According to the latest report by IMARC Group, titled “Plastic Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global plastic additives market size reached US$ 50.2 Billion in 2022. An additive is a chemical added to base polymers to improve processability, increase the life span and attain the desired physical or chemical properties in the final product. It acts as a filler for enhancing the strength to weight ratio, durability, corrosion resistance, luster, and heat sensitivity of the product. Some of the commonly used plastic additives include modifiers, property extenders, processing aids, and stabilizers, which are utilized in engineering, commodity, and high-performance plastics. At present, they find a wide array of applications across the packaging, automotive, manufacturing and construction industries worldwide.
Global Plastic Additives Market Trends:
The increasing industrial output and rising economic activity in several countries represent one of the primary factors fueling the growth of the market. Apart from this, there is a significant increase in the utilization of plastic additives in the automotive and packaging industries as they assist in extending the operational life and improving the appearance and mechanical properties of the end product. Furthermore, plastic additives are being used to replace conventional materials used in the production of consumer goods and several textiles, medical and agricultural products. Other factors, including the escalating demand for reusable and disposable plastic products, coupled with the widespread adoption of 3D printing technologies, are boosting the market growth. Looking forward, the market value is projected to reach US$ 69.7 Billion by 2028, expanding at a CAGR of 5.5% during the forecast period (2023-2028).
- Based on the additive type, the market has been classified into plasticizers, stabilizers, flame retardants, impact modifiers, and others.
- On the basis of the plastic type, the market has been categorized into commodity, engineering and high-performance plastics.
- Based on the application, the market has been divided into packaging, automotive, consumer goods, construction, and others.
- On the basis of the function, the market has been segregated into property modifiers, property stabilizers, property extenders and processing aids.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Akzonobel NV, Albemarle Corporation, BASF, Clariant AG, Dow Chemical Company, DuPont de Nemours Inc., Evonik Industries AG, Kaneka Corporation, Lanxess AG and Songwon Industrial Co. Ltd., etc.
|Base Year of the Analysis
||Additive Type, Plastic Type, Application, Function, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Akzonobel NV, Albemarle Corporation, BASF, Clariant AG, Dow Chemical Company, DuPont de Nemours Inc., Evonik Industries AG, Kaneka Corporation, Lanxess AG and Songwon Industrial Co. Ltd.
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