Press release
Masterbatch market to achieve 5.4% CAGR growth over 2017 to 2024
Growing percentage of agricultural land due to increasing population will enhance the demand for agricultural films. This film is manufactured by polymers which comprises bio based masterbatch that helps to degrade polymers. Rising trend for eco-friendly products among the industrial players and consumers is driving bio based masterbatch market, further excellent moisture shielding and protecting properties had increased crop productivity which is significantly driving the market.
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Market growth is challenged by rise in prices of masterbatch products influenced by changing market dynamics such as heavy demand from end-user industries and growing price of raw material. The demand for masterbatch product will be negatively impacted by these factors in the forecast period. Moreover, implementation of stringent regulation by several government across the globe for guiding application of certain pigments in food packaging and holding material will decelerate market demand in coming years.
Black masterbatch product is significantly growing with a CAGR of around 5.7%, owing to increasing application in automotive industry. It is highly consumed product in various end-user industry. Second largest segment is color masterbatch which have widespread application in various consumer goods and packaging products. Shift in consumer preference toward packaged food product is augmenting market demand for polymers which is favoring the market.
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Automotive industry holds highest market share in terms of revenue with USD 6.3 Billion in 2016, the industry is witnessing high growth in Asia Pacific and Europe. China is majorly dominating the market owing to government automotive mid and long-term development plan. In addition, government is highly investing to develop electric vehicle which will drive polymers market in coming years. Agriculture is estimated to grow with CAGR of around 6.0%, the market growth is significantly driven by growing percentage of cultivation land and rapidly increasing population. Followed by agriculture, consumer good segment will witness substantial growth in coming years with increasing application of polymer in home appliance products.
Asia Pacific, primarily China, is expected to grow at a significant rate during forecast timeframe. Automotive, consumer goods and packaging are growing industries of Asia Pacific. Countries for instance India and China are spending massive amount to develop these industries for economic growth, which is positively influencing the market size in coming years. The region is witnessing high investment in construction and automotive industry which will gain significant demand for plastic favoring masterbatch market. Europe is second highest country in terms of market share with CAGR of around 5.6%, high automobile production and improving market condition post rescission is likely to grow the market.
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The masterbatch market is highly fragmented comprises of numerous local & global manufacturers, supplier and distributors operating worldwide. Few of these market players follow both backward and forward integration system. BASF and Clariant follow backward integration by manufacturing pigments for their masterbatch products. Prominent industry players include Cabot Corporation, PolyOne, RTP, Ampacet, Plastika Kritis S.A. and Tosaf Group.
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