Plastic Additives Market Analysis, Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2030
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 Market Analysis 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 analysis 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 analysis 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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