Chicago, March 25, 2024 (GLOBE NEWSWIRE) -- The Global Masterbatch Market size was USD 12.9 billion in 2023 and is projected to reach USD 16.8 billion by 2028, at a CAGR of 5.4%, as per the recent study by MarketsandMarkets™. Manufacturers of masterbatch from North America and Europe are focusing on expansion of their manufacturing facilities in economies that are emerging due to their tax benefits, cost-effective labour, low-cost setup, and increasing demand for masterbatch. Masterbatch is available in granular shape for the ease of processing plastic products.
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List of Key Players in Masterbatch Market:
- Avient Corporation (US)
- Ampacet Corporation (US)
- LyondellBasell Industries Holdings B.V. (US)
- Cabot Corporation (US)
- Plastika Kritis S.A. (Greece)
- Plastiblends (India)
- Hubron International (UK)
- Tosaf Group Ltd (Israel)
- Penn Color, Inc. (US)
- Americhem (US)
Drivers, Opportunities and Challenges in Masterbatch Market
- Drivers: Replacement of metals with plastics in automotive applications
- Restraint: Longer lead time and need for exposure to heat
- Opportunity: High demand for masterbatches in black polyester fibres
- Challenge: Non-biodegradability of plastics
Key Findings of the Study:
- Color type segment to account for a larger share in the masterbatch market in 2022.
- Polypropylene to lead the masterbatch market during the forecast period.
- The packaging segment accounts for the larger share of the masterbatch market in 2022.
- Asia Pacific is expected to be the fastest-growing region, in the overall masterbatch market, during the forecast period.
Based on type, the masterbatch market is segmented based on type into color, additive, black, white, and filler. Color masterbatch accounts for a major share of the overall masterbatch market, as it is easily available and used extensively to process polymers. It is used in a wide range of applications because of its mechanical, heat resistance, and weather resistance properties. They are used in applications such as packaging, building & construction, automotive, consumer goods, textile, and agriculture.
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Based on polymer, the masterbatch market is segmented into PP, LDPE & LLDPE, HDPE, PVC, PET, PS, PUR, and others. LDPE & LLDPE is projected to be the fastest-growing polymer segment in the overall market. These polymers are widely used for manufacturing packaging bags, general plastic films, medical packaging, mulch films, greenhouse & tunnel films, and pipes.
Based on Application, the masterbatch market is segmented into packaging, building & construction, automotive, consumer goods, textile, agriculture, and others. Packaging is estimated to be the largest application of masterbatch. It is widely used for industrial and household purposes. Changes in lifestyle and globalization have triggered the demand for preservative-added food, beverages, courier services, and packaging products, which is driving the masterbatch market.
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Among the various regions, Asia Pacific is estimated to be the largest and fastest growing masterbatch market. The growing packaging industry, along with increasing demand for masterbatch from the retail industry, is projected to drive the market in the region. The Asia Pacific masterbatch market is defined by the presence of numerous small and large domestic players providing customized products and services to end-users that require various amounts of masterbatch.
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