Artificial Intelligence
Plastic Additives Market Worth USD 75.20 Billion by 2028 | Growth at 5.7% CAGR
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Pune, India, Feb. 24, 2023 (GLOBE NEWSWIRE) — The global plastic additives market size was USD 51.04 billion in 2021 and is projected to reach 75.20 billion by 2028, exhibiting a CAGR of 5.7% during the forecast period. The market size stood at USD 48.41 billion in 2020. Escalating demand for personal protective equipment (PPE) amid the COVID-19 pandemic is expected to propel the growth of this market, states Fortune Business Insights™ in its report, titled “Plastic Additives Market Size, Share Growth and Regional Forecast, 2021-2028.”
The plastic additives market has a significant scope; as plastic additives are essential components in the manufacturing process of various plastic products. Plastic additives are chemicals that are added to plastic to enhance its performance, functionality, and durability.
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Market Scope:
The market scope of plastic additives includes several application areas, such as packaging, automotive, construction, electronics, and consumer goods. The demand for plastic additives is increasing due to the growing demand for plastic products in various industries, including packaging, construction, and automotive. The plastic additives market is expected to grow significantly due to increasing awareness about the benefits of plastic additives, such as improved performance, enhanced quality, and reduced production costs.
The key factors driving the plastic additives market’s growth include the increasing demand for lightweight and high-performance plastics, growing environmental concerns, and rising disposable income in developing countries. The increasing demand for plastic additives in the Asia Pacific region, especially in China and India, is expected to boost the market’s growth further.
Overall, the plastic additives market has a broad scope, driven by the demand for high-performance and environmentally friendly plastics across various industries.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.7 % |
| 2028 Value Projection | USD 75.20 Billion |
| Base Year | 2021 |
| Plastic Additives Market Size in 2021 | USD 51.04 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 300 |
| Segments Covered | By Type, End-user and Regional Insights |
| Plastic Additives Industry Growth Drivers | Replacement of conventional materials with plastic |
| Rising Demand for Polymers in Automotive Manufacturing to Fuel Market Growth |
Market Segments:
The market is divided into plasticizers, flame retardants, stabilisers, impact modifiers, and others based on type. Plasticizers, which lower the viscosity of polymer materials and improve their flexibility, accounted for a significant portion of the market in 2020. The plastic additives market is divided into packaging, construction, automotive, consumer products, and others according on end-use. The packaging segment is expected to gain the largest share during the forecast period. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Middle East and Africa.
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List of Key Companies Profiled in the Market:
- Mitsui Chemical (Tokyo, Japan)
- SABIC (Riyadh, Saudi Arabia)
- Kaneka Corporation (Tokyo, Japan)
- Dow Chemical Company (Michigan, U.S.)
- Clariant AG (Muttenz, Switzerland)
- ExxonMobil Chemical (Texas, U.S.)
- Lanxess AG (Cologne, Germany)
- Evonik Industries AG (Essen, Germany)
- BASF SE (Ludwigshafen, Germany)
- Songwon Industrial Co. Ltd. (Ulsan, South Korea)
Driving Factor:
Rising Acceptance of Plastics by Numerous Industries to Drive Business
Plastic is widely utilised in a variety of applications, including automotive, aerospace and military, packaging, chemical, construction, general manufacturing, and electronics. It’s outstanding qualities, such as strength, dependability, flexibility, and the capacity to endure pressure and heat, are generating demand for its derivatives, which is boosting its usage.
These type of polymers are less expensive than traditional materials including wood, metals, and composites, and is so replacing them. This is likely to have a beneficial influence on the additives industry. Furthermore, one of the primary drivers driving the packaging industry is the rising e-commerce sector throughout the world, which is supporting plastic additives market growth. These type of polymers are also used in the production of automobile parts due to its lightweight nature and cheaper cost. Lighter automotive parts reduce fuel consumption, which in turn increases the efficiency of the vehicle.
