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, IMARC Group expects the global plastic additives market to exhibit moderate growth during the next five years.
Breakup by Additive Type:
Breakup by Plastic Type:
Breakup by Application:
Breakup by Function:
Breakup by Region:
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
The global plastic additives market size was valued at US$ 46.2 Billion in 2020.
According to the estimates by IMARC Group, the global plastic additives market is expected to witness a CAGR of 5% from 2021 to 2026.
Several plastic products with enhanced mechanical and electrical properties are used in place of traditionally used materials, such as glass, paper, ceramic and metal, thereby representing one of the key drivers for the global plastic additives market.
The growing demand for disposable and reusable plastic products from the medical industry, along with the widespread adoption of 3D printing technologies are some of the key trends in the global plastic additives market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of various end-use industries for plastic additives, thereby negatively impacting the market growth.
On the basis of the additive type, the market has been classified into plasticizers, stabilizers, flame retardants, impact modifiers and others. Among these, plasticizers hold the largest market share.
On the basis of the plastic type, the market has been bifurcated into commodity plastic, engineering plastic and high-performance plastic. At present, commodity plastic exhibits a clear dominance in the market.
On the basis of the application, the market has been classified into packaging, automotive, consumer goods, construction, and others. Currently, packaging represents the largest segment.
On the basis of the function, the market has been segmented into property modifiers, property stabilizers, property extenders and processing aids. Among these, property stabilizers account for the majority of the market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global plastic additives market are Akzonobel NV, Albemarle Corporation, BASF, Clariant AG, DowDuPont, Evonik Industries AG, Kaneka Corporation, Lanxess AG, Songwon Industrial Co. Ltd., etc.
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