Driven by the Rising Adoption of Plastic Additives in the Packaging and Automotive Industries, the Global Market is Forecasted to Cross US$ 80 Bn by 2030 says Ken Research Study.
Chemicals used to process, alter, or polymerize polymers’ final qualities are known as plastic additives. To increase the strength, heat sensitivity, and durability of these items, they are added to polymers. In many industrial applications, plastic additives are utilized in a variety of kinds, such as stabilizers, processing aids, modifiers, flame retardants, and plasticizers.
One of the key reasons for the high adoption of plastic additives is strict rules being introduced by the European Commission to control and regulate the use of chemicals and materials like plastics, due to their negative effects on the environment and human health. Ken Research shares 5 key insights on this high-opportunity market from its latest research study.
1. Superior Properties of Plastic Additives over Synthetic Fiber Composites Boost their adoption
According to Research estimates, the Global Plastic Additives Market – which was valued at around US$ 44 Bn in 2019 to nearly US$ 50 Bn by 2022 – is expected to grow further to more than US$ 80 Bn opportunity by 2030.
The mechanical and electrical qualities of plastics, especially engineering plastics, are superior to those of conventional materials like metals, glass, paper, and ceramics. It also has stronger abrasion resistance and chemical resistance due to which, plastic is replacing these conventional materials as a result of ongoing innovation and the requirement for lighter materials in several applications.
Plastic additives’ applications including packaging, food, consumer goods, construction, and automotive are increasing at a rapid pace. It is anticipated that a turnaround in these important market categories and the rising demand for additives in polymers for applications in these segments will significantly fuel growth in the market growth for plastic additives.
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2. Growth of the Plastic Industry Paving a way for the Usage of Plastic Additives
Plastic is growing in popularity all across the globe which is in turn increasing the demand for plastic additives due to increasing sustainability concerns.
Plastic is widely used in both commercial and domestic applications, due to its lower cost than most raw materials like metal moldings and sheets. Customers can readily access it and fetch the benefits as it is one of the least expensive resources.
In addition, plastics are also being used more frequently in the industrial sector for a variety of purposes, like insulation. Since plastic sheets offer great protection from adverse weather, these are frequently utilized as insulators. To protect walls from temperature variations during extremely hot or cold weather, a plastic sheet is inserted between the walls to insulate containers for household or enterprise use in addition to acting as insulation in buildings.
Therefore, increased adoption of plastic aids the growth of the plastic additives market in various parts of the world.
3. Stringent Government Regulations Limit the Growth of Plastic Additives
Sales of plastic additives are anticipated to be impacted by several new restrictions and proposed limitations on the use of petroleum-based polymers. Numerous scientific investigations have backed limitations on various plastic additives, including specific types of plasticizers and flame retardants. For instance, in India, petroleum-based plastics are building up along the coast as a result of human activity, decreasing their aesthetic appeal and harming the environment.
With effect from the summer of 2004, the EU and two USA states Maine and California had enacted restrictions on items containing more than 1% of octa BDE or pentaBDE (for specific purposes in Europe).
These types of regulatory standards are restricting the use of high-value flame retardants in the USA and Europe, such as brominated and chlorinated flame retardants.
4. Increased Adoption of Plasticizers as a Plastic Additive Propels the Market Growth
Plastic is treated with plasticizers to soften and make it more flexible. The efficiency of the plasticizer rises as its molecular weight falls within a certain series of esters that share an acid group. Also, the efficiency of plasticizers increases as the linearity of the alcohol chain likewise increases.
Furthermore, low molecular weight compounds called plasticizers are added to a polymer solution to enhance its plasticity and flexibility. Consequently, the plasticizers make the polymer solution more appropriate for the application and are, therefore, being increasingly adopted in various industries like the packaging and construction sector.
Few physical properties that affect the adoption of a plasticizer (Di-n-butyl phthalate, Di-iso-octyl adipate, Iso-octyl ester of saturated C4-C6 dibasic acid, and more) in an industry application include volatility percentage, water extraction percentage, iso-octane extraction percentage, etc. based on these properties the use of plasticizer varies in specific applications.
5. Asia Pacific Holds the Largest Market Share in the Global Plastic Additives Market
Asia Pacific region is dominating the revenue share and is also expected to show high growth in the field of plastic additives market. This dominance is a result of the region’s robust organic growth, particularly for polyethylene and polypropylene. In the medium to long term, it is anticipated for the plastic additives market to exhibit enticing growth rates, driven by the ongoing substitution of plastics for other materials in the Asia Pacific, especially China and India. Nearly all end-use industries employ plastic additives, and the packaging, building and construction, and automotive sectors have the highest growth potential in the region.
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Key Topics Covered in the Report
- Snapshot of Global Plastic Additives Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of Global Plastic Additives Market
- Historic Growth of the Overall Global Plastic Additives Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Plastic Additives Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- Covid-1919 Impact on the Overall Global Plastic Additives Market
- Future Market Forecast and Growth Rates of the Total Global Plastic Additives Market and by Segments
- Market Size of Plastic Type / Application Segments with Historical CAGR and Future Forecasts
- Analysis of Plastic Additives Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Companies Profiled in the Report
- BASF SE
- The DOW Chemical Company
- AkzoNobel
- Clariant AG
- Nabaltec
- Mitsui Chemicals
- LANXESS AG
- Repi S.r.l.
- Songwon Industrial Co. Ltd.
- Albemarle Corporation
- Kaneka Corporation
Notable Emerging Companies Mentioned in the Report
- Baerlocher China
- Nanjing Union Rubber Chemicals Co. Ltd. (NURCHEM)
- Van Horn, Metz & Co., Inc.
- K-Tech (India) Limited
- Flamingo Additives & Colourants LLP
- Deifel GmbH & Co. KG
- Newos GmbH
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Plastic Additive Manufacturers
- Packaging Manufacturers
- Plastic Manufacturers
- Chemical Companies
- Government Ministries and Departments of Chemical Industry
- Sustainability Researchers
- Food Processing Companies
- Vehicle Manufacturers
- Construction Dealers
- Commodity Plastic Manufacturers
- Engineering Plastic Manufacturers
- High-Performance Plastic Manufacturers
- Petrochemical Companies
Time Period Captured in the Report
Historical Period: 2019-2021
Forecast Period: 2022E-2030F
For More Information on the Research Report, refer to below links: –
Global Plastic Additives Market: Ken Research
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249