Selbyville, Delaware,, March 28, 2023 (GLOBE NEWSWIRE) --
The plastic additives market valuation is estimated to exceed USD 85 billion by 2032, as reported in a research study by Global Market Insights Inc.
Robust sales of convenience food products and rising consumer spending on packaged retail items would foster market growth. The convenience food sector requires large quantities of food-grade plastic for packaging purposes. In recent years, the packaged food business has improved owing to the changing consumer behavior and adoption of modern lifestyle. Hectic urban standard of living has encouraged consumers to choose these foods as they are more convenient to prepare and consume. Apart from these factors, rapid globalization and growth in the e-commerce sector would facilitate plastic additives market growth.
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The agriculture end-use segment is likely to witness gains at nearly 5.5% from 2023 to 2032. Farmers employ plasticultures in greenhouse coverings, nets, silage film, mulch, and other products to increase crop production efficiency and quality while using lesser precious resources. These are used to fulfill important needs like high opacity, high extrusion temperature, strength, UV stability, cheap cost, high chemical resistance, etc. With the rising demand for various additives added to these plasticultures, the market is set to grow exponentially.
The plastic additives market from the flame retardants segment is predicted to observe around 6% growth rate up to 2032. Flame-retardant plastic items are highly recommended in cases of fire and other risks. Polymers often spread or start fires, as they are organic substances and break down into volatile flammable products when exposed to heat. Materials and products should be made of flame-retardant chemicals or materials to prevent or slow the spread of fire. Efforts are currently made towards creating more environmental and long-lasting flame-retardant materials. Bio-based organizations have gotten a lot of attention when it comes to novel flame retardants. Such development activities are projected to influence market growth.
The engineering plastics is poised to depict a 7% CAGR between 2023 and 2032. Engineering plastic is used extensively in a variety of sectors, including automotive, consumer goods & appliances, electronics, and recyclable plastics. In order to increase performance, weatherability, impact resistance, processability, melt strength, lubricity, flow control, and cost efficiency, a broad variety of additives are added to engineering plastic, which is increasing product demand.
Europe plastic additives market is slated to record growth at over 7% from 2023 to 2032. The demand for plastic additives in the automotive sector of Europe will be driven by the increasing usage of polypropylene for parts and components of vehicles that focus on lowering the weight of the vehicle. Europe being a significant car manufacturing hub, has cutting-edge production methods. Research activities for the development of lightweight vehicles and electric vehicles are anticipated to drive the market.
BASF, Kaneka Corp., LANXESS AG, Clariant Ltd., Albemarle Corporation, Evonik Industries AG, Nouryon, Songwon Industrial Co., Ltd, EXXON MOBIL CORPORATION, and DOW Plastic Additives are some of the leading players in the global plastic additives market. In September 2022, Evonik Industries opened a new innovations hub at its Allentown site. The aim is to facilitate the testing and processing of plastics for medical implants, 3D printing, and much more. Such initiatives help improve the scope and standing of the companies in the global market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Plastic additives industry 3600 synopsis 2018 - 2032
2.1.1 Business trends
2.1.2 Type trend
2.1.3 Plastic type trends
2.1.4 End use trends
2.1.5 Regional trends
Chapter 3 Plastic additives industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2018 - 2032
3.2.1 Impact of Covid-19 on industry forecast
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Raw material analysis
3.6 Pricing Analysis
3.7 Regulatory landscape
3.8 Innovation & Sustainability
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.2 Industry pitfalls & challenges
3.10 Growth potential analysis, 2022
3.11 Porter's analysis
3.12 PESTEL analysis
3.13 Impact of COVID-19 on plastic additives market , by End use
3.14 Impact of Russia Ukraine war on plastic additives market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
