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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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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:
|Forecast CAGR||5.7 %|
|2028 Value Projection||USD 75.20 Billion|
|Plastic Additives Market Size in 2021||USD 51.04 Billion|
|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|
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)
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.
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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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.
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:
Table of Content:
- 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)
- Flame Retardants
- Impact Modifiers
- By End-Use (Volume/Value)
- Consumer Goods
- By Region (Volume/Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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