The global plastic additives market reached a value of US$ 46.2 Billion in 2020. A plastic additive is a chemical compound that is added to polymers to improve the chemical and physical properties of plastic products. It acts as a catalyst or filler to improve the strength to weight ratio, luster, durability, corrosion resistance and heat sensitivity of the product. Some of the commonly used plastic additives include property extenders, modifiers, stabilizers and processing aids, which are used for commodity, engineering and high-performance plastics. Owing to these benefits, they also find extensive applications across various industries, including packaging, construction, automotive and manufacturing.
The rapid industrialization across the globe is one of the key factors driving the growth of the market. Furthermore, the replacement of conventional materials used in the production of consumer goods and various textiles, agricultural and medical products is also providing a boost to the market growth. For instance, plastic products with enhanced mechanical and electrical properties are used in place of traditionally used materials, such as glass, paper, ceramic and metal. Additionally, the rising product demand from the packaging industry is also creating a positive outlook for the market growth. Polyvinyl chloride (PVC), polyethylene terephthalate (PET), low-density polyethylene (LDPE), and high-density polyethylene (HDPE) are among the most commonly used packaging materials across the globe. They are often treated with plastic additives to extend their operational life, appearance and mechanical properties. Other factors, including the growing demand for disposable and reusable plastic products from the medical industry, along with the widespread adoption of 3D printing technologies, are projected to drive the market further. Looking forward, the analyst expects the global plastic additives market to exhibit moderate growth during the next five years.
Breakup by Plastic Type: Commodity Plastic Engineering Plastic High Performance Plastic
Breakup by Application: Packaging Automotive Consumer Goods Construction Others
Breakup by Function: Property Modifiers Property Stabilizers Property Extenders Processing Aids
Breakup by Region: North America United States Canada Asia Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The competitive landscape of the industry has also been examined with some of the key players being Akzonobel NV, Albemarle Corporation, BASF, Clariant AG, DowDuPont, Evonik Industries AG, Kaneka Corporation, Lanxess AG, Songwon Industrial Co. Ltd., etc.
Key Questions Answered in This Report: How has the global plastic additives market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global plastic additives market? What are the key regional markets? What is the breakup of the market based on the additive type? What is the breakup of the market based on the plastic type? What is the breakup of the market based on the application? What is the breakup of the market based on the function? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global plastic additives market and who are the key players? What is the degree of competition in the industry?
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