In 2017, the global packaging additives market size was USD 757.4 million and is projected to continue to grow on account of growing demand for sophisticated packaging materials for food & beverage, pharmaceutical, and healthcare industries in order to protect the packed item from contamination and provide more durability.
US Packaging Additives Market, 2015-2025 (USD Million) (Tons)
Packaging additives are added in resins during the polymer melt stage in order to strengthen the properties of the material. The market for global packaging additives is expected to grow due to increasing demand for packaging from food & beverage industries, pharmaceuticals, cosmetics among others.
The global Packaging Additives market is projected to reach $762.349 Million by 2028, growing at a CAGR of 5.09%
In 2017, the oxygen scavengers segment accounted for 60.3% of the global packaging additives market share, in terms of volume, and are expected to witness the highest gains over the forecast period. Oxygen scavengers are becoming increasingly attractive among food manufacturers due to its advantages such as oxygen absorption at an optimum rate, and no production of toxic substances, gas or odor. Keeping in mind the numerous advantages as compared to other counterparts, the growth outlook for the global packaging additives market looks bullish.
The rigid packaging segment which comprises cans, tins, containers, plastic boxes, and cardboards among others is an expensive type of packaging and provides better protection as compared to the flexible packaging which is very cost effective and provides packaging in bags and pouches that is sealed using heat and pressure.
In the year 2017, the global packaging additives market share was dominated by the food segment constituting of more than 40%. With the growth of the global food industry, there are tremendous lucrative opportunities for the development of the global packaging additives market size. Increasing preferences towards sweet/savory snacks, baby food, confectionery, and frozen food are expected to fuel the demand for food packaging market thus, driving the growth of the global packaging additives market.
Global Packaging Additives Market Share, By Revenue, By Application, 2017 (%)
Cosmetics & personal care segment is also expected to show lucrative growth at a revenue CAGR of 3.3% on account of increased consumer spending on cosmetics from emerging economies. Increasing demand for skincare as well as the fragrance is expected to drive the demand as these are some of the leading market contributors to the global personal care products market growth.
In the year 2017, Asia Pacific dominated the market with and the similar trend is expected to continue over the forecast period. Asia Pacific region is anticipated to grow with the fastest volume CAGR of 4.7% over the foreseeable future pertaining to factors such as growing food and beverages segment in the region. Lucrative growth of FMCG industry in India is one of the major market drivers within the region.
The growth of the packaging additives market is also driven by the abundant availability of raw materials in the region and the consumer base of more than 1.2 billion people. Also according to the Ministry of Food Processing Industries (Government of India), the total consumption in the FMCG sector is expected to reach USD 1.142 trillion by 2025 up from USD 369 billion in 2017. With such a huge potential from one of the fastest developing countries in the Asia Pacific region, the market for packaging additives holds tremendous growth opportunities during the forecast period.
The global packaging additives market is marked by the presence of well-established players. Key players within the market include BASF SE, ALTANA, Arkema Inc., MHM Holding GmbH, ADEKA CORPORATION, SONGWON, Amcor Limited, Addivant, DuPont, DIC CORPORATION, and Flint Group among others. Key vendors are concentrating on expanding plant capacities to cater to growing demand. For instance, in 2017, Croda International Plc invested GBP 27 million to increase polymer additives plant capacity located in Hull, UK. Additionally, Clariant announced a capacity expansion in May 2017 of its facilities located in China for packaging, and inks & coatings.
Packaging Additives Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||$762.349 Million|
|Growth Rate||CAGR of 5.09 % during 2021-2028|
|Segment Covered||by Function, Formulation, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Arkema, AkzoNobel NV, ALTANA Group, Colormatrix Group, BASF SE, Henkel, Flint Group, Lubrizol Corporation, PPG Industries Inc., Sun Chemical Corporation, Huber Group, Wacker Chemie AG, and Valspar Corporation.|
Key segments of the global packaging additives market
Type Overview, 2015-2025 (USD Million) (Kilo Tons)
- Antimicrobial agents
- Anti-fog agents
- Antistatic additives
- Clarifying agents
- Oxygen scavengers
- UV stabilizers
Packaging Type Overview, 2015-2025 (USD Million) (Tons)
Application Overview, 2015-2025 (USD Million) (Tons)
- Pharmaceutical & Healthcare
- Cosmetics & Personal Care
Regional Overview, 2015-2025 (USD Million) (Tons)
- North America
- United Kingdom
- Asia Pacific
- Central & South America
- Middle East and Africa