The global plastic additives market size is projected to grow from USD 51.04 billion in 2021 and reach USD 75.20 billion by 2028, exhibiting a CAGR of 5.7% during the forecast period. Escalating demand for personal protective equipment (PPE) amid the COVID-19 pandemic is expected to propel the growth of this market, states Fortune Business Insights™ in its report, titled “Plastic Additives Market, 2021-2028.” The market size stood at USD 48.41 billion in 2020.
Market Segments:
The market is divided into plasticizers, flame retardants, stabilisers, impact modifiers, and others based on type. Plasticizers, which lower the viscosity of polymer materials and improve their flexibility, accounted for a significant portion of the market in 2020. The plastic additives market is divided into packaging, construction, automotive, consumer products, and others according on end-use. The packaging segment is expected to gain the largest share during the forecast period. Geographically, the market is classified into North America, Asia Pacific, Europe, and the Middle East and Africa.
The report features the following:
Holistic assessment of the factors driving and restraining the market;
Comprehensive analysis of all possible market segments;
Careful evaluation of the key market players and their strategies; and
Detailed research into the regional dynamics shaping the market growth.
Driving Factor:
Rising Acceptance of Plastics by Numerous Industries to Drive Business
Plastic is widely utilised in a variety of applications, including automotive, aerospace and military, packaging, chemical, construction, general manufacturing, and electronics. It’s outstanding qualities, such as strength, dependability, flexibility, and the capacity to endure pressure and heat, are generating demand for its derivatives, which is boosting its usage. These type of polymers are less expensive than traditional materials including wood, metals, and composites, and is so replacing them. This is likely to have a beneficial influence on the additives industry. Furthermore, one of the primary drivers driving the packaging industry is the rising e-commerce sector throughout the world, which is supporting plastic additives market growth. These type of polymers are also used in the production of automobile parts due to its lightweight nature and cheaper cost. Lighter automotive parts reduce fuel consumption, which in turn increases the efficiency of the vehicle.
Regional Insights
High Plastic Production in China to Stimulate Growth in the Asia Pacific Market
Asia Pacific, where the market size stood at USD 18.04 billion in 2020, is anticipated to hold a prominent position in the plastic additives market share during the forecast period. This is mainly attributable to the massive production of polymers in China, which accounts for roughly 30% of the global production of these materials. In addition to this, countries such as India and Vietnam are experiencing a rapid expansion of their domestic packaging industry, which is further augmenting the demand for advanced plastic derivatives in the region.
In North America, stringent regulations governing the production of plastics by the U.S. Environmental Protection Agency (EPA) have forced companies to develop biodegradable plastic additives. Meanwhile, in Europe, the market is expected to undergo dynamic growth on account of the increasing demand for lightweight materials in the region’s automotive industry.
Source- https://www.fortunebusinessinsights.com/plastic-additives-market-104448
Competitive Landscape
Exciting Collaborations among Key Players to Enhance Market Potential
To meet the rising demand for bio-based polymers, key players in this market are entering into exciting partnerships to develop and market eco-friendly materials. Furthermore, a few companies such as BASF are expanding the applicability of additives in less-explored domains such as infrastructure and construction.
Industry Developments:
March 2020: Clariant and Floreon teamed up to explore and expand the performance of biopolymers, while retaining their environmental benefits. The collaboration will be based on an integration of Clariant’s additive expertise and Floreon’s know-how of material requirements.
March 2020: BASF’s light stabilizers were utilized by Megaplast India, a leading polyethylene manufacturer, to create nonwoven geotextiles for constructing national highways. The additive package is crucial to stabilize the production process and prolonging the service lifespan of the geotextiles.
List of Key Companies Profiled in the Market:
Mitsui Chemical (Tokyo, Japan)
SABIC (Riyadh, Saudi Arabia)
Kaneka Corporation (Tokyo, Japan)
Dow Chemical Company (Michigan, U.S.)
Clariant AG (Muttenz, Switzerland)
ExxonMobil Chemical (Texas, U.S.)
Lanxess AG (Cologne, Germany)
Evonik Industries AG (Essen, Germany)
BASF SE (Ludwigshafen, Germany)
Songwon Industrial Co. Ltd. (Ulsan, South Korea)
COVID-19 Impact:
In March 2020, the World Health Organization (WHO) estimated that 89 million medical masks, 76 million disposable gloves, and 1.6 million goggles will be required each month to fight the pandemic. The need for PPE has only grown since March, with coronavirus cases surging in most countries. Plastic additives are playing a critical role in the manufacturing of PPE for frontline healthcare workers as these materials are easy to produce, are resistant to chemicals and toxic substances, and effectively prevent the transmission of the infection between health workers and patients. The soaring demand for this equipment has triggered innovation not only in large companies but also among small, emerging players. For example, in April 2020, the team researchers from India’s IIT Kanpur and industry partners designed the Polyethylene-based Improvised Protective Equipment under Scarcity (PIPES) made from the non-porous polyethylene material. Thus, the coronavirus is likely to create unprecedented opportunities for players in this plastic industry.