According to the new market research report “Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers), Plastic Type (Commodity, Engineering, and High-Performance), Application (Packaging, Consumer Goods) and Region- Global Forecast to 2026″, is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6 % from USD 45.6 billion in 2021. Additives are added to plastics to improve their physical properties such as strength, chemical and heat resistance, clarity, weather resistance, and color preservation. Plastic additives are used to modify the physical or chemical properties of polymers to reinforce their mechanical properties, making them stronger and better for end-use applications. They are used in a variety of applications. Some of the important end-use applications of plastic additives are packaging, consumer goods, construction, and automotive.
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Packaging is the largest end-use application of the plastic additives market. APAC was the largest market for plastic additives in 2020, in terms of both volume and value. Factors such as growing demand from packaging industry, rapid industrialization in growing economies like China & India and increasing demand for plastic molds in electric vehicles will drive the plastic additives market.
The major factor that aids the growth of the packaging industry is rapid urbanization, changing consumer lifestyle, economic trends, and rising health awareness among different classes of consumers and development in packaging material and technology. The various properties of plastics, such as durability, low cost, resistance to corrosion and water & chemicals, and low thermal conductivity make them suitable for use in various applications. Rise in the use of plastics in heavy and light packing drives the demand for plastic additives. The demand for plasticizers, flame retardants, and stabilizers is growing with the increasing demand for plastics in packaging.
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The plastic additives market is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6% from USD 45.6 billion in 2021.
Growth of the plastic additives market is primarily triggered by rising demand from the packaging sector. Packaging is widely used for industrial and household purposes, Changes in lifestyle and globalization have triggered growth of the packaging industry, which has boosted the plastic additives market. The plastic additives market is also driven by the increasing use of plastics in day-to-day applications. Some of the common applications of plastic additives are roofing, storage containers, pipes, cables, electronics, toys, kitchenware, safety gear, cosmetic articles, household products, seat belts, door panels, greenhouse films, and silage sheet. The market is also driven by the rapidly developing industrial sector in emerging economies such as India, Brazil, and Mexico.
The key players in this market are BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (U.S.), Songwon Industrial Co. Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and The Dow Chemical Company (U.S.). The global and regional players have sizable shares in the plastic additives market. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally.
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BASF SE is the largest manufacturer of plastic additives, with operations in over 80 countries. The company’s strong R&D capabilities enable it to provide innovative solutions and meet the changing market demands in the short- and long-term by building a strong technology base. The company operates through seven business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions. and others. BASF offers plastic additives through its industrial solutions segment. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East countries. BASF SE constructed a new plant for plastic additives business in Pontecchio Marconi Italy. This expansion will help to strengthen the company’s position of light stabilizer. With this expansion they will be able to deliver wider range of NOR solutions increase the revenue. In April 2021, BASF SE launched biomass balanced plasticizers with renewable raw materials saving the fossil resources and reducing co2 emission. This will help company in contributing towards recycling of plastic waste and increase the use of renewable raw materials.
The Dow Chemical Company consistently innovates and develops new products. The company has been focusing on new product development and investing in R&D initiatives to manufacture plastic additives based on innovative technologies. The company serves various end-use industries, including appliance, automotive, agricultural, construction, chemical processing, electronics, oil & gas, packaging, paints & coatings, personal care, and pharmaceutical. The company’s operations including production unit and sales offices are spread across North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific. The company has been actively investing in the production of new plastic additives with superior properties. It focuses mostly on the North American and European markets but is now slowly moving toward the growing Asia Pacific and Latin America regions.
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Mr. Aashish Mehra
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Research Insights: https://www.marketsandmarkets.com/ResearchInsight/plastic-additives-market.asp
Mr. Aashish Mehra MarketsandMarkets INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: 1-888-600-6441 Email: firstname.lastname@example.org Research Insights: https://www.marketsandmarkets.com/ResearchInsight/plastic-additives-market.asp