Plastic Additives Market to Witness Increasing Growth $57.8 Billion BY 2020
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Decreasing mineral ore sources have increased the cost of metal equipment, which has triggered the application of plastics to replace the metal equipment. The low cost of plastic equipment and properties that match metal equipment is also pushing the higher adoption of plastics in a number of applications. Thus the demand for additive which enhances the properties of plastics is also on rise. The companies involved in manufacturing of additives are majorly concentrating on specialty chemicals that are used in construction and automobile equipment.
The global plastic additives market growth is dampened by strict government regulations as some plastics additives such as Chlorinated flame retardant are banned in countries, namely Canada, U.S. and the European Union. The pending legal suits are also hindering the growth of plastic additive market. Companies are facing problems with lawsuits such as patent imitation suit, commercial application of banned product etc.
The plastic additives manufactures have high focus on developing economies due to economical advantages. Asia-Pacific is the largest revenue generating region among other geographies due to the availability of low cost raw material and economical work force. However, the availability of economical work force in under developed economies such as in Africa is also attracting the global players. The Asia-Pacific and Rest of the world region shared 42.1% revenue in 2013 which is expected to soar to 60% by 2020. The increase in consumption of plastic products and raising awareness for the preservation of depleting resources is facilitating the growth of plastic additive market in these regions.
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Plastic additive market by type is segmented into Plasticizers, Flame Retardants, Impact Modifiers, Antioxidants, Anti-microbial and UV Stabilizers. The plastic additive market by types is ruled by plasticizers in terms of volume as well as values. The plasticizers market was valued of $21.4 billion in 2013 and expected to lead in terms of revenue generation throughout the analysis period. The multiple applications of plasticizers in manufacturing plastic products are promoting the market as compared to others segments. The flame retardants plastic additives market has highest growth potential which is forecast to grow at a CAGR of 5.4% during 2013-2020. Furthermore, antimicrobial market which is expected to grow at a moderate growth is promoted due to increase in demand for disposable products in healthcare industry.
Plastic additives market is expected to grow in developing economies such as India, China, and Japan. The developing economies are more lucrative for the global players operating in this market due to availability of low cost labors and raw materials.
The companies involved in the manufacturing of chemicals are trying to capture the natural resources to create monopolistic environment in supply chain of plastic additive and other chemicals market. Recently, Neftegaz America Shelf (a subsidiary of Roseneft) acquired 30% shares of deepwater exploration of ExxonMobil (Gulf of Maxico). This agreement had initiated the production and refining of petroleum products in that block. Key companies included in the company profiles are BASF, Chemtura Corporation, Exxon Mobil Corporation, Bayer Ag, Clariant Ltd. and Kaneka Corporation.
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