CHICAGO, June 23, 2021 /PRNewswire/ -- According to the new market research report "Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers), Plastic Type (Commodity, Engineering, and High-Performance), Application (Packaging, Consumer Goods) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Plastic Additives Market size is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6 % from USD 45.6 billion in 2021.
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Additives are added to plastics to improve their physical properties such as strength, chemical and heat resistance, clarity, weather resistance, and color preservation. Plastic additives are used to modify the physical or chemical properties of polymers to reinforce their mechanical properties, making them stronger and better for end-use applications. They are used in a variety of applications. Some of the important end-use applications of plastic additives are packaging, consumer goods, construction, and automotive.
Packaging is the largest end-use application of the plastic additives market. APAC was the largest market for plastic additives in 2020, in terms of both volume and value. Factors such as growing demand from packaging industry, rapid industrialization in growing economies like China & India and increasing demand for plastic molds in electric vehicles will drive the plastic additives market.
"Packaging is the largest application for plastic additives market during the forecast period"
The major factor that aids the growth of the packaging industry is rapid urbanization, changing consumer lifestyle, economic trends, and rising health awareness among different classes of consumers and development in packaging material and technology. The various properties of plastics, such as durability, low cost, resistance to corrosion and water & chemicals, and low thermal conductivity make them suitable for use in various applications. Rise in the use of plastics in heavy and light packing drives the demand for plastic additives. The demand for plasticizers, flame retardants, and stabilizers is growing with the increasing demand for plastics in packaging.
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"APAC is expected to be the largest plastic additives market during the forecast period, in terms of value and volume."
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The plastic additives market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world's population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest plastic additives market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied by the development of new technologies and products is projected to make this region an ideal destination for the growth of the plastic additives market. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC is expected to be a challenge for industry players as there is low urbanization and industrialization. Booming automotive, consumer goods, and packaging sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India and China are expected to witness high growth in the plastic additives market due to the increasing demand from the automotive industry.
The key players in this market are BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (U.S.), Songwon Industrial Co. Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and The Dow Chemical Company (U.S.).The global and regional players have sizable shares in the plastic additives market. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally.
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