Plastic Additives Market Type & Application - Global Forecast 2023 by BASF SE, SONGWON, Clariant AG, Evonik Industries AG, PMC Group, Inc., Albemarle Corporation AkzoNobel, Solvay SA, L. N. Chemical Industries and Styro Chemical Industries
The Global Plastic Additives Market has been segmented on the basis of End-Use Industry, Type, and Region.
By Mode of Type, the Global Plastic Additives Market is segmented into impact modifiers, antioxidants, UV-stabilizers, plasticizers, flame retardants, antimicrobials, and others. Among these, the plasticizers segment was estimated to lead the market. Use of plasticizers is banned in toys and childcare articles due to their carcinogenic nature. Growing regulations regarding workplace safety has boosted the flame retardants industry growth.
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By Mode of End-Use Industry, the Global Plastic Additives Market is segmented into automotive, packaging, agriculture, electrical & electronics, building & construction, consumer goods, and others. Among these, the packaging industry holds the largest share owing to its properties such as low reactivity, lightweight, availability in various colors, moisture and chemical resistance, and others.
Geographically, the Plastic Additives Market spans across regions namely, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Among all the regions, Asia Pacific is predicted to dominate the market globally due to the growing demand for the product from the packaging industry along with the increasing population. Moreover, Japan, China, and India are the major contributors due to the presence of end-use industries such as building and construction, packaging, and consumer goods.
The North American region is estimated to hold the second-largest share owing to the growing demand for packaging in industrial and household applications. The US is the major contributor in this region owing to the presence of high technological advancements and presence of major market players.
Europe also holds a significant market share owing to the growing R&D activities in plastic materials. The U.K, Belgium, Germany, and the Netherlands are the major economies in this region contributing to the market growth. Meanwhile, the Latin American region along with the Middle East and Africa holds relatively less market share.
The Plastic Additives Market is predicted to touch a revenue of USD 900 billion by the end of 2023. The market is anticipated to expand at a staggering CAGR over the assessment period (2018-2023) owing to the increasing awareness of the consumers regarding food contamination, asserts Market Research Future (MRFR). Plastic Additives are significant chemical components which are added to polymer or plastic to modify, alter, and enhance its chemical and physical properties. The end-product which is obtained after the addition of additives exhibit physical properties such as increased density, lower glass transition temperature, and reduced weight.
Drivers and Restraints Impacting the Market
Plastic Additives serve almost all end-user industries where polymer products are in use. With the growing consumer awareness regarding food contamination from containers along with loose sold food products are driving the market growth over the forecast period. Also, the shifting consumer trend from sedentary to a healthier lifestyle when it comes to consuming healthier food is favoring the growth for packaging industry. With the growing use of eco-friendly packaging materials, the Global Plastic Additives Market is expected to stimulate over the assessment period. Moreover, the rapid urbanization along with changing lifestyle of the people is anticipated to trigger the demand for plastic additives over the assessment period.
On the Flip Side, extensive manufacturing of such products might inhibit the market growth to some extent over the assessment period. Moreover, strict government interventions and growing environmental awareness to regulate commercial application of plastic product may impact the market growth negatively over the years.
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