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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 expectedto exhibit moderate growth during 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, Dow Chemical Company, DuPont de Nemours Inc. Evonik Industries AG, Kaneka Corporation, Lanxess AG, Songwon Industrial Co. Ltd., etc.
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