Plastic additives are special chemicals added to plastics or polymers to modify or alter its composition and chemical structure. It can modify its rheology, increase the flame-retardancy, and lower production cost. The global Plastic Additives Market Size report by Market Research Future (MRFR) entails pertinent trends and growth opportunities for industry participants with accurate projections for the period of 2022-2030 (forecast period).
Market Scope
The global plastic additives market is expected to exhibit a remarkable CAGR during the forecast period to touch a size of USD 65.85 billion by 2028. Development of additives to increase its weather resistance can drive the market demand exponentially. Applications in majority of end-use industries are likely to hike its demand in the coming years. Rise in consumer awareness of food contamination and adverse effects of consumption of loose foods are likely to trigger the demand for plastic additives. The shift to a healthier lifestyle by consumers will positively influence market demand.
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The use of sustainable materials can fuel the global plastic additives market growth. Rapid urbanization of cities in developing countries and changing lifestyles of consumers will warrant the need for effective plastic products. Automotive and packaging sectors are the biggest consumers of plastic additives due to the wide portfolio of products they manufacture.
Segmentation
The global plastic additives market is segmented on the basis of type and end-use industry.
By type, the market is segmented into UV-stabilizers, plasticizers, antimicrobials, flame retardants, impact modifiers, antioxidants, and others. Plasticizers may dominate the global market due to heavy demand for flexible polyvinyl chloride (PVC). But its carcinogenic properties may stunt its growth in the market in the coming years. However, development of non-phthalate plasticizers and demand in flexible packaging may fetch good returns.
On the basis of end-user industry, the global plastic additives market is segmented into electrical & electronics, packaging, agriculture, building & construction, consumer goods, automotive, and others. The packaging segment may generate massive demand for the global plastic additives market due to need for plastics with certain characteristics. Low cost and easy availability of plasticizers can assist the segment growth.
Regional Analysis
Geographically, the global plastic additives market is divided into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and Latin America.
APAC can dominate the market owing to the burgeoning industries of packaging, consumer goods, building & construction, and automotive in China, India, and Japan. Increased economic growth of nations and shift of production facilities of major corporations to these nations may augur favorably for the global plastic additives market. Preference of plastics with characteristics of UV resistance, flame retardancy, corrosion resistance, and impact strength will be pivotal in regional market growth.
North America is bound to generate heavy demand for the global plastic additives market due to automotive and packaging sectors. Laws by regulatory bodies such as EPA and FDA can influence the demand in the coming years. The U.S. is one of the biggest contributors in the region owing to technological breakthroughs in green chemistry and polymers.
Europe can control a majority of the plastic additives market due to industries in the Netherlands, Belgium, Germany, and the U.K. On the other hand, MEA and Latin America may experience a modest growth rate during the assessment period.
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Competition Outlook
AkzoNobel NV, Clariant AG, SONGWON, L. N. Chemical Industries, Albemarle Corporation, PMC Group, Inc., Evonik Industries AG, Solvay SA, Styro Chemical Industries, and BASF SE are key players of the global plastic additives market. Developments of plastics to make it sustainable for the environment and reduce its decomposing rate are prime strategies of industry participants.
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