Plastic Additives Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2027
Market Scenario
The plastic additives market is predicted to touch a
revenue of USD 900 billion by the end of 2023. The market is anticipated to
expand at a staggering CAGR over the assessment period (2018-2023) owing to the
increasing awareness of the consumers regarding food contamination, asserts
Market Research Future (MRFR). Plastic additives are significant chemical components
which are added to polymer or plastic to modify, alter, and enhance its
chemical and physical properties. The end-product which is obtained after the
addition of additives exhibit physical properties such as increased density,
lower glass transition temperature, and reduced weight.
Drivers and Restraints Impacting the Market
Plastic additives serve almost all end-user
industries where polymer products are in use. With the growing consumer
awareness regarding food contamination from containers along with loose sold
food products are driving the market growth over the forecast period. Also, the
shifting consumer trend from sedentary to a healthier lifestyle when it comes
to consuming healthier food is favoring the growth for packaging industry. With
the growing use of eco-friendly packaging materials, the global plastic
additives market is expected to stimulate over the assessment period. Moreover,
the rapid urbanization along with changing lifestyle of the people is
anticipated to trigger the demand for plastic additives over the assessment
period.
On the flip side, extensive manufacturing of such
products might inhibit the market growth to some extent over the assessment
period. Moreover, strict government interventions and growing environmental
awareness to regulate commercial application of plastic product may impact the
market growth negatively over the years.
Global Plastic Additives Market: Segmental Analysis
The global Plastic Additives Market has been segmented on the basis of end-use industry, type, and
region.
By mode of type, the global plastic additives market
is segmented into impact modifiers, antioxidants, UV-stabilizers, plasticizers,
flame retardants, antimicrobials, and others. Among these, the plasticizers
segment was estimated to lead the market. Use of plasticizers is banned in toys
and childcare articles due to their carcinogenic nature. Growing regulations
regarding workplace safety has boosted the flame retardants industry growth.
By mode of end-use industry, the global plastic
additives market is segmented into automotive, packaging, agriculture,
electrical & electronics, building & construction, consumer goods, and
others. Among these, the packaging industry holds the largest share owing to
its properties such as low reactivity, lightweight, availability in various
colors, moisture and chemical resistance, and others.
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Regional Insights
Geographically, the plastic additives market spans
across regions namely, North America, Asia Pacific, Europe, Latin America, and
the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to
dominate the market globally due to the growing demand for the product from the
packaging industry along with the increasing population. Moreover, Japan,
China, and India are the major contributors due to the presence of end-use
industries such as building and construction, packaging, and consumer goods.
The North American region is estimated to hold the
second-largest share owing to the growing demand for packaging in industrial
and household applications. The US is the major contributor in this region
owing to the presence of high technological advancements and presence of major
market players.
Europe also holds a significant market share owing
to the growing R&D activities in plastic materials. The U.K, Belgium,
Germany, and the Netherlands are the major economies in this region
contributing to the market growth. Meanwhile, the Latin American region along
with the Middle East and Africa holds relatively less market share.
Competitive Analysis
Some of the important players operating the global
market for plastic additives are AkzoNobel NV ( the Netherland), L. N. Chemical
Industries (India), Solvay SA (Belgium), SONGWON (South Korea), Evonik
Industries AG (Germany), PMC Group Inc. (the U.S), Clariant AG (Switzerland),
Albemarle Corporation (US), BASF SE (Germany), Styro Chemical Industries
(India), and more
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