The report “Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers), Plastic Type (Commodity, Engineering, and High-Performance), Application (Packaging, Consumer Goods) and Region- Global Forecast to 2026″, is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6 % from USD 45.6 billion in 2021. Additives are added to plastics to improve their physical properties such as strength, chemical and heat resistance, clarity, weather resistance, and color preservation. Plastic additives are used to modify the physical or chemical properties of polymers to reinforce their mechanical properties, making them stronger and better for end-use applications. They are used in a variety of applications. Some of the important end-use applications of plastic additives are packaging, consumer goods, construction, and automotive.
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• 294 Market data Tables
• 62 Figures
• 284 Pages and in-depth TOC on “Plastic Additives Market – Global Forecast to 2026”
Some of the prominent key players are:
· BASF SE (Germany)
· Clariant AG (Switzerland)
· Albemarle Corporation (U.S.)
· Songwon Industrial Co. Ltd. (South Korea)
· Nouryon (Netherland)
· LANXESS AG (Germany)
· Evonik Industries AG (Germany)
· Kaneka Corporation (Japan)
· The Dow Chemical Company (U.S.)
Opportunities: Cost effectiveness and commercialization of plastic
The plastic because of their reusable property is considered to be cost effective. The used plastics are recycled and reiterated to form new formulations for different applications. Major companies have quoted that plastic additives are way more cost effective when compared with their other alternative materials.The major players in the industry are rigorously working on the research and development of less toxic or non-toxic plastic products. The government is starting to commercialize the plastic products which promotes their applications in different areas such as healthcare, automobile, and construction
Packaging is the largest application for plastic additives market during the forecast period
The major factor that aids the growth of the packaging industry is rapid urbanization, changing consumer lifestyle, economic trends, and rising health awareness among different classes of consumers and development in packaging material and technology. The various properties of plastics, such as durability, low cost, resistance to corrosion and water & chemicals, and low thermal conductivity make them suitable for use in various applications. Rise in the use of plastics in heavy and light packing drives the demand for plastic additives. The demand for plasticizers, flame retardants, and stabilizers is growing with the increasing demand for plastics in packaging.
APAC is expected to be the largest plastic additives market during the forecast period, in terms of value and volume
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The plastic additives market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest plastic additives market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
