Plastic Additives Market worth $57.0 billion by 2028 Globally, at a CAGR of 5.6 %, says MarketsandMarkets™

Chicago, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Global Plastic Additives Market is projected to reach USD 57.0 billion by 2028, at a CAGR of 5.6 % from USD 43.5 billion in 2023, as per the recent study by MarketsandMarkets™. Plastic additives are a wide set of chemical chemicals or substances that are used with polymers to modify and improve their properties. These additives play an important role in defining the properties and performance of plastic materials, making them safer, more durable, and adaptable to a variety of applications. Plastic additives are utilized in a variety of plastic applications, including packaging, construction, automotive, consumer goods, and others. Plastic additives are necessary components in the manufacture of plastic products. During the production process, they are mixed with the base polymer to obtain specified results. Plastic additives' principal role is to improve the mechanical characteristics of polymers.

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Browse In-Depth TOC On "Plastic Additives Market”

291 - Market Data Tables
65 - Figures
275 - Pages

List of Key Players in Plastic Additives Market:

1. BASF SE (Germany)
2. Clariant AG (Switzerland)
3. Albemarle Corporation (U.S.)
4. Songwon Industrial Co. Ltd. (South Korea)
5. Nouryon (Netherland)
6. LANXESS AG (Germany)
7. Evonik Industries AG (Germany)
8. Kaneka Corporation (Japan)
9. The Dow Chemical Company (U.S.)

Drivers, Restraints and Opportunities in Plastic Additives Market:

1. Drivers: Replacement of conventional materials with plastic
2. Restraints: Stringent government regulations governing plastic industry.
3. Opportunity: Cost effectiveness and commercialization of plastic.

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Key Findings of the Study:

1. Plasticizers estimated to be the largest type of plastic additives market during the forecast period, in terms of value.
2. Packaging was the largest application in plastic additives market in 2022, in terms of value.
3. Asia Pacific estimated to account for largest market share in plastic additives market during the forecast period, in terms of value.

The plastic additives market is experiencing significant growth driven by several key factors. Plasticizers are the most used form of plastic additive.  The plasticizers segment is the largest in the plastic additives market because of the broad range of applications, the adaptability of plasticizers to meet regulatory and environmental requirements, and the significant demand from industries like construction, automotive, and packaging. These factors collectively contribute to the prominence of plasticizers in the plastic additives market.

The commodity plastics dominate the plastic additives market due to their widespread use in everyday products, versatile applications across multiple industries, cost-effectiveness, and ongoing innovations in plastic additives to enhance their properties and meet regulatory and environmental demands. These factors collectively contribute to the large market share of commodity plastics in the plastic additives market.

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Based on plastic type, the plastic additives market is segmented as commodity plastics, engineering plastics, and high-performance plastics. Commodity plastics stands out as the largest segment in terms of value, globally. Commodity plastics have a dominant presence in the plastic additives market for several reasons such as high consumption volume and diverse applications. On the other hand, engineering plastics and high-performance plastics segment is also experiencing rapid growth.

Based on application, the plastic additives market has been categorized into various segments, including packaging, construction, consumer goods, automotive, and others. Notably, the packaging segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the consumer goods segment is forecasted to exhibit the second highest CAGR in terms of value between 2023 and 2028. This remarkable growth and increase in demand in both the sectors are due to the growing manufacturing and consumer goods industry. In consumer goods, plastic additives play a significant role in the consumer goods industry by enhancing the performance, appearance, and safety of plastic materials used in a wide range of products.

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