The global plastic additives market is estimated to reach USD 79.4 Billion by 2028, at a CAGR of 6.34% during the forecast period from 2021 to 2028. Growing awareness about the impact of chemicals on the environment and ecosystem has propelled the demand for eco-friendly products. As plastic additives are ecofriendly, easy to manufacture, and cost-efficient, calls more sale of the product of the plastic additive in the global market.
According to the statistics, the Plastics additives market is likely to report considerable revenue coupled with substantial growth during the forecast period as growing demand, increasing disposable incomes, raw material affluence, changing consumption tendencies, Plastics additives market trends, and stable market structure are fueling the growth of the global Plastics additives industry. The industry holds the potential to radically influence its peers and parent Plastic additives markets alongside the international financial system.
The rapid industrialization across the globe is one of the key factors driving the growth of the market. Furthermore, the replacement of conventional materials used in the production of consumer goods and various textiles, agricultural and medical products is also providing a boost to the market growth. For instance, plastic products with enhanced mechanical and electrical properties are used in place of traditionally used materials, such as glass, paper, ceramic, and metal. Additionally, the rising product demand from the packaging industry is also creating a positive outlook for market growth.
At present, the global plastic additives market has a high degree of competition and exhibits a predominantly fragmented nature. This nature of the market is the result of several prominent players that are controlling the dynamics. However, this nature of the market poses a tough challenge for the new players who are willing to enter the global plastic additives market. On the other hand, the established players are adopting the strategies of acquisition and research and development. With the help of acquisition, the players are acquiring new resources that can enhance the production capacity and operations of their business. This further allows the players to gain new customers and operate in untapped regions by updating their portfolio of products. This also allows the players to bring new and innovative products in the global plastic additives market which further results in better customer retention leading to market growth in the forecasted period.
Adroit Market Research report on the global plastic additives market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities, and challenges. The market has been studied for the historic year from 2018 to 2020, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at the global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global plastic additives market have been studied in detail.
The global plastic additives market is segmented based on type, plastic type, application and, region. Based on types, plasticizers, stabilizers, flame retardants, and impact modifiers, by plastic type into a commodity, engineering, and high-performance plastic, by application into packaging, construction, consumer goods, and automotive.
Songwon Industrial Co. Ltd., Albemarle Corporation, Clariant AG are some of the leading players in the global market. These players are involved in the production of plastic additives for diverse applications in various sectors. Companies involved in the manufacturing of products for the infrastructure sector are highly integrated across the value chain and carry out operations beginning from production to sales and distribution of the products to various locations.
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. The plastic additives market is a moderately consolidated market with the presence of major players in the market. Key players in the market are implementing mergers and acquisitions, product launches, expansions strategy to improve the market share.
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