BANGALORE, India, Feb. 23, 2024 /PRNewswire/ — Plastic Additives Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, Others), by Plastic Type (Commodity Plastic, Engineering Plastic, High-Performance Plastics), by Application (Packaging, Automotive, Agriculture, Building and Construction, Consumer goods, Electrical and electronics, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
The Global plastic additives market was valued at USD 50.6 Billion in 2021, and is projected to reach USD 83.8 Billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
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Major Factors Driving the Growth of Plastic Additives Market
The desire to improve the performance, sustainability, and durability of plastic goods, together with the growing demand for plastics across a range of sectors, are the main factors driving the expansion of the plastic additives market. Antioxidants, stabilizers, plasticizers, flame retardants, and colorants are examples of plastic additives that are essential for enhancing the end-use qualities and processing capabilities of plastics, which increases the range of industries that use them, including electronics, automotive, construction, and packaging. The use of additives that facilitate the manufacturing of recyclable, biodegradable, and flame-retardant plastics is further driven by strict regulatory requirements relating to environmental sustainability and safety, which further drives market expansion.
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TRENDS INFLUENCING THE GROWTH OF PLASTIC ADDITIVES MARKET
The packaging industry’s increasing demand is the primary driver of the significant expansion in the plastic additives market. When it comes to improving the qualities and functionality of plastic materials used in packaging applications like films, bottles, and containers, plastic additives are essential. Since more people are consuming packaged goods due to changing consumer lifestyles and an increasing global population, there is a growing need for premium packaging materials with improved barrier qualities, durability, and attractiveness. Antioxidants, UV stabilizers, and antimicrobial agents are examples of plastic additives that are widely utilized to increase the strength, hygienic qualities, and shelf life of packaging materials, which in turn propels market expansion.
The market for plastic additives is rising significantly, mostly due to the packaging industry’s increasing need. The performance and qualities of plastic materials used in packaging applications, such as films, bottles, and containers, are greatly improved by the use of plastic additives. The need for premium packaging materials with improved durability, barrier qualities, and aesthetics is growing as a result of the world’s population growth and shifting consumer lifestyles, which are driving more consumption of packaged goods. In order to increase the strength, hygienic qualities, and shelf life of packaging materials—and therefore, the market plastic additives including UV stabilizers, antioxidants, and antibacterial agents are widely utilized.
Plastic additives are being more widely used in a variety of sectors due to the growing demand for polymers with improved performance. Compared to conventional plastics, performance plastics have better qualities like mechanical strength, heat resistance, and chemical resistance, which makes them perfect for demanding applications in industries like aircraft, electronics, and healthcare. Plastic additives, such as compatibilizers, nucleating agents, and reinforcing fillers, are used to modify the characteristics of performance plastics in accordance with particular application needs. This broadens the range of applications for these plastics and propels market expansion in high-performance plastic sectors. The landscape of the plastic additives market is being shaped by environmental initiatives and regulatory compliance. Stricter laws are being implemented by governments throughout the globe in an effort to minimize environmental effects, encourage recycling, and reduce the amount of plastic garbage generated.
Demand for plastic additives in packaging and medical devices is being driven by a growing focus on food safety and healthcare. The safety, quality, and hygienic conditions of food packaging materials and medical supplies are guaranteed by the use of plastic additives such antimicrobial agents, barrier coatings, and antistatic agents. Plastic additives with antibacterial and barrier qualities are in high demand as worries about food contamination, spoiling, and the spread of infectious illnesses increase. The need for plastic additives in the production of medical devices is also being fueled by the growing healthcare industry, which is being driven by aging populations and rising healthcare spending. This is further propelling market expansion in these application areas.
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PLASTIC ADDITIVES MARKET SHARE ANALYSIS
Because these additives are heavily used in high-volume flexible PVC products, the plasticizers sector is anticipated to maintain its leading position in the worldwide plastic additives market in terms of both value and volume.
Depending on the kind of plastic, the high-performance plastics market share in the world for plastic additives was around 65.3% in 2021.
According to application, the building and construction sector held around 30.3% of the worldwide market share for plastic additives in 2021.
In terms of regional share, Asia-Pacific held the highest percentage in 2021, almost 56.2%. The worldwide market share was led by the Asia-Pacific area. Because labor is readily available and raw materials are inexpensive, China is one of the most profitable markets for plastic additives.
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Key Players:
- Kaneka Corporation
- BASF SE
- DOW
- Albemarle Corporation
- Exxon Mobil Corporation
- Songwon Industries Co. Ltd
- Clariant AG
- Nouryon
- LANXESS Corporation
- Evonik Industries AG
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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– Automotive Aftermarket Fuel Additives market was valued at USD 1397.5 Million in 2023 and is anticipated to reach USD 2153.8 Million by 2030, witnessing a CAGR of 6.3% during the forecast period 2024-2030.
– Polyurethane Additives market size is expected to reach USD 2653.5 Million by 2029, growing at a CAGR of 3.6% from 2023 to 2029.
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– Green & Bio-based Plastic Additives Market
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– Performance Additives market size is expected to reach USD 113040 Million by 2029, growing at a CAGR of 4.5% from 2023 to 2029.
– Based on our research, the global additive manufacturing market size is 15.2 Billion USD in 2021 with a CAGR of 21.75% from 2022 to 2028.
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