The market for global green & bio-based plastic additives is expected to grow at a CAGR of approximately 5% globally during the forecast period.
Growing demand for bio-based plastics for packaging applications and other reasons are driving the market growth.
The impact of COVID-19 and reasons are expected to hinder the market growth.
Key Market Trends Growing Demand for Packaging Applications
- Green and bio-based plastic additives are bio substances that are added to plastics to increase the final and mechanical properties, performance, and other qualities in a positive and environmental friendly way. - The demand for bio-based plastics additives has been growing in developed as well as in developing regions because of environmental rules that are being implemented by the respective governments. Packaging is considered as one of the major applications for biobased plastic additives globally. - Plasticizers are one of the most common functional bio-based additives that can improve the flexibility of plastics. Some of the end-use applications of plastics that require these additives are packaging, electronics, automotive, etc. - North America and Europe are the regions that have high regulations on plastics, especially which are being used for food packaging, bottles, food storage purposes, and others. So, companies are looking forward to making bio-based plastic products and invest in bio-based plastics. - North America is the largest market in the consumption of bio-based plastic additives followed by Europe as these regions have more demand from food processing units and other end-user industries, compared to other regions. - Recently, the outbreak of COVID-19 in all regions is expected to decrease the growth rate of green and bio-based plastic additives market for the next two years as many production units have been closed due to lockdown and the outputs are not expected to witness any significant growth in near future. - Increasing applications for environmentally friendly plastics, growing awareness in developing regions on plastics are expected to grow the demand for green & bio-based plastic additives through the years to come.
Asia-Pacific Region to Dominate the Market in the coming years
- Asia-Pacific is expected to dominate the global market owing to the highly developed automobile sector in China, Korea, Japan, and India, coupled with the continuous investments done in the region to advance the food processing plants and electronics through the years. - The medical sector in the Asia-Pacific is also growing rapidly in recent years. Green and bio-based plastic additives are being used for medical devices, as these offer more safety and flexibility to the plastic products. - China and Japan are leading countries in the production of consumer goods, toys, electronics, and other products in Asia-Pacific. As companies have been inclining to use more biobased plastic products, the demand for green & bio-based plastic additives for these segments is growing gradually in recent times. - China entered the food processing industry long back and has been emerging as one of the leading food processing countries in the world. Also, the food sector is one of the highest revenue generators in China, much higher than any other country in recent times. - Also, increasing usage of bio-plastic products in automobiles and construction industries, and rising government regulations on plastics, are expected to support the growth of the green and bio-based plastic additives market in the Asia-Pacific region.
Competitive Landscape The global green & bio-based plastic additives market is fragmented in nature with many players competing in the market. Some of the major companies are Emery Oleochemicals, Cargill Inc, PolyOne Corporation, Teijin Limited, and Clariant AG, among others.
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