Plastic Additives Market is Projected to Accelerate at a CAGR of 4.6% to top US$ 66.6 Billion by 2032

The global market of plastic additive is anticipated to reach a value of US$ 66.6 Bn by 2032, expanding at a 4.6% CAGR over the forecast period. Significant production volume of plastic all over the globe is driving sales of plastic additives market to improve the quality and functionality of different materials.

Expansion in the building and construction sector, rising electric vehicle production, and ongoing development in the packaging sector will augment the growth in the market. Surging demand for polyethylene, polypropylene, polyvinyl chloride, and other types of plastic for packaging applications will push sales of additives.

With increasing investment by prominent players across emerging countries, rising inflow of foreign direct investment in the automotive and packaging sectors will bode well for the growth in the market over the forecast period.

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"Growing demand for packaging materials for various applications, along with increasing production of specialty chemicals across the globe will drive sales in the market in the forthcoming years," says an FMI analyst.

Key Takeaways:

By product type, the plasticizer segment is expected to account for about 6% of the overall market share.
Based on plastic type, the polyethylene and polypropylene segment is expected to account for more than 48% of the overall consumption.
In terms of end use, sales in the packaging segment will increase at a 4.9% CAGR over the assessment period.
India will emerge as a lucrative pocket in South Asia plastic additives market, accounting for 2/5th of the total market share.
Sales in the China plastic additives market are expected to gain traction at a 5.3% CAGR over the assessment period.

Competitive Landscape

Some of the top plastic additives manufacturers include BASF SE, Clariant AG, Albemarle Corporation, Songwon Industrial Co., Ltd., Nouryon, LANXESS AG, Evonik Industries AG, Kaneka Corporation, Dow, SABIC, Exxonmobil, Mitsui Chemicals, and Badische Anilin- und SodaFabrik SE.

Key players are focusing on expanding their production capacity to increase their global presence and to improve sales. Further, players are also investing in product innovation.

For instance:

In September 2020, Covestro acquired Koninklije DSM N.V.'s resin and functional material business, as well as additives manufacturing, advanced solar coating, and the Niaga innovation project.

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Plastic Additive Market Segmentation

By Product Type:

Plasticizers
Stabilizers
Flame Retardants
Impact Modifiers
Fillers and Thickeners
Nucleating Agents
Antioxidants
Others

By Application:

Packaging
Consumer Goods
Construction
Automotive
Others

By Plastic Type:

Polyethylene
Polypropylene
Ethylene Vinyl Acetate
PVC
Polystyrene
Polyethylene Terephthalate
Engineering Plastic
Thermosets
Others

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More Insights into the Plastic additive Market Report

In its latest report, Future Market Insights offers an unbiased analysis of the global plastic additive market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type, application, plastic type, and region.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.