Westford, USA, March 10, 2023 (GLOBE NEWSWIRE) -- The masterbatch market is experiencing remarkable growth, mainly influenced by the North American region, followed by Europe. One of the significant factors driving this growth is the increasing substitution of metal parts with plastic, leading to an extended service life of plastic materials and plastic goods. Moreover, the rising emphasis on utilizing plastic in the automotive industry to reduce vehicle weight and increase fuel economy is expected to fuel the market in the projected period. As plastic has become a vital component in various industries, such as packaging, electronics, and consumer goods, the demand for masterbatches has also increased.
According to SkyQuest, the plastic packaging industry is poised for substantial developments in the coming years, with projections indicating that the global market could reach USD 474.74 billion by 2028. This growth is expected to impact related markets, such as the masterbatch market, positively. Masterbatch is a concentrated mixture of additives used in plastic manufacturing to achieve desired properties, such as color, UV resistance, or flame retardancy. With the increasing demand for plastic packaging, the demand for masterbatch is also expected to rise.
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- Tables - 97
- Figures - 76
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Masterbatch is a dense polymeric mixture with additives that are encapsulated. It is employed in the plastics industry to change the basic polymer's dispersion, elasticity, and aesthetic qualities. In addition, they are used to add color and to improve the beneficial features of polymers, such as anti-fog, antistatic, antilocking, UV stabilizing, and flame retardancy.
Prominent Players in Masterbatch Market
- Penn Color Inc.
- Dainichiseika Color & Chemicals Mfg. Co. Ltd.
- Plastiblends
- Avient Corporation
- Clariant
- Jiangsu Pulaike Hongmei Masterbatch Co., Ltd.
- Cabot Corporation
- Hurbron International
- Primex Color
- Tosaf Compounds Ltd.
- Americhem
- High Technology Masterbatches S.L.
- Compounding & Additives
- RTP Company
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Black Masterbatch Segment Register Remarkable Growth due to its Versatility, Cost-Effectiveness, and Compatibility with Various Polymers
The black masterbatch segment held the largest share of the global masterbatch market in 2021. Moreover, this segment is projected to experience even higher growth in the coming years, with a higher CAGR estimated from 2022 to 2030. In particular, the automotive and transportation industry is a major consumer of black masterbatch due to its extensive use in tire production. With the growth of the automotive industry and the increasing demand for high-quality, durable tires, the demand for black masterbatch is likely to continue to grow in the coming years.
As per the research, the Asia Pacific region has shown the most rapid growth rate in the masterbatch market during 2021. This growth can be attributed to various end-use industries, such as automotive and transportation, packaging, building and construction, and consumer goods. In addition, the building and construction sector also utilizes masterbatch products in various applications, such as pipes, cables, and roofing. These products provide excellent resistance to weathering, UV radiation, and chemical exposure, making them suitable for harsh environments.
Packaging Masterbatch Segment to Capture Largest Share owing to its High Demand, Customizable Solutions, and Sustainability
According to recent market research, the packaging masterbatch sector was the dominant player in the masterbatch market in 2021, and it is anticipated to continue its dominance through 2030. This is largely due to the growing demand for packaging in various industries, including retail, industrial, and consumer packaging, which includes both flexible and rigid packaging options. Flexible packaging, in particular, is expected to grow significantly due to its versatility and ease of use. This type of packaging can be used for a wide range of products.
As per market analysis, Europe was the second-largest masterbatch market globally in 2021, and this trend is expected to continue until 2030. The growth of various industries, such as packaging, consumer goods, automotive and transportation, and building and construction, is driving the market's growth in the region.
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Key Developments in Masterbatch Market
- Cabot Corporation, a leading global performance materials company, has introduced a new black masterbatch called PLASBLAK XP6801D. This innovative masterbatch is specifically designed to cater to the needs of the styrenics market, providing a solution that addresses the trade-off between color and mechanical properties often seen in similar products. What sets PLASBLAK XP6801D apart from other masterbatches is its unique formulation based on styrene-acrylonitrile (SAN).
- Amapacet, a leading global manufacturer of masterbatch solutions, has recently announced an extension of its Scratchshield product line. With the new extension, Amapacet is further expanding its Scratchshield line of products to meet the market's growing demands for high-quality, durable, and scratch-resistant plastics. By incorporating Scratchshield into their products, manufacturers can ensure that their plastic products remain scratch-free and retain their aesthetic appeal, even after extended use.
- Avient Corporation, a leading provider of color solutions, has announced the completion of an expansion project at its Vietnam plant in Binh Duong. This expansion will boost the company's production capacity for color concentrates, enabling it to offer faster delivery and better service to its local customers. By providing unique color solutions that enhance the visual appeal and quality of end products, Avient aims to meet the evolving demands of its customers. This move will help the company to strengthen its position in the market, enabling it to capitalize on the growing demand for high-quality color solutions.
Key Questions Answered in Masterbatch Market Report
- What are the expected factors that will drive the market's progress in the near future, and how will they impact the overall growth?
- How have recent market conditions affected the global market's growth, and what trends drive this growth?
- Which regions are projected to experience the most substantial growth in the global market, and what are the driving factors behind this growth?
- What emerging trends or technologies are likely to impact the future growth of the global market, and how significant will their impact be?
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