The global plastic additives market size reached USD 39.69 Billion in 2021 and register a revenue CAGR of 5.1% over the forecast period, according to the latest analysis by Emergen Research. Rapid urbanization has resulted in rapid growth of the building and construction industry in a number of developing countries, which is expected to continue to drive demand for plastic additives. Plastic additives enhance the performance and durability of polymers in a variety of building applications. Additives are used in paints and coatings to improve the performance of the coating film. In addition, rising demand for flame retardant additives used mostly in the interiors of buildings is further expected to drive revenue growth of the market going ahead.
Rapid growth of the automotive industry and increasing demand for Electric Vehicles (EVs) had led to surge in sales of EVs. In 2020, about 300,000 EVs were sold, which accounted for around 2% of the U.S. new automobile market, which is expected to increase at a rapid rate. Over 70% of the plastics used in automobiles comes mainly from four polymers, which are polyamides, polyurethane, polypropylene, and PVC. Engineering thermoplastics are also used to withstand the high heat generated by EV power packs. Furthermore, polymers such as Polyether Ether Ketone (PEEK), and Polytetrafluoroethylene (PTFE) has demonstrated heat resistance and can be used as a replacement for metals while designing automotive components.
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Leaching of plasticizers into the environment and concerns about non-biodegradability of plastics are some factors restraining revenue growth of the plastic additives market. Phthalic acid esters that are used as plasticizers in various products have been classified as endocrine-disrupting compounds. Moreover, according to reports, of the total plastic waste of 6.3 billion metric tons only 9% has been recycled and therefore governments of various countries are encouraging adoption of plastic alternatives. These factors are expected to restrain revenue growth of the market to some extent.
The Global Plastic Additives Market Research Report added to its expanding repository is an all-inclusive document containing insightful data about the Plastic Additives market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the Plastic Additives industry pertaining to growth factors, opportunities and lucrative business prospects, regions showing promising growth, and forecast estimation till 2030.
Key players involved in the market such as BASF SE, Clariant AG, The Dow Chemical Company, Albemarle Corporation, Songwon Industrial Co., Ltd., ExxonMobil Chemical, DuPont de Nemours, Inc., Nouryon, Lanxess AG, Evonik Industries AG, and Kaneka Corporation.
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Some Key Highlights From the Report
On 27 November 2019, Evonik Industries AG engaged in research and development (R&D) to develop solutions for recycling plastics and rubber. It is currently working with a disposal company to optimize the recycling of polyethylene. The company used its product Vestoplast, which is an additive and primarily used as adhesives in the hot melt to improve the impact strength or flow properties of polyethylene, which can help in reusing recycled plastic.
The stabilizers segment is expected to register a robust revenue growth rate over the forecast period owing to rising demand as a polymer additive to prevent the degradation of polymers during processing and retain their physical properties. For instance, heat stabilizers are added to a polymer to protect the properties of the plastic from heat damage, during the manufacturing process. Heat-stabilizing additives are widely used in Polyvinyl Chloride (PVC) to preserve strength, durability, and performance of the polymer.
The high-performance plastics segment registered a significantly large revenue share in 2021 High-performance plastics are widely used for parts and components in electrical and electronics industries and aerospace and automotive industry. Rising demand for EVs and increasing adoption of third-generation semiconductors are some key factors expected to drive revenue growth of the segment.
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Regional Outlook of Plastic Additives Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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Emergen Research has segmented the global plastic additives market on the basis of type, plastic type, and region:
Type Outlook (Revenue, USD Billion, Volume, Kilotons, 2019–2030)
Plasticizers
Stabilizers
UV Stabilizers
Antioxidants
Flame Retardant
Blowing Agents
Nucleating Agents
Others
Plastic Type Outlook (Revenue, USD Billion, Volume, Kilotons, 2019–2030)
Commodity Plastics
Polyethylene (PE)
Polypropylene (PP)
Polystyrene (PS)
Polyphenylene Ethers (PPE)
Engineering Plastics
High-Performance Plastics (HPA)
Application Outlook (Revenue, USD Billion, Volume, Kilotons, 2019–2030)
Packaging
Consumer Goods
Construction
Automotive
Others
Research Report on the Plastic Additives Market Addresses the Following Key Questions:
Who are the dominant players of the Plastic Additives market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Plastic Additives market?
What are the key growth drivers and restraining factors of the Plastic Additives market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Plastic Additives market and its key segments?
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