Slip Additives Market worth $284 million by 2024 | Key Players include Fine Organics, Croda International Inc., PMC Biogenix Inc., Honeywell International Inc., Lubrizol Corporation, BASF SE

According to recent market research "Slip Additives Market by Type (Fatty Amides (Erucamide, Oleamide, Stearamide), Waxes & Polysiloxanes), Carrier Resin (LDPE, LLDPE, HDPE, PP), Application (Packaging, and Non-Packaging), and Region - Global Forecast to 2024", The slip additives market is projected to reach USD 284 million by 2024, at a CAGR of 5.0%, from USD 223 million in 2019.

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Based on type, the slip additives market has been segmented into fatty amides, waxes & polysiloxanes, and others. The fatty amides segment has been further divided into erucamide, oleamide, and stearamide. The fatty amides segment is projected to account for the largest share of the slip additives market in terms of value during the forecast period. It is also projected to grow at the highest CAGR between 2018 and 2023, in terms of value. The growth of this segment can be attributed to the low hazardous impact on the environment as compared to petroleum-based additives.

Based on application, the slip additives market has been segmented into packaging and non-packaging. The packaging segment has been further divided into food & beverage, consumer goods, healthcare, and others. The packaging application segment is projected to lead the slip additives market during the forecast period, in terms of value. Plastic packaging of food & beverage products reduces the possibility of product contamination and protects the products from moisture and temperature. Slip additives are widely used during the manufacture of thin films and sheets to prevent friction and get the desired properties, such as better quality and thinner appearance in a packaging material.

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The slip additives market size is projected to reach USD 284 million by 2024, from USD 223 million in 2019, at a CAGR of 5.0% between 2019 and 2024. The slip additives market is expected to witness moderate growth during the forecast period owing to the increasing demand in packaging applications such as food & beverage, healthcare, and consumer goods. Rising competition and increasing concerns regarding environmental safety are encouraging manufacturers to develop packaging, which is cost-effective, requires fewer resources, and provides better protection, further supporting the growth of the slip additives market. However, stringent government regulations regarding the use of plastics are expected to hamper the growth of the slip additives market. Volatility in raw material prices might adversely affect the overall cost of production incurred by the slip additive manufacturers. The players in the slip additives market are mainly concentrating on acquisitions and expansions to meet the growing demand for slip additives from various applications. Expansion helps the companies to expand their geographical reach, garner new projects, strengthen their product & service portfolios, and cater to untapped markets.

The growth of the slip additives market has been largely influenced by acquisitions and expansions that took place between 2014 and 2019. Fine Organics (India), Croda International Inc. (UK), PMC Biogenix Inc. (US), Honeywell International Inc. (US), Lubrizol Corporation (US), BASF SE (Germany), Emery Oleochemicals (Malaysia), BYK Additives (Germany), Lonza Group (Switzerland), and Evonik Industries AG (Germany) adopted acquisitions and expansions to enhance their product offerings.

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Fine Organics (India) is one of the largest manufacturers of slip additives across the globe. The company caters to the domestic demand as well as exports its products worldwide. It has a strong product portfolio and serves the plastic and packaging industries across various regions. The company is engaged in the expansion of its business in various regions. For instance, Fine Organics started a new polymer additives manufacturing facility in Maharashtra, India, which will have expanded capacities of various polymer additives, including slip additives.

Croda (UK) is one of the leading slip additives manufacturers globally. The company has a strong presence in APAC and Europe. It is engaged in expanding its footprint across the globe and caters to the untapped markets. To achieve rapid growth, Croda is working to align R&D, marketing, and technical services. For instance, Croda invested in an expansion project at its Hull manufacturing site in Yorkshire (UK). The expansion is in line with the company's long-term capital investment plan, which will enable the Croda to meet the growing demand for slip additives in polymers by 2020. The company is one of the largest suppliers of fatty amides-based slip additives across the globe. It may acquire additional businesses and enter into joint ventures in the future.

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