The global plastic additives market is estimated to reach USD 79.4 Billion by 2028. Plastic additives are ingredients that are added to polymers to improve their strength, durability, and heat sensitivity. The day-to-day activity of an individual involves plastic goods that are made from polymer mixed with a complex blend of materials known as additives. Plastic additives are added to enhance the process-ability, performance, and appearance of the polymer. Plastic additives have found widespread applications in construction, packaging, automotive, consumer goods, and other applications.
As growing technological advancements are shifting government focus towards the adoption of biodegradable plastics from traditional polymers, consumption of bio-based plasticizers, stabilizers, and other plastic additives is expected to increase at a robust pace in the coming years. Moreover, increasing application of lightweight, highly resistant, and high-performance polymers in auto parts and construction products development is anticipated to aid the growth of the plastic additive market, globally.
The major players operating in the Global Plastic Additives Market include Songwon Industrial Co. Ltd., Albemarle Corporation, Clariant AG, BASF SE, The Dow Chemical Company, Bayer AG, Evonik Industries AG, Kaneka Corporation, Lanxess AG, and other major notable players.
Plastic Additives Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 79.4 Billion|
|Growth Rate||CAGR of 6.34% during 2021-2028|
|Segment Covered||Type, Plastic Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Key Players Profiled||Plastic Additives Market include Songwon Industrial Co. Ltd., Albemarle Corporation, Clariant AG, BASF SE, The Dow Chemical Company, Bayer AG, Evonik Industries AG, Kaneka Corporation, Lanxess AG, and other|
Key Segments of the Global Plastic Additives Market
Type Overview, 2018-2028 (USD Billion)
- Flame Retardants
- Impact Modifiers
Plastic Type Overview, 2018-2028 (USD Billion)
- High Performance Plastic
Application Overview, 2018-2028 (USD Billion)
- Consumer Goods
Regional Overview, 2018-2028 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- Replacement of conventional materials by plastics in several applications coupled with increasing disposable income and rapid urbanization has led to market boost.
- Rising demand from the Asia-Pacific region has opened an opportunity for investments.
What does the report include?
- The study on the Global Plastic additives Market includes qualitative insights such as drivers, restraints, challenges, and opportunities
- Additionally, the market has been evaluated using Porter’s five forces analysis
- The study covers a qualitative and quantitative analysis of the market segmented based on type, plastic-type, and application. Moreover, the study on the plastic additives market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the Global Plastic additives Market is suitable for all the players across the value chain including component and raw material providers, manufacturers, distributors, and other intermediaries across the value chain
- Venture capitalists and investors looking for more information on the future outlook of the Global Plastic additives Market
- Consultants, analysts, researchers, and academicians looking for insights shaping the Global Plastic additives Market
High demand from the automotive and packaging industries is expected to drive the market demand in North America. The plasticizer increases the rigidity of plastic and acts as a plastic modifier. The second-largest market of plasticizers is covered by flame retardants followed by impact modifiers. The demand for plastic products is increasing day by day due to its multiple, cost-effective, and efficient applications. Plastic products are used in various forms in a market. Additives enhance the property of plastics and make them safer, cleaner, tougher, heat and UV resistant, and antimicrobial. Furthermore, stringent food, environmental, and medical regulations by regulatory bodies including the EPA and FDA are expected to contribute to high market demand in the coming years. Emerging economies of Asia and South America such as China, India, and Brazil are witnessing high industrial output due to increased economic activity, which, in turn, is giving rise to manufacturing sector growth. Major corporations that are dominant in North America and Europe are gradually shifting their plastics production capabilities to cater to high potential markets in the Asia Pacific and South America. This factor is expected to drive additive consumption in the respective regions.
Packaging is a process to preserve and protect the quality and shelf-life of different products, such as electronic goods, medicines & drugs, processed & semi-processed foods, and hardware items. The major drivers that aid the growth of the packaging industry are rapid urbanization, changing consumer lifestyle, economic trends, rising health awareness among different classes of consumers, and development in packaging material & technology. The various properties of plastics, such as durability; low cost; resistance to corrosion and water & chemicals; low thermal conductivity; and others make it suitable for use in various applications. The rise in the use of plastics in heavy and light packing drives the demand for plastic additives. The demand for plasticizers, flame-retardant, and stabilizers is growing with the increasing demand for plastics in packaging.
Rising industrial output and increased economic activity in emerging economies of Asia and South America are expected to drive the global industry over the forecast period. Regulatory bodies such as the European Commission (EU) amended acts such as the Restriction of Hazardous Substances (RoHS) to regulate and control plasticizers, flame retardants, and other additives owing to adverse effects on human health and the environment. The growing packaging industry coupled with the increased demand from the retail industry drives the market of plastic additives in the region. Polymer industries are witnessing high growth in developing nations such as India and Brazil due to their growing economies. The Middle East & Africa is projected to be the second-fastest-growing market for plastic additives between 2021 and 2028. This growth is attributed to rising packaging and automotive sectors in the region.