Portland, OR, Sept. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plastic additives market generated $50.6 billion in 2021, and is projected to reach $83.8 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $50.6 billion |
| Market Size in 2031 | $83.8 billion |
| CAGR | 5.3% |
| No. of Pages in Report | 389 |
| Segments Covered | Type, plastic type, application and region |
| Drivers | Extensive utilization of plastic additives in the automotive and construction industries |
| Rapid Industrialization | |
| Opportunities | Increase in the popularity of low-cost automobile interiors |
| Increase in the use of plastic additives to maintain appearance and properties, thermal protection, long-term durability, and for maintenance of integrity of polymer properties during processing | |
| Restrains | Stringent government regulations related to the use of plastic additives |
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COVID-19 Scenario:
- The global plastic additives market experienced a negative impact due to the prevalence of lockdowns in numerous countries around the world. Plastic additives were used in number of industries including automotive, construction, textiles, and electronics.
- Lockdown resulted in the closure of production and manufacturing facilities and activities across these industries, which in turn adversely impacted the growth of the plastic additives market.
- Besides, strict ban on the import and export of goods were imposed by the government, which further aggravated the impact on the market.
- These restrictions were imposed by the government to significantly limit the outbreak of the virus during the pandemic.
- However, the increase in the demand for PPE kits manufactured from medical-grade plastic to compact the spread of COVID-19 is anticipated to serve as an opportunity for the market to regain its previous momentum.
The report offers detailed segmentation of the global plastic additives market based on type, plastic type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the plasticizers segment held the largest market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segments of the market such as flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others.
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Based on plastic type, the high-performance plastic segment held the dominating market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The commodity plastic segment, on the other hand, is expected to cite the fastest CAGR of 5.6% during the forecast period.
By application, the building and construction segment held the largest market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The automotive segment, on the other hand, is expected to cite the fastest CAGR of 6.0% during the forecast period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is predicted to cite the fastest CAGR of 5.7% during the forecast period.
The key players analyzed in the global plastic additives market report include Albemarle Corporation, Badische Anilin- und SodaFabrik SE, Clariant Ltd., Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess Corporation, Nouryon, and Songwon Industrial Co. Ltd.
The report analyzes these key players in the global plastic additives market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
