New York, June 07, 2023 (GLOBE NEWSWIRE) -- The plastic additives market size is anticipated to surpass USD 70 billion by 2033 and is projected to attain 5% CAGR between 2023 and 2033, as per latest study by Research Nester. Plastics are becoming the ubiquitous workhorse material in the modern economy as it has unbeaten functional properties. With fillers and additives in plastic that add bulk to it while lowering its cost, it is easier to mold, shape, and provide customization to the final product of plastics while ensuring the stability of the compounds.
Moreover, thermoplastic compounding led to the growing use of plastics in almost each and every industry, widening its demand. Additionally, plastic packaging is omnipresent not only in the industrial arena but also in the daily life of the populace all over the globe. These factors had led to the accelerated production of plastic worldwide. For instance, it was observed that with an annual growth of 4%, global plastics production reached ~370 million tons in 2021.
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Growing single use of plastic to boost plastic additives market growth
With rising globalization, changing lifestyles, increasing demand for beauty products, rising trends of takeaways and packaged food, and the growing threat of potential contamination, there is an increase in single use of plastic. People are perpetually inclined towards the use of single-use plastics owing to their advantages in safety, flexibility, cost-effectiveness, and energy efficiency. Their use in the medical industry, packaging industry, food industry, fashion industry, and others has led to their enormous demand.
Additionally, the widespread use of plastic bags, plastic bottles, cling film, bin liners, plastic packaging, and much more in the daily lives of the global population has fueled the production of single-use plastics. For instance, as per statistics from the United Nations Environment Program (UNEP), 50% of the total plastic produced is designed and manufactured for single-use purposes. Furthermore, every year, 1 million plastic bottles are purchased across the globe every minute, and ~5 trillion plastic bags are used worldwide annually.
Increasing production of plastic to drive the growth in the Asia Pacific region
The plastic additives market in the APAC region is estimated to garner the largest revenue by the end of 2033. The factors applicable to the industry growth in the region incorporate the increased production rate of plastic along with growing plastic exports from the region. In 2019, Asia accounted for more than 50% of the total global production of plastic materials. Also, the high consumption rate of plastics is a factor that is anticipated to bring lucrative growth opportunities in the plastic compounding process. It was found that the volume of plastic used in China amounted to more than 90 million metric tons in 2019. Further, the growth in the Gross Domestic Product (GDP) levels of countries in this region has resulted in rising urbanization and a rise in purchasing power, along with a boom in end-use industries, which is enlarging the demand for plastic in many direct and indirect ways in the region.
Rising need for plastic recycling to drive growth in the North America region
The North America plastic additives market is poised to garner highest CAGR by the end of 2033. This growth is attributed to the growing amount of plastic waste generated in the region owing to its widespread use in almost every product, from electronics, packaging, and vehicles to medical equipment. For instance, the total plastic waste generation in the United States reached over 70 million metric tons in 2019, which was equivalent to 221 kilograms of plastic waste per inhabitant. With plastic demand estimated to proliferate in the upcoming years, it is expected to become one of the biggest environmental issues in the region. It is projected that plastic waste generation will grow to 142 million metric tons by 2060. With these above-mentioned factors, there is an increasing demand for plastic recycling in the region, along with the use of plastic compatibilizers that are vital for reprocessing waste plastics into useful second-generation products. In the United States, more than 80% of people want to recycle more of their plastic waste.
Market Segmentation by Application (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electronics)
Plastic additives market from the automotive segment is slated to hold the largest revenue by the end of 2033. The growth of the segment is credited to the burgeoning population and their changing lifestyles, which are responsible for the rapidly increasing demand for vehicles. The rise in demand has led to enormous growth in the production of vehicles across the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of vehicles rose from 77 million units in 2020 to nearly 80 million in 2021.
Moreover, this increasing demand is projected to fuel the automotive parts industry, which is using more components made of plastic than ever before. From bumpers, wheel trim, steering wheels, and door panels that need to endure long exposure to the external elements, to the engine with plastic moldings, cables, and tubes that function in tough conditions, and high temperatures, they work effectively with the longer-life additives that are silently at work. It is estimated that the automobile component sector will contribute 5-7% of India's GDP by 2026.
Plastic Additives Market Segmentation by Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers)
The plasticizers segment is predicted to hold the largest revenue share of the plastic additives market by 2033. The segment growth is attributed to the growing use of plasticizers to soften polyvinyl chloride (PVC) to make it more flexible and bendable. It has been observed that almost 90% of all plasticizers are used in the production of flexible PVC. Flexible PVC's uses include flooring and wall coverings, electrical cable and wire insulation, medical devices, synthetic leather goods, and so forth. Additionally, the growing consumption volume of PVC, which was 42,930 thousand tons in 2016, reached 55,700 thousand tons in 2022 and is anticipated to grow further in the upcoming years.
Major participants in the global plastic additives market are BASF, Akzo Nobel N.V., Albemarle Corporation, Clariant Ltd., DuPont de Nemours, Inc., The Dow Chemical Company, Evonik Industries AG, Kaneka Corporation, LANXESS, SONGWON.
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