New York, United States , Sept. 18, 2023 (GLOBE NEWSWIRE) -- The Global Plastic Additives Market Size is to grow from USD 49.5 Billion in 2022 to USD 86.39 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.73% during the projected period. The growing demand for reusable and recyclable plastic, the explosive expansion of the packaging industry as a result of rising consumer goods demand, increased demand for transport packaging as a result of growing e-commerce, development in the construction and building sectors as a result of rapid gentrification, and lightning-fast advancement of the automotive sector are all driving sales growth in the plastic additive market.
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Plastic additives are components that are added to a material throughout the manufacturing process to guarantee that it functions best when manufactured and used. Plastic additives, when used correctly, have the potential to increase the life of plastics while also making them more environmentally friendly and easier to process. Protective characteristics can also be found in additives. Plastic additives are required for vinyl, blow-molding bottles, film, rigid containers, PVC plastics, siding, decks and rails, foam pipes and profile formulations, window frames, and high-efficiency lubricants. Plastic additives are utilized in many industries, including packaging, construction, automotive, consumer goods, clothes, textiles, agriculture, and medical. In terms of mechanical and electrical properties, rip resistance, and chemical endurance, plastics, particularly commercial plastics, exceed traditional materials such as metals, glass, paper, and ceramics. Furthermore, increased demand from the product packaging industry is propelling the plastic additives market predicted to rise. Furthermore, plastic additives are widely employed in the construction and automotive industries because of qualities such as increased mechanical endurance, increased pairing, higher elongation, reduced fragility, and improved flexibility.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on, "Global Plastic Additives Market Size, Share, and COVID-19 Impact Analysis, By Additives Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers, Blowing Agents, Nucleating Agents, Others), By Plastic Type (Commodity Plastic, Engineering Plastic, High-Performance Plastics), By End-Users (Packaging, Agriculture, Building & Construction, Consumer Goods, Automotive, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The plasticizers segment is dominating the market with the largest revenue share over the forecast period.
On the basis of additives type, the global plastic additives market is segmented into the plasticizers, stabilizers, flame retardants, impact modifiers, blowing agents, nucleating agents, and others. Among these, the plasticizers segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Plasticizers improve the flexibility and durability of polymers. They can be found in a wide range of polymers. However, over 90% of all plasticizers are used in the production of flexible polyvinyl chloride (PVC). The increasing need for a flexible polyvinyl chloride polymer is expected to drive the plastic additives market even further.
The high-performance plastics segment is witnessing significant CAGR growth over the forecast period.
On the basis of plastic type, the global plastic additives market is segmented into commodity plastic, engineering plastic, and high-performance plastics. Among these, the high-performance plastics segment is witnessing significant CAGR growth over the forecast period. Depending on the circumstances, high-performance polymers can tolerate temperatures of more than 150°C and up to 300°C. Rising demand for high-performance plastics in a variety of applications, including petroleum and natural gas, aerospace, nuclear, and chemicals, is expected to drive segment revenue growth.
The packaging segment accounted for the largest revenue share of more than 43.2% over the forecast period.
On the basis of end-users, the global plastic additives market is segmented into packaging, agriculture, building & construction, consumer goods, automotive, and others. Among these, the packaging segment is dominating the market with the largest revenue share of 43.2% over the forecast period. Rapid population growth, changing consumer lifestyles, economic developments, growing health consciousness among various customer segments, and breakthroughs in packaging material and technology are all major elements helping the packaging industry's success. Plasticizers, flame retardants, stabilizers, and other additives are likely to be in high demand due to the rising usage of plastics in packaging over the forecast period.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 48.7% market share over the forecast period. The plastic additives industry is quickly increasing and offers opportunities for a wide range of regional producers, particularly in China, Japan, South Korea, and India. Furthermore, the Asia Pacific area is the world's largest plastic additives market, with China leading the way with huge growth potential. Some of the fundamental drivers for the Asia Pacific plastic additives market include expanding automotive, consumer goods, and packaging industries, as well as manufacturing process improvements.
On the other hand, North America is predicted to expand the fastest during the forecast period. This is due to an increase in the usage of plastics and polymers in the packaging, construction, aerospace and defense, food and beverage, general manufacturing, and automobile industries. Furthermore, the presence of major chemical companies producing plastic additives, such as Eastman Chemical Company, The Dow Chemical Company, and others, is expected to significantly contribute to the region's revenue growth throughout the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Plastic Additives Market include Biesterfield Plastic GmbH, Eastman Chemical Company, The Dow Chemical Company, BASF SE, Evonik Industries AG, Nouryon, LANXESS AG, Kaneka Corporation, Clariant AG, Songwon Industrial Co., DuPont, ExxonMobil Chemical, Mitsui Chemical, Albemarle Corporation, and among others.
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Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- On March 2023, Cargill's plastics additives company claimed it had increased amide production at its Hull, UK, plant by constructing a new, larger reactor and strengthening infrastructure. Crodamide, Incroslip, and IncroMold are amide-based slip, anti-block, and anti-mould release additives manufactured at the Hull factory.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Plastic Additives Market based on the below-mentioned segments:
Plastic Additives Market, Additives Type Analysis
- Plasticizers
- Stabilizers
- Flame Retardants
- Impact Modifiers
- Blowing Agents
- Nucleating Agents
- Others
Plastic Additives Market, Plastic Type Analysis
- Commodity Plastic
- Engineering Plastic
- High-Performance Plastics
- Others
Plastic Additives Market, End-Users Analysis
- Packaging
- Agriculture
- Building & Construction
- Consumer Goods
- Automotive
- Others
Plastic Additives Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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