Global Plastic Additives Market: Enhancing Performance and Sustainability in the Polymer Industry
Report Coverage & Details:
Report Coverage Details
Forecast Period 2022-2031
Base Year 2021
Market Size in 2021 $50.6 billion
Market Size in 2031 $83.8 billion
No. of Pages in Report 389
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The global plastic additives market experienced a negative impact due to the prevalence of lockdowns in numerous countries around the world. Plastic additives were used in number of industries including automotive, construction, textiles, and electronics.
Lockdown resulted in the closure of production and manufacturing facilities and activities across these industries, which in turn adversely impacted the growth of the plastic additives market.
Besides, strict ban on the import and export of goods were imposed by the government, which further aggravated the impact on the market.
These restrictions were imposed by the government to significantly limit the outbreak of the virus during the pandemic.
However, the increase in the demand for PPE kits manufactured from medical-grade plastic to compact the spread of COVID-19 is anticipated to serve as an opportunity for the market to regain its previous momentum.
The report offers detailed segmentation of the global plastic additives market based on type, plastic type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on type, the plasticizers segment held the largest market share in 2021, holding more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The report also analyses other segments of the market such as flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others.
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Based on plastic type, the high-performance plastic segment held the dominating market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The commodity plastic segment, on the other hand, is expected to cite the fastest CAGR of 5.6% during the forecast period.
By application, the building and construction segment held the largest market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The automotive segment, on the other hand, is expected to cite the fastest CAGR of 6.0% during the forecast period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is predicted to cite the fastest CAGR of 5.7% during the forecast period.
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The key players analyzed in the global plastic additives market report include Albemarle Corporation, Badische Anilin- und SodaFabrik SE, Clariant Ltd., Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess Corporation, Nouryon, and Songwon Industrial Co. Ltd.
The report analyzes these key players in the global plastic additives market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
FREQUENTLY ASKED QUESTIONS?
Q1. What are the key factors boosting the Plastic Additives market growth?
Answer : Some of the prominent trends that the market is witnessing include the adoption of automation in the injection molding process, increasing use of lightweight materials and growing innovations in packaging.
Q2. What will be the market value of Plastic Additives in the forecast period 2021 to 2031?
Answer : The global plastic additives market was valued at $83.8 Billion in 2031.
Q3. Which industry is projected to increase the demand for Plastic Additives Market?
Answer : Packaging, automotive, agriculture, building, construction are projected to increase the demand for plastic additives market
Q4. What is the Main Driver of Plastic Additives Market?
Answer : The market for plastic additives is predicted to rise as the popularity of low-cost automobile interiors grows. The consumer products industry uses chemicals for the ease with which they can be recycled.
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