Market Scope
Market Research Future (MRFR) projects the plastic additives market 2022 to observe top notch growth from 2022-2030. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Main Barriers
The COVID-19 outbreak has emerged as a highly disruptive pandemic worldwide, pausing all the manufacturing activities and weakening the demand for plastics. Plastics’ processing and production has also gone down, following the global lockdown. The novel coronavirus has negatively affected almost all the key end-users in the plastic additives market, which can be a major growth deterrent. However, with the whole world struggling to curb the spread of the SARS-CoV-2 infection, the focus at present is on bolstering the healthcare system. Healthcare packaging products like vials, cartridges and syringes are observing high demand amidst the pandemic to meet with the escalating demand.
Companies are rushing to fortify their supply chains to fulfill the growing demand for medical plastics in the healthcare sector. Numerous plastic types that are used in manufacturing of medical devices are being developed by leading firms for the fight against COVID-19. For instance, in April 2020, Celanese Corporation pledged to produce more plastic additives for the manufacturing of respirators, ventilators and various vital medical supplies and equipment. To cite another instance, in April 2020, Solvay entered a partnership with Boeing to manufacture protective equipment for medical front liners fighting to bring down the COVID-19 impact. Solvay is expected to supply medical-grade, high-performance transparent film to Boeing for use in the production of face shields. The thermoplastic film is made of Solvay’s Udel polysulfone (PSU) or Radel polyphenyl sulfone (PPSU).
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Some other growth boosters in the global market can be the mounting consumer awareness with regard to food contamination due to the container as well as the toxic health effects of loose food products. The growing shift from sedentary lifestyle to a healthier one, and the consequent surge in the preference for healthy food, also favors the packaging industry and ultimately the plastic additives market. A fast emerging market trend is the rising demand for eco-friendly packaging materials along with the increasing researches in the green chemistry field. The greater focus on reusing plastic materials could also foster market growth in subsequent years.
Renowned Companies
A few of the renowned companies in the global industry are L. N. Chemical Industries (India), Clariant AG (Switzerland), BASF SE (Germany), Styro Chemical Industries (India), Albemarle Corporation (US), Evonik Industries AG (Germany), SONGWON (South Korea), Solvay SA (Belgium), PMC Group, Inc. (the U.S), AkzoNobel NV (the Netherland), to mention a few.
Market Segmentation
The plastic additives market can be dissected with respect to type and end-use industry.
The key types of plastic additives are antimicrobials, plasticizers, antioxidants, impact modifiers, UV-stabilizers, flame retardants, and more.
The major market end-user industries are automotive, building & construction, packaging, agriculture, electrical & electronics, consumer goods, and others.
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Regional Insight
Geographically, the key markets for plastic additives are APAC/Asia Pacific, Europe, MEA/Middle East & Africa, North America as well as Latin America.
As the leading market, APAC has gained high momentum backed by the expanding consumer base and the growth of the packaging industry. India, Japan and China are some of the top contributors to the said growth, given the extensive presence of prominent end-users like consumer goods, building & construction and packaging. Many of the leading manufacturers of plastic additives are highly focused on researches to develop non-toxic products, which helps bolster the product demand. The rising government intervention in commercializing plastic products also widens the application scope of plastic additives in areas such as automobile, construction and healthcare in the region.
North America is presently in the second lead, thanks to the dramatic spike in the demand for packaging in industrial and household applications in recent years. The United States/US remains the most profitable market in the region, considering the massive pool of world renowned players and the continuous technological innovations that take place in the polymer industry. Significant achievements in the green chemistry field and the surge in environment-based awareness have also encouraged market growth in North America.
Europe stands as another strong market contender, as a result of the high number of research and development activities with respect to plastic materials that take place in the region. Germany, the U.K, Netherlands and Belgium are key markets in the region. Latin America and MEA hold relatively smaller share in the global market, but there are chances of better growth in the coming years, in view of the expanding plastics industry in these regions.
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