Regional Insights
High Plastic Production in China to Stimulate Growth in the Asia Pacific Market
The plastic additives market has a global presence, with key regions being North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Here are some insights into the regional markets:
- North America: The North American plastic additives market is driven by the growing demand for lightweight and high-performance plastics in various industries such as automotive, packaging, and construction. Stringent regulations governing the production of plastics by the U.S. Environmental Protection Agency (EPA) have forced companies to develop biodegradable plastic additives
- Europe: The European plastic additives market is driven by the demand for high-performance plastics, particularly in the automotive and packaging industries. The market is also influenced by the growing awareness of the benefits of using environmentally friendly plastic additives.
- Asia Pacific: The Asia Pacific plastic additives market is expected to experience significant growth due to the increasing demand for plastic products in various industries such as automotive, construction, and packaging. China and India are the key markets in the region, driven by the growing population, urbanization, and increasing disposable income. Asia Pacific, where the market size stood at USD 18.04 billion in 2020, is anticipated to hold a prominent position in the plastic additives market share during the forecast period.
- Latin America: The Latin American plastic additives market is driven by the growing demand for plastic products in various industries, such as packaging, construction, and automotive. The market is also influenced by the increasing adoption of environmentally friendly plastic additives.
- Middle East and Africa: The Middle East and Africa plastic additives market are driven by the increasing demand for plastic products in various industries, such as construction and automotive. The market is also influenced by the growing awareness of the benefits of using plastic additives to enhance performance and reduce production costs.
Overall, the plastic additives market is expected to grow globally, driven by the demand for high-performance and environmentally friendly plastics in various industries.
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Competitive Landscape
Exciting Collaborations among Key Players to Enhance Market Potential
To meet the rising demand for bio-based polymers, key players in this market are entering into exciting partnerships to develop and market eco-friendly materials. Furthermore, a few companies such as BASF are expanding the applicability of additives in less-explored domains such as infrastructure and construction.
Industry Developments:
The plastic additives industry is constantly evolving with new developments, innovations, and emerging trends. Here are some recent developments in the plastic additives industry:
- Growing demand for biodegradable plastic additives: With increasing awareness about environmental issues and sustainability, there is a growing demand for biodegradable plastic additives that can help reduce the environmental impact of plastic products. Biodegradable plastic additives are being developed and commercialized to provide eco-friendly alternatives to conventional plastics.
- Increased use of antimicrobial plastic additives: With the outbreak of the COVID-19 pandemic, there has been an increased demand for antimicrobial plastic additives that can help prevent the spread of viruses and bacteria. Antimicrobial plastic additives are being developed and commercialized to provide enhanced protection in various applications such as healthcare, food packaging, and consumer goods.
- Development of high-performance plastic additives: There is a growing demand for high-performance plastic additives that can improve the durability, strength, and resistance of plastic products. High-performance plastic additives such as flame retardants, UV stabilizers, and impact modifiers are being developed and commercialized to meet the increasing demand for high-quality plastic products.
- Use of sustainable raw materials: The plastic additives industry is increasingly focusing on the use of sustainable raw materials such as bio-based feedstocks and renewable energy sources. This is driven by the need to reduce the environmental impact of plastic additives and create a more sustainable industry.
- Adoption of digital technologies: The plastic additives industry is adopting digital technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) to enhance efficiency, productivity, and quality. Digital technologies are being used to optimize production processes, improve product design, and enhance customer experience.
Overall, the plastic additives industry is undergoing rapid development and innovation, driven by the need to meet changing market demands, enhance sustainability, and improve performance.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/plastic-additives-market-104448
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Plastic Additives Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Plastic Additives Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- By Type (Volume/Value)
- Plasticizers
- Flame Retardants
- Stabilizers
- Impact Modifiers
- Others
- By End-Use (Volume/Value)
- Packaging
- Construction
- Automotive
- Consumer Goods
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Toc Continued…!
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
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