The plastic additives market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Plastic additives are specialty chemicals used to modify the properties of plastic giving it strength, durability and heat sensitivity. For example, UV stabilizers can reduce the effect of enhanced UV light resistance on color stability and retention of plastics. Plastic additives are segmented based on type and application of ingredients. Some of the common plastic additives include phenols, brominated compounds and others.
Based on type, plastic additives can be
- Heat Stabilizers
- Ultraviolet Stabilizers
- Flame Retardants
Based on application plastic additives market can be automotive, caps and closures, film production, foamed plastics, injection molding, wood plastic composites, PVC, styrenics, polyamides, bioplastics and others.
As plastic additives are the major ingredients used in plastics industry, demand from this industry is expected to increase the growth of plastic additives market. Demand from plastics industry is actually increasing because of growing population and extra income in developing countries. Increase in demand from automotive, packaging, construction and other markets is increasing the growth of plastics market which is in turn increasing the demand for plastic additives.
Drivers and Restraints of Plastic Additives Market
Growing investments in plastics industry in regions like Asia and the Americas are likely to offer tremendous possibilities for plastic additives market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Plastic additives have a probability of volatility in supply and prices. Feedstock chemicals affect cost of production of plastic additives. Health concerns on usage of certain plastic additives are a growing trend in the market. Existing and future health regulations concerning the use of certain plastic additives are likely to challenge the market growth.
Plastic Additives Market by Region
Asia was the largest consumer of plastic additives and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in population growth and economic activity. Growing demand for plastic products will drive plastic additives market in Asia. With major production capacities in China, the region is likely to grow in terms of global supply capability. Demand from North America was relatively stable and is likely to stay same in the next few years. Consumption of plastic additives in the Europe and MEA is likely to grow at a significant rate.
Top players in this market include Songwon Industrial Co., Ltd., Albemarle Corporation, BASF SE, Clariant AG, The DOW Chemical Company, Akzonobel NV, Bayer AG, Chemtura Corporation, Evonik Industries AG, Kaneka Corporation, Lanxess AG, Other Market Players, Adeka Corporation, Polymers Compounding Co. Ltd, Baerlocher Group, Emerald Performance Materials, Grafe Advanced Polymers GmbH, Milliken & Company, Plastics United Group, Polyone, Sabo S.P.A., and Sakai Chemical Industry Co., Ltd. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth