Chicago, June 27, 2023 (GLOBE NEWSWIRE) -- The Plastic Additives Market is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6 % from USD 45.6 billion in 2021, as per the recent study by MarketsandMarkets™. Additives are added to plastics to improve their physical properties such as strength, chemical and heat resistance, clarity, weather resistance, and color preservation. Plastic additives are used to modify the physical or chemical properties of polymers to reinforce their mechanical properties, making them stronger and better for end-use applications. They are used in a variety of applications. Some of the important end-use applications of plastic additives are packaging, consumer goods, construction, and automotive.
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Browse In-Depth TOC On "Plastic Additives Market”
294 - Market Data Tables
62 - Figures
284 - Pages
List of Key Players in Plastic Additives Market:
- BASF SE (Germany)
- Clariant AG (Switzerland)
- Albemarle Corporation (U.S.)
- Songwon Industrial Co. Ltd. (South Korea)
- Nouryon (Netherland)
- LANXESS AG (Germany)
- Evonik Industries AG (Germany)
- Kaneka Corporation (Japan)
- The Dow Chemical Company (U.S.)
Drivers, Restraints and Opportunities in Plastic Additives Market:
- Drivers: Replacement of conventional materials with plastic
- Restraints: Stringent government regulations governing plastic industry.
- Opportunity: Cost effectiveness and commercialization of plastic.
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Key Findings of the Study:
- Packaging is the largest end-use industry for plastic additives market during the forecast period.
- Europe is estimated to be the second-largest plastic additives market during the forecast period.
- APAC is expected to be the largest plastic additives market during the forecast period, in terms of value and volume.
Additives are used to improve the properties of polymer to enable production of better finished products. The plastic additives market is segmented into five-six categories based on type: plasticizers, stabilizers, flame retardants, impact modifiers, blowing agents, nucleating agents, and others. Of Among these categories, plasticizers are the most widely used type of plastic additives type, followed by flame retardants. A major part of plasticizers is used in polyvinyl chloride. Plasticizers are highly used in manufacturing PVC products for construction applications. The plastic market heavily depends on additives to strengthen the properties of plastic to be used for several applications such as food packaging, automotive interiors and exteriors, storage containers, homecare, and industrial equipment. All these products are manufactured from polymers that are mixed with a complex blend of materials called additives to enhance their physical or chemical structure. Plastic additives impart unique properties to the polymer to which they are added.
The plastic additives market is segmented into three categories based on plastics: commodity, engineering, and high-performance plastics. Manufacturers produce different types of additives depending on the plastic grade and specific application. The demand for commodity plastics is expected to grow due to the increasing use of polyolefin plastic packaging in food & beverages and pharmaceutical applications. Commodity plastics are widely used thermoplastics. They are produced in large volume owing to their low raw material cost and abundant availability. The most common commodity plastics are PS, PE, PP, PVC, ABS, and PMMA. Engineering plastics which possess excellent physical properties for efficient and prolonged use. These polymers can work under wide temperature ranges, various mechanical stresses and in various chemical environments. High-performance plastics are thermally stable plastics, which can withstand temperatures above 1500C. These plastics have superior mechanical properties.
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The plastic additives market is segmented based on major five applications: packaging, construction, consumer goods, automotive, agriculture, and others. The increasing use of plasticizers and flame retardants in various applications such as electronic goods, panels, packaging films, bottles, caps, containers, PVC pipes, floor covering, cables, household goods, toys, automotive parts, greenhouse films, and textile fibres is driving the plastic additives market. Plastic additives such as stabilizers, impact modifiers, blowing agents, nucleating agents and others are now widely used to enhance the physical and chemical properties of plastics and plastic products. End-use industries such as packaging, consumer goods, and automotive have increased the use of plastics in their end-products.
Because of region, APAC is projected to be the largest market for plastic additives market during the forecast period. APAC is the most promising market for plastics and related industries, including plastic additives. It is the largest and fastest-growing market for plastic additives. The increasing demand from packaging, consumer goods, and automotive applications is driving the market for plastic additives in the region. The rising purchasing power of the middle-class population also acts as a key market driver. The rising demand for environment-friendly products is driving innovation in the plastics industry. High-end products such as consumer goods and electronic devices demand damage-free surfaces. Thus, the need for anti-scratch products arises, which drives the market for plastic additives.
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