Global Plastic Additives Market Estimated to Reach US$ 59.9 Billion by 2026, at a CAGR of 5.6%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global Plastic Additives Market size is estimated to be USD 45.6 billion in 2021 and is projected to reach USD 59.9 billion by 2026, at a CAGR of 5.6% between 2021 and 2026, as per the recent study by MarketsandMarkets™. Growth of the plastic additives market is primarily triggered by rising demand from the packaging sector. Packaging is widely used for industrial and household purposes, Changes in lifestyle and globalization have triggered growth of the packaging industry, which has boosted the plastic additives market. The plastic additives market is also driven by the increasing use of plastics in day-to-day applications. Some of the common applications of plastic additives are roofing, storage containers, pipes, cables, electronics, toys, kitchenware, safety gear, cosmetic articles, household products, seat belts, door panels, greenhouse films, and silage sheet. The market is also driven by the rapidly developing industrial sector in emerging economies such as India, Brazil, and Mexico.
Additives are used to improve the properties of polymer to enable production of better finished products. The plastic additives market is segmented into five-six categories on the basis of type: plasticizers, stabilizers, flame retardants, impact modifiers, blowing agents, nucleating agents and others. Of Among these categories, plasticizers are the most widely used type of plastic additives type, followed by flame retardants. A major part of plasticizers is used in polyvinyl chloride. Plasticizers are highly used in manufacturing PVC products for construction applications. The plastic market heavily depends on additives to strengthen the properties of plastic to be used for several applications such as food packaging, automotive interiors and exteriors, storage containers, homecare, and industrial equipment. All these products are manufactured from polymers that are mixed with a complex blend of materials called additives to enhance their physical or chemical structure. Plastic additives impart unique properties to the polymer to which they are added.
The plastic additives market is segmented into three categories based on plastics: commodity, engineering, and high-performance plastics. Manufacturers produce different types of additives depending on the plastic grade and specific application. The demand for commodity plastics is expected to grow due to the increasing use of polyolefin plastic packaging in food & beverages and pharmaceutical applications. Commodity plastics are widely used thermoplastics. They are produced in large volume owing to their low raw material cost and abundant availability. The most common commodity plastics are PS, PE, PP, PVC, ABS, and PMMA. Engineering plastics which possess excellent physical properties for efficient and prolonged use. These polymers can work under wide temperature ranges, various mechanical stresses and in various chemical environments. High-performance plastics are thermally stable plastics, which can withstand temperatures above 1500C. These plastics have superior mechanical properties.
The plastic additives market is segmented based on major five applications: packaging, construction, consumer goods, automotive, agriculture, and others. The increasing use of plasticizers and flame retardants in various applications such as electronic goods, panels, packaging films, bottles, caps, containers, PVC pipes, floor covering, cables, household goods, toys, automotive parts, greenhouse films, and textile fibers is driving the plastic additives market. Plastic additives such as stabilizers, impact modifiers, blowing agents, nucleating agents and others are now widely used to enhance the physical and chemical properties of plastics and plastic products. End-use industries such as packaging, consumer goods, and automotive have increased the use of plastics in their end-products.
Based on region, APAC is projected to be the largest market for plastic additives market during the forecast period. APAC is the most promising market for plastics and related industries, including plastic additives. It is the largest and fastest-growing market for plastic additives. The increasing demand from packaging, consumer goods, and automotive applications is driving the market for plastic additives in the region. The rising purchasing power of the middle-class population also acts as a key market driver. The rising demand for environment-friendly products is driving innovation in the plastics industry. High-end products such as consumer goods and electronic devices demand damage-free surfaces. Thus, the need for anti-scratch products arises, which drives the market for plastic additives.
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