Plastic Additives Market

Plastic Additives Market Size (2023-2028):

The plastic additives market size was valued at USD 55.41 billion in 2022 and is estimated to reach USD 82.3 billion by 2028, registering a compound annual growth rate (CAGR) of 9.18% between 2023-2028

It will be helpful to improve in terms of polymers such as strength, shine, durability, and heat sensitivity. They are also added to the enhancement of process-ability, performance, or appearance of the polymer. These additives are broadly employed to enhance the existing features of plastics to obtain desired products. These additives are used in the day-to-day activities of an individual involves in plastic goods. The low cost of plastic equipment and the chemical properties of the metal are pushing them to move aside to the additives market.

A few plastic additives like chlorinated flame retardants are banned in developed nations like Canada, the United States, and the European Union. The strict government regulations in these nations are strongly opposing the growth of the plastic additives business. The pending legal suits such as patent imitation, commercial application of the banned products, etc., are also acting as limitations to this business growth. The plastic additives market is expected or predicted to grow in developing economies such as India, China, and the Japanese due to their developing economies.

Drivers in the Plastic Additives Market:

• Usage of plastics in several applications in terms of replacement of conventional materials

• Increasing disposable income and rapid urbanization across the globe.

• Asia-Pacific region in rising demands.

• The emerging markets for packaging are offering untapped opportunities.

• Agricultural and pharmaceutical applications are now in increasing demand.

Restraints in the Plastic Additives Market:

• The plastics additives market is hindered by stringent governmental regulations.

• Uncertainty and low phthalate plasticizer demand

• Rising demand for substitutes like non-degradable products

Recent developments:

• Songwon Industrial Co. Ltd. Recently a novel product, namely SONGXTEND 2124, a stabilizer solution for assisting the automotive sector in June 2016.

• Evonik Industries AG (Germany) acquired (the specialty & coating additive business of Air Products and Chemicals, Inc. (United States) in May 2016. The company to strengthen its position in the market for special & coating additives to help the acquisition.

PLASTIC ADDITIVES MARKET REPORT COVERAGE:

This research report includes the segmentation of the Plastics Additives Market until 2028.

Plastics Additives Market - By Plastic:

• Commodity plastic

• Engineering plastic

• High-performance plastic

On the basis of types of plastic, commodity plastic dominates the consumption of plastic additives. Commodity plastics comprise products like polypropylene, polystyrene, polyethylene, polyvinyl chloride (PVC), and so on. These impart specific resin properties to processed polymers it will be used. Polyethylene products have various uses in products like packaging bags, plastic films, medical packaging, greenhouse & tunnel films, and pipes

Plastics Additives Market - By Application:

• Packaging

• Automotive

• Consumer Goods

• Construction

• Others

The plastics additives market by their applications is divided as construction, packaging containers to consumer & electronics appliances, business machines, and automotive parts. The impact on strength, chemical & heat resistance, clarity, weather resistance, and color preservation properties to base polymers is the improvement in the plastic additives market. The processing of plastics by increasing heat stability, increasing MP, and lubrication that enabled plastics manufacturers to achieve higher output rates or targets and increased efficiency without reducing the quality of the final product, which are helpful for the market boom.

Plastics Additives Market - By Type:

• Plasticizers

• Flame Retardants

• Impact Modifiers

• Antioxidants

• Antimicrobials

• UV Stabilizers

• Other

The worldwide plastics additive market is dominated by plasticizers and is predicted to grow in the future due to an increase in the adoption of plastic products. The plasticizer increases the rigidity of plastic and it acts like a plastic modifier.

Plastics Additives Market – By Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia Pacific dominated the global plastic additives market in 2018. Additionally, the rising call for plastic additives from the construction industry is foreseen to supplement the Asia Pacific plastic additives business boom in the coming years. China dominated in the Asia Pacific region. Japan, South Korea, and India are expected to offer lucrative market opportunities over the next coming years.

North America is the 2nd largest region of the global plastic additives market, which is contributing to the demand. The packaging industry, in terms of propelling the plastic additives market it will be surging demand for processed food that has boosted the economy. Due to the escalating applications of plastics across various industries like automotive and packaging, the plastic additive market was dominated by the United States. Moreover, it’s driving this regional market for technological advancements in the polymer industry.

The European plastic additives market is participating to grow significantly over the forecast time period, owing to the rising demand for consumer goods. The surging demand for consumer electronics, such as smartphones and wireless speakers, and automobiles are also promoting global business. Additionally, the growing application of plastics in the packaging industry is expected or predicted in the future to fuel the plastic additives market growth.

The Latin American plastic additives market is participating to be the fastest growing business in the upcoming years, for rapid industrialization and swift urbanization. Brazil is predicted to be the largest consumer of plastic additives in the future. The Middle Eastern and African plastic additives market is assumed to grow moderately in the coming years, credited to the surging regional demand of plastic products and the rising plastic demand by the region’s packaging industry.

Key Market Players listed in the plastic additives market are

1. ASFF SE,

2. SONGWON (South Korea)

3. Clariant AG (Switzerland)

4. Evonik Industries AG (Germany)

5. PMC Group, Inc. (United States)

6. Albemarle Corporation (United States)

7. AkzoNobel NV (the Netherland)

8. Solvay SA (Belgium)

9. L. N. Chemical Industries (India)

10. Styro Chemical Industries (India)