The plastic additives market size is estimated to be USD 45.6 billion in 2021 and is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6% between 2021 and 2026. Plastic additives have a large number of applications such as packaging, construction, automotive, consumer goods, textile, agriculture, and medical. Growth in the market size of plastic additives is expected to be majorly driven by a turnaround in these key market segments, and the increasing need for additives in polymers for applications in these segments. Plastics, especially engineering plastics, have superior mechanical and electrical properties, greater abrasion resistance, and better chemical resistance than conventional materials such as metals, glass, paper, and ceramic. Continuous innovation and need for lighter materials in several applications is encouraging the replacement of these conventional materials by plastic.
Packaging is estimated to be the largest application in plastic additives market between 2021 and 2026. The major factor that aid growth of the packaging industry are 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 it 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.
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 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 with development of new technologies and products are 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 are 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.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows: • By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8% • By Designation: C-Level - 23%, Director Level - 37%, and Others - 40% • By Region: North America - 32%, Europe - 21%, APAC - 28%, Middle East & Africa - 12%, and South America-7%
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.
Research Coverage This report segments the market for plastic additives market on the basis of type, plastic type, application and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for plastic additives market.
Reasons to buy this report This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the plastic additives market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on plastic additives market offered by top players in the global plastic additives market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the plastic additives market • Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for plastic additives market across regions • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global plastic additives market • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the plastic additives market • Impact of COVID-19 on plastic additives market
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