Plastic Additives Market Overview By Size, Share, Trends, Growth Factors, Historical Analysis, Opportunities and Industry Segments Poised for Rapid Growth by 2028

The global plastic additives market size was USD 48.41 billion in 2020. The market is projected to grow from USD 51.04 billion in 2021 to USD 75.20 billion in 2028 at a CAGR of 5.7% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 4.9% in 2020.

Holistic assessment of the factors driving and restraining the market;
Comprehensive analysis of all possible market segments;
Careful evaluation of the key market players and their strategies; and
Detailed research into the regional dynamics shaping the market growth.
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Restraining Factor

Staggering Plastic Pollution Levels Worldwide May Limit Market Growth

The plastic additives market growth is likely to be inhibited owing the uncontrollable level of plastic pollution facing the world currently. According to the UN Environment Program (UNEP), at present, nearly 300 million tons of plastic waste is generated every year. A team of researchers led by the University of Leeds in the UK estimates that 1.3 billion tons of plastic will be dumped on land and in the oceans between 2016 and 2040. The researchers also point out that even if immediate measures are put in place, 710 million tons of plastic waste will still be discarded into the oceans and on lands worldwide. This may cast a dark shadow on the adoption of plastic additives in various end-use industries such as automotive and food & beverages as these industries are determinedly utilizing materials that are eco-friendly and biodegradable, in response to growing consumer awareness about sustainable development.

Regional Insights

High Plastic Production in China to Stimulate Growth in the Asia Pacific Market

Asia Pacific, where the market size stood at USD 17.24 billion in 2019, is anticipated to hold a prominent position in the plastic additives market share during the forecast period. This is mainly attributable to the massive production of plastics and polymers in China, which accounts for roughly 30% of the global production of these materials. In addition to this, countries such as India and Vietnam are experiencing a rapid expansion of their domestic packaging industry, which is further augmenting the demand for advanced plastic derivatives in the region.

In North America, stringent regulations governing the production of plastics by the US Environmental Protection Agency (EPA) have forced companies to develop biodegradable plastic additives. Meanwhile, in Europe, the market is expected to undergo dynamic growth on account of the increasing demand for lightweight plastic materials in the region's automotive industry.

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Competitive Landscape

Exciting Collaborations among Key Players to Enhance Market Potential

To meet the rising demand for bio-based polymers and plastics, key players in this market are entering into exciting partnerships to develop and market eco-friendly plastic materials. Furthermore, a few companies such as BASF are expanding the applicability of plastic additives in less-explored domains such as infrastructure and construction

Industry Developments:

March 2020: Clariant and Floreon teamed up to explore and expand the performance of biopolymers, while retaining their environmental benefits. The collaboration will be based on an integration of Clariant's additive expertise and Floreon's know-how of material requirements.
March 2020: BASF's light stabilizers were utilized by Megaplast India, a leading polyethylene manufacturer, to create nonwoven geotextiles for constructing national highways. The additive package is crucial to stabilize the production process and prolonging the service lifespan of the geotextiles.
List of Key Companies Profiled in the Plastic Additives Market Report:

Mitsui Chemical (Tokyo, Japan)
SABIC (Riyadh, Saudi Arabia)
Kaneka Corporation (Tokyo, Japan)
Dow Chemical Company (Michigan, U.S.)
Clariant AG (Muttenz, Switzerland)
ExxonMobil Chemical (Texas, U.S.)
Lanxess AG (Cologne, Germany)
Industries AG (Essen, Germany)
BASF SE (Ludwigshafen, Germany)
Songwon Industrial Co. Ltd. (Ulsan, South Korea)

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This release was published on openPR.