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Plastic Additives Market Outlook And Industry Analysis Report 2024-2033
Plastic Additives Market Outlook
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According to The Business Research Company's, The plastic additives market size has grown strongly in recent years. It will grow from $55.18 billion in 2023 to $59.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased demand for lightweight materials, the expansion of the packaging industry, rapid urbanization and infrastructure projects, increased consumer expectations for product quality and longevity, and the need for efficient agricultural practices and materials.
The plastic additives market size is expected to see strong growth in the next few years. It will grow to $80.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to economic growth in emerging markets, increased use of medical plastics with additives, rising use of advanced plastic materials in agriculture, increasing consumer demand for long-lasting and high-quality consumer goods, high demand for flexible and durable packaging solutions. Major trends in the forecast period include the development of biodegradable additives, the use of nanomaterials to improve the mechanical, thermal, and barrier properties of plastics, smart additives, innovations aimed at making plastic additives more compatible with recycling processes, and enhanced UV stabilizers.
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Market Drivers and Trends:
The rise in the prevalence of sports injuries is expected to propel the growth of the platelet-rich plasma market going forward. There is a rise in the prevalence of sports injuries due to increased participation in sports, growing enrollment in youth sports programs, age-related factors, and inadequate coaching and supervision. Platelet-rich plasma (PRP) therapy aids in sports injury recovery by promoting tissue repair and regeneration, reducing inflammation, and enhancing the healing of tendons and ligaments, offering athletes a minimally invasive treatment option with the potential for faster recovery times. For instance, according to data from the National Safety Council, a US-based non-profit organization, in 2021, the number of sports and recreational equipment injuries was 3,231,885, which rose to 3,631,970. Therefore, the rise in the prevalence of sports injuries is driving the growth of the platelet-rich plasma market.
Major companies operating in the plastic additives market are developing new products, such as biomass balance approach plastic additives, to gain a competitive edge in the market. The biomass balance approach creates plastic additives with a reduced carbon footprint by incorporating renewable resources. For instance, in September 2023, BASF SE, a Germany-based chemical company, launched a range of biomass-balanced plastic additives, including Irganox 1010 BMBcert and Irganox 1076 FD BMBcert, which are certified by TÜV Nord for mass balance according to the international sustainability and carbon certification (ISCC PLUS). These innovative solutions promote the use of renewable resources to replace fossil feedstocks, enabling BASF's customers to reduce their carbon footprint by up to 60% compared to conventional products.
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Major Key Players of the Market:
ExxonMobil Corporation, BASF SE, Dow Inc, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries NV, Evonik Industries AG, Solvay S.A., Mitsui Chemicals Inc., Arkema S.A., AkzoNobel N.V., Eastman Chemical Company, Albemarle Corporation, Lanxess AG, Lubrizol Corporation, Clariant AG, Avient Corporation, Adeka Corporation, Kaneka Corporation, Chemtura Corporation, Ferro Corporation, Ampacet Corporation, Songwon Industrial Co. Ltd., Baerlocher GmbH, Valtris Specialty Chemicals, PMC Group
Plastic Additives Market 2024 Key Insights:
• The plastic additives market size is expected to see strong growth in the next few years. It will grow to $80.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• The Surge In Consumer Electronics Demand Enahnced Advanced Plastic Additives Market
• Biomass-Balanced Additives For Sustainable Plastic Production
• Asia-Pacific was the largest region in the plastic additives market in 2023
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