Why is the Masterbatch Market projected to register significant growth by 2026?
As per Global Market Insights, Inc., the masterbatch market is estimated to record over USD 15 billion by 2026. For the uninitiated, masterbatch is a mixture of pigments, polymer materials and additives which give color and other properties to plastics, making them highly preferred in the consumer goods and automotive sector. In the consumer goods industry, a variety of over 200 shades of colors and textures are used for insulation of cables, injection molding household items and for blow molding of bottles.
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Given to rising product demand, several masterbatch manufacturers are developing new products and opening production facilities for business expansion. For example, in 2019, major masterbatch producer and chemical company, Clariant launched its new production facility in China to meet increasing demand for specialty black masterbatches in the region.
How will color masterbatch segment contribute towards market growth?
The color masterbatch is the fastest growing product segment, with its demand expected to grow significantly over the forecast period. The product finds application in different end-use sectors such as automotive, agriculture, construction, furniture, packaging, consumer goods and aerospace. On the other hand, black and white masterbatch segments are projected to record considerable rise in demand, on account of their extensive usage in the packaging and automotive industries.
How will packaging sector contribute towards masterbatch market growth?
The packaging industry is largely driving the demand for masterbatch and is projected to gain substantial share in the market over coming years owing to growth in the overall sector. The transitioning focus of manufacturers towards aesthetic packaging of their goods for the purpose of attracting more customers is a key factor that is likely to fuel product use. Estimates meanwhile suggest that the packaging industry will account for more than USD 4.5 billion by the year 2026.
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Which region is expected to come up as a hotspot for masterbatch suppliers?
Asia Pacific is anticipated to contribute considerably towards the growth of masterbatch market over the forecast timeframe. The region is one of the largest and fastest growing markets owing to rising packaging plastic production and presence of diverse automotive industries.
On a global scale, the competitive landscape of masterbatch market comprises of companies such as Penn Color, Ampacet, RTP Company, Cabot Corporation, Clariant, Tosaf Group, A. Schulman and PolyOne. These firms are focusing on enhancing their market position by means of various tried and tested strategies like geographical expansions, new product developments, and M&As, among others. In 2020, Ampacet launched its new and cost effective, two-laser marking masterbatch solutions in order to enable high definition and high contrast laser marking on dark and clear surfaces by using advanced laser systems.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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