Plastic Additives Market will reach USD 32,314.4 million by 2027

The global plastic additives market size was valued at USD 24,814.1 million in 2020. The market will reach USD 32,314.4 million by 2027, at an estimated CAGR of 4.5% over 2020-2027. The increasing demand for plastics due to rapid urbanization and rising purchasing power among consumers has given a big boost to plastics, as it is used widely in packaging and consumer goods. Moreover, replacing conventional materials with plastics in numerous applications has also driven market growth.

Plastics are lighter and stronger than many other materials, and they are used for storage containers, roofing, pipes, electronics, cables, toys, kitchenware, cosmetic articles, household products, safety gear, etc. Plastic is an easy choice for saving weight and cost. Companies achieve an overall cost saving of 25% to 50% by converting to plastic parts. Furthermore, Plastic additives, like flame retardants, are used to meet flammability standards in furniture, textiles, electronics, and building products, like insulation. The usage of flame retardants is driving the market's growth.

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On the flip side, the stringent government regulations regarding plastic usage and ban in some countries are expected to hinder the market growth worldwide. Moreover, the recent outbreak of the COVID-19 virus is also expected to hinder the growth of the market studied, as many countries are in partial or full lockdown, which has halted manufacturing across the different parts of the world.

Global Plastic Additives Market Dynamics
Drivers: Replacement of Conventional Materials by Plastics in Several Applications
Engineering plastics, owing to their superior material characteristics, such as strength-to-weight ratio, heat resistance, and chemical stability, are increasingly being used to replace traditional materials, such as bronze, stainless steel, cast iron, and ceramics, in various major commercial and industrial sectors, including packaging, construction, and automotive.

Growing consumer awareness across the world regarding environmental protection, and the resultant demand for fuel-efficient and lightweight vehicles, has been driving manufacturers in the automotive sector to reduce the overall weight of vehicles. This is primarily done by replacing metals with engineering plastics as the primary material for producing automotive components and ancillaries, including electrical and systems, dashboard trims, and bumpers. Moreover, as plastics provide manufacturers with major added advantages, such as no corrosion, noise-reduction, low wear and tear, and the resultant increased component and vehicle life, they emerged as an integral part of the automotive industry. These plastics, along with their traditional counterparts, currently account for approximately 16% of the weight share in vehicles.

Restraints: Stringent Governmental Regulations on Plastic Usage
The growth of the global plastic additives market depends on the growth of the plastic industry globally. Government regulations are expected to play an important role in determining the growth of the plastic additives market. Various laws and regulations regarding plastic usage can hinder the growth of the plastic additives market.

Due to the rising concerns and awareness regarding environmental protection, the governments of various nations are expected to limit or ban the usage of plastics. According to a report from UN Environment and World Resources Institute, at least 127 countries adopted legislation to regulate the usage of plastic bags globally. These policies range from outright bans in the Marshall Islands to progressive phase-outs in places like Moldova and Uzbekistan and laws in Romania and Vietnam that incentivize reusable bags.

Scope of the Plastic Additives Market Report
The study categorizes the plastic additives market based on type, plastic type, and application at the regional and global levels.

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By Type Outlook (Revenue, USD Million, 2017-2027)
Lubricants
Processing Aids
Flow Improvers
Slip Additives
Antistatic Additives
Pigment Wetting Agents
Filler Dispersants
Anti-fog Additives
Plasticizers
Stabilizers
Flame Retardants
Impact Modifiers
Other Plastic Additives
By Plastic Type Outlook (Revenue, USD Million, 2017-2027)
Polyethylene (PE)
Polystyrene (PS)
Polypropylene (PP)
Polyamides (PA)
Polyethylene Terephthalate (PET)
Polyvinyl Chloride (PVC)
Polycarbonate (PC)
Other Plastic Types
By Application Outlook (Revenue, USD Million, 2017-2027)
Packaging
Consumer Goods
Construction
Automotive
Other Applications
By Region Outlook (Revenue, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The flame retardants segment is projected to account for the largest market share by type
Based on type, the global plastic additives market is divided into lubricants, processing aids, flow improvers, slip additives, antistatic additives, pigment wetting agents, filler dispersants, antifog additives, plasticizers, stabilizers, flame retardants, impact modifiers, and other types. In 2020, the flame retardants segment accounted for the largest market share of 22.2% in the global plastic additives market. Flame retardant chemicals are classified as halogenated and non-halogenated chemicals. They are additives used to increase the fire resistance of materials when they are exposed to ignition or fire spread. By volume and revenue, non-halogenated flame retardants hold the largest share. Sometimes a combination of two flame retardants is used, which increases their efficiency. Non-halogenated flame-retardant chemicals are based on aluminum (aluminum hydroxide or aluminum trihydrate or ATH), magnesium (magnesium hydroxide and hydromagnesite, a hydrated magnesium carbonate mineral), boron (zinc borate), antimony-based oxides, and hydroxides, phosphorus, nitrogen, etc. Compared to halogenated flame-retardant chemicals, these chemicals are eco-friendly and can be used in polymers as additives, such as plastic additives, to increase. These are used in various end-user applications in building insulation, electronics, automotive, and others.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global plastic additives market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.2% in the global plastic additives market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region's growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.

Middle East & Africa is the fastest-growing region after the Asia Pacific, with a CAGR of 4.3% during the forecast period. In 2019, the market for medical devices in Saudi Arabia was estimated at approximately USD 2.2 billion and was growing annually at around 10%. Government initiatives, such as the Saudi Arabia Vision 2030 and National Transformation Program (NTP), predict boosting and supporting local manufacturing through foreign investments in the healthcare sector, especially pharmaceuticals and medical devices. This, in turn, is expected to increase the production of medical devices. Also, The healthcare sector in the country is undergoing evolution due to rapid advancements in technology and R&D, in line with global and regional trends. This emerging situation is expected to expand the market size for plastic additives during the forecast period.

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Key Plastic Additives Market Players
The plastic additives market is mildly concentrated, with few global players operating, such as Chemtura Corporation, Exxon Mobil Corporation, Bayer AG, Clariant Ltd., Axel Plastics Research Laboratories Inc., Kaneka Corp., LANXESS AG, DOW Plastic Additives, and Zeon Chemicals L.P. Every company follows its business strategy to attain the maximum market share.

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