Chicago, May 16, 2023 (GLOBE NEWSWIRE) -- The Masterbatch Market size is estimated to be USD 11.1 billion in 2020 and is projected to reach USD 14.3 billion by 2025, at a CAGR of 5.1% during the forecast period, as per the recent study by MarketsandMarkets™. Masterbatch is a blend of pigments, additives, and polymer materials (carrier resin). It is used as a chemical ingredient to enhance the properties of plastics and impart shades of color. Masterbatch is widely available in granular shape for easy processing of plastic products. Color, additive, black, white, and filler are the different types of masterbatches used in polymers such as PP, LDPE & LLDPE, HDPE, PVC, PET, PS, and PUR. Some of the important applications of masterbatch are packaging, building & construction, automotive, consumer goods, textile, and agriculture. Factors such as replacement of metals with plastics in the automotive industry and rising demand for masterbatch from Asia-Pacific will drive the masterbatch market.
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Browse in-depth TOC on " Masterbatch Market”
123 - Market Data Tables
44 - Figures
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List of Key Players in Masterbatch Market:
- LyondellBasell (US)
- Avient Corporation (US)
- Ampacet Corporation (US)
- Cabot Corporation (US)
- Plastika Kritis S.A. (Greece)
- Plastiblends India Ltd. (India)
- Hubron International (UK)
- Tosaf Group (Israel)
- Penn Color, Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Masterbatch Market:
- Drivers: Widely preferred coloring method
- Restraints: Extra storage space, longer lead time, and exposure to heat are a few of its limiting factors
- Opportunity: Growth in emerging economies
- Challenge: Non-biodegradability of plastics
Key Findings of the Study:
- Color masterbatch is projected to be fastest growing type for masterbatch between 2020 and 2025
- LDPE & LLDPE is projected to be fastest growing polymer for masterbatch between 2020 and 2025
- Packaging is projected to be the fastest growing application in masterbatch market between 2020 and 2025
- APAC projected to be fastest growing region for the masterbatch market during the forecast period
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Based on type, color masterbatch has the largest share in the masterbatch market. The growing need for color masterbatch in the various applications to increase the aesthetic appeal of the product is driving the color masterbatch market. There are different type of color masterbatches namely, standard color, specialty color, and tailor-made color, of which the standard color has a larger demand.
Based on polymer, the major polymer for masterbatch is PP. PP is a thermoplastic polymer having lower density and higher softening point as compared to PE. PP is used in rigid packaging, which includes caps & closure of PET bottles and thin-walled containers of yogurt. It is also used in automotive, flexible packaging, consumer products, fibers, BOPP film, carpets, and reusable products such as containers, papers, laboratory equipment, furniture, and medical instrument. The increasing consumption of PP in the packaging, textile, and building & construction industries is attributed to its developments in APAC. Therefore, driving the PP polymer based masterbatch.
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Based on application, the masterbatch market has been segmented into packaging, building & construction, consumer goods, automotive, textile, agriculture and others. Packaging is widely for the protection and transportation of goods utilized at the retail, industrial, and institutional levels. The availability of a wide variety of plastics and their adherence to regulatory standards make them the most extensively used material for packaging. Plastics can be modified in various shapes. It also provide better aesthetic appeal to the packaging, as they provide the required color, shape, size, utility, printing, weight, and protection. Growth in the use of plastics in the packaging industry is driving the demand for masterbatch.
On the basis of region, Asia Pacific is projected to be the largest market for masterbatch during the forecast period. Asia Pacific is the most promising market for plastics and related industries, including masterbatch. The region is characterized by growing population economic developments. The Asia Pacific market is segmented into China, India, Japan, South Korea, Indonesia, Taiwan, Australia & New Zealand, and the Rest of Asia Pacific (which includes Malaysia, Vietnam, and Thailand). China is the largest masterbatch market in APAC owing to the presence of major automobile manufacturing companies.
Key players in the industry are LyondellBasell (US), Avient Corporation (US), Ampacet Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd. (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US). They have adopted strategies such as agreement, expansion, and new product launch in order to gain an advantage over their competitors.
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