What's driving the Plastic Additives Market Trends? Key Company Profiled BASF, Clariant AG, Bayer AG, Songwon Industries Co., Ltd, DowDuPont, Albemarle Corporation, Evonik, Kaneka, Lanxess, Sabik Imprint, ExxonMobil
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The plastic demand is increasing with every passing day due to its multiple, cost efficient and effective applications. Plastic products are used in various forms and these forms are derived through additives addition. The plastic additives act as a catalyst or fillers which help to increase the plastic properties which are useful in variety of applications. Additives enhance the plastic properties and make it safer, tougher, cleaner, heat & UV resistant and antimicrobial.
The plastic additives market is segmented into six categories namely, plasticizers, stabilizers, flame-retardants, impact modifiers, antioxidant and others. The global plastic additive market was led by plasticizers in 2017, owing to its extensive use in polymers and are comparatively cost-competitive to other additives. The product is widely used in commodity plastics to derive various end-use products. Some of the commodity plastics are polypropylene, polyethylene, polystyrene, polymethyl methacrylate and polyvinyl chloride.
Packaging sector accounted for a major market share in plastic additives market in 2017 and is likely to continue to do so in the coming years. Packaging is widely used for household and industrial purposes. Globalization and change in lifestyle have triggered the product demand in packaging industry. Increasing plastic use in consumer goods shall propel the plastic additive market growth in near future. Commercialization of automobile industry and increasing plastic additives applications in construction sector may fuel the plastic additive market growth during the forecast timespan.
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The plastic additives market in Asia Pacific has shown good growth despite of global recession and is further anticipated to grow in future. The plastic additive market in economies including China and India is showing great opportunities for investors due to cost competitive labor and high domestic consumption. The plastic additives demand in China and India has been growing in electronic, automobile, construction equipment, and toy industry.
Plastic additives market is highly fragmented and major international players are operating in the industry which includes, BASF SE, Clariant AG, Bayer AG, Songwon Industries Co., Ltd, DowDuPont, Albemarle Corporation, Evonik Industries AG, Kaneka Corporation, Lanxess, Sabik Imprint, Exxon Mobil Corporation, Mitsui Chemicals, Inc. and Biesterfield Plastic GmbH.
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