based on type, it is segmented into antimicrobials, flame retardants, plasticizers, UV-stabilizers, antioxidants, impact modifiers and others. Of these, plasticizers will have the maximum share in the market during the forecast period.
Based on end-use industry, the plastic additives market is segmented into consumer goods, construction, electrical and electronics, agriculture, packaging, automotive and others. Of these, the packaging industry will dominate the market due to its alluring properties namely chemical resistance, moisture resistance, availability of different colors, lightweight and low reactivity.
Regional Analysis
By region, the plastic additives market covers growth opportunities and latest trends across North America, Asia Pacific, Europe, Latin America and Middle East & Africa. Of these, APAC will garner key share in the market owing to increasing population and growing need for plastic additives from the packaging industry. Besides, India, China and Japan are the key contributors here owing to the existence of various end-use industries including consumer goods, packaging and construction. The plastic additives market in the North America will hold the second major share due to increasing need for plastic additives in household and industrial applications. The US is the key contributor here due to the existence of leading market players and high technological advancements. In Europe, the plastic additives market will have a significant share during the forecast period due to increasing research and development activities in plastic materials. Germany, the Netherlands, Belgium and the UK are the key contributors in this region. On the other hand, Middle East and Africa and Latin America will account for less market share.
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Key Players
Leading players profiled in the plastic additives market include Styro Chemical Industries (India), BASF SE (Germany), Albemarle Corporation (US), Clariant AG (Switzerland), PMC Group Inc. (the U.S), Evonik Industries AG (Germany), SONGWON (South Korea), Solvay SA (Belgium), L. N. Chemical Industries (India), AkzoNobel NV (the Netherland), and others.
April 2019 - PureCycle Technologies has joined hands with leading food and beverage company Nestle and plastic additives provider Milliken & Company for accelerating plastics recycling. Nestle and Milliken will help PureCycle to help deliver the world’s first ever virgin-like recycled post-consumer polypropylene.
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