Plastic Additives Market by Type & Application Global Trends & Forecasts to 2021

The report "Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers), Plastic (Commodity, Engineering, and High Performance Plastic), and by Application (Packaging, Construction, Consumer Goods, Automotive) - Global Trends & Forecasts to 2021", The market size of plastic additives is projected to reach USD 50.86 Billion by 2021, registering a CAGR of 4.9% between 2016 and 2021. The growth of the plastic additives market is triggered by the rising demand from the packaging industry. Plastic additives are widely used for industrial and household purposes. Change in lifestyle and globalization have triggered the growth of the packaging industry which drives the plastic additives market.

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Browse 90 market data Tables and 52 Figures spread through 163 Pages and in-depth TOC on "Plastic Additives Market"

The global plastic additives market is highly unconsolidated with many large and small players existing in the market and having a regional presence. Currently, the global plastic additives market is dominated by a number of major players, such as Albemarle Corporation (U.S.), AkzoNobel N.V. (The Netherlands), BASF SE (Germany), Bayer AG (Germany), Chemtura Corporation (U.S.), Clariant AG (Switzerland), Dow Chemical Co. (U.S.), Evonik Industries AG (Germany), Kaneka Corporation (Japan), Lanxess AG (Germany), and Songwon Industrial Co. Ltd. (South Korea) among others. Most of these companies are leaders in the production of plastic additives types and applications. These companies are focused on investment to establish new production facilities and capacity expansion of plastic additives to achieve economies of scale, product innovation, and expansion in order to capture and improve the market share.

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Market players are concentrating on increasing their presence with expansions and product developments and expecting a surge in plastic additives demand from different industries; especially, from packaging, automotive, and consumer goods segment. The companies are investing in setting-up new facilities, mainly in emerging regions- Asia-Pacific, South America, and the Middle East to cater the growing demand from these markets.

New product development is the key strategy adopted by the major plastic additives manufactures in the recent past. For instance, Bayer AG (Germany) introduced their new range of flame-retardant polycarbonate blends in 2014. This new product demonstrates Bayer’s drive to sustainable innovation dealing with market trends and customers’ needs. Between 2010 and 2014, companies, such as The Dow Chemical Co. (U.S.), Lanxess AG (Germany), Albemarle Corporation (U.S.), and Clariant AG (Switzerland) among others adopted the strategy of new product development to be competitive in the plastic additives market.

Moreover, the leading market players are focusing on expanding their existing production facilities in order to meet the growing demand of plastic additives especially from the Asia-Pacific region. For example, in 2013, BASF SE (Germany) completed the expansion of its antioxidant product capacity in Singapore. The company saw this move as an excellent strategic match to optimize its production footprint in the Asia-Pacific region.

The market leaders have adopted different strategies for the developed and developing countries. In developed countries, the demand is expected to be low as compared to the developing countries. The strategy of the market players is focused on developing new products, expanding production capacities, and investing in emerging regions.

Plastic additives improve impact strength, chemical and heat resistance, clarity, weather resistance and color preservation properties to base polymers. Plastics additives are all types of low molecular or polymeric, organic or inorganic substances which are added to a polymeric compound to render them more useful or provide them with specific properties.
Based on different types that are manufactured, the plastic additives market has been segmented into four major types, namely plasticizers, flame retardants, impact modifiers, stabilizers, and others. Among these different types, plasticizers segment is estimated to account for the largest market share in 2013. Flame retardants are projected to grow at rapid rate between 2014 and 2019 due to the increasing demand from several applications such as consumer goods and construction.

Based on application, the plastic additives market has been classified into three key segments, namely, commodity plastics, engineering plastics, and high performance plastics. Commodity plastics are projected to be the largest as well as the fastest growing segment of plastic additives market by plastic type due to its decreasing prices and economical commercialization, and hence it has a wide-spread application is many end-use industries.

Packaging application is estimated to be the largest segment of plastic additives market. This dominance is projected to continue be the same by 2019 due to the increasing demand for attractive and sophisticated product packaging from food & beverage and agricultural end-use industries. Packaging and automotive segments are anticipated to be the fastest growing applications of plastic additives market. This is due to the growing young population in Asia-Pacific backed with rising disposable income and their increasing plastic goods consumptions.

The Asia-Pacific region dominated the plastic additives market in 2013 and accounted for approximately over 40% of the market share in terms of volume followed by North America and Europe. The developed regions, such as North America and Western Europe are relatively mature markets as compared to Asia-Pacific and other regions. Moreover, Asia-Pacific, South America, and the Middle East regions are expected to witness the fastest growth rate by 2019. The market in these regions is experiencing increase in plastic additives consumption in packaging, automotive, consumer goods, and construction applications.

In general, important factors those are expected to drive the growth in the plastic additives market include the increasing replacement of conventional metals by plastic materials in automotive application and huge demand from Asia-Pacific region. Some factors, such slow economic recovery of European countries, high barriers of entry for new players, and stringent government regulations governing the market are anticipated to restrain the growth of the plastic additives market.

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