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Plastic Additives Market Expected to Reach $79.1 Billion by 2030

 

Report Code : A00132

quote Growth of the plastic additives market is primarily triggered by the rise in demand from the packaging sector. Packaging is widely utilized in food & beverage, cosmetics & personal care, pharmaceutical industries and at home. Changes in lifestyle and globalization have fueled the packaging industry's rise, which boosts the plastic additive market. The growing use of plastics in everyday applications is expected to drive the plastic additives market during the forecast period. quote

Eswara Prasad
Manager, Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research titled, Plastic Additives Market by Type, Plastic Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global plastic additives market was valued at $48.6 billion in 2020, and is projected to reach $79.1 billion by 2030, growing at a CAGR of 5.1% from 2020 to 2030.

The compounds that are introduced to the polymer during the reaction or chemical process are known as plastic additives. These additives aid in the improvement of polymer properties, such as strength, luster, durability, and heat sensitivity. Due to a decline in mineral ore resources, metal equipment has become more expensive, prompting the use of plastics to replace it. The market for additives is being pushed by the low cost of plastic equipment and similar chemical properties of metal. Plastic additives are used to improve the properties of plastics so that desired plastic products can be made. Manufacturers of additives are mostly focused on specialty chemicals used in construction and automobile equipment.

Increase in industrial output and increase in economic activity in emerging economies of Asia-Pacific and South America are expected to drive the global plastic additives market during the forecast period. Due to negative impacts on human health and the environment, regulatory authorities such as the European Commission revised statutes such as the Restriction of Hazardous Substances to regulate and restrict flame retardants, plasticizers, and other additives. Replacement of conventional materials by plastics in several applications, increase in disposable income, and rapid urbanization are all factors that drive the growth of the market. Furthermore, the rise in expense of natural metal ore shifts the trend away from metal and toward plastics. Plasticizers, with their flexible qualities, provide an ideal platform for the plastic industry in such instances. In addition, rising awareness for the conservation of limited resources & other environmental factors such as forest protection has reduced and replaced wooden products with plastic products. This rise in usage of plastic products has risen the demand for plastic additives, which are used in the manufacturing of end-user plastic products.

The plastic additives market is segmented into type, plastic type, application, and region. Depending on type, the market is categorized into plasticizers, flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others. Depending on plastic type, it is fragmented into commodity plastic, engineering plastic and high-performance plastics. As per application, it is classified into packaging, automotive, agriculture, building & construction, consumer goods, electrical & electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global plastic additives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, BASF SE, Clariant Ltd, Dow chemical co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess, Nouryon, and Songwon Industrial Co., Ltd.

The global plastic additives market is analyzed in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. 

Key Findings Of Study

  • On the basis of type, the plasticizers segment emerged as the global leader with around 30.6% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
  • Depending on plastic type, the high-performance plastics segment registered the highest market share of around 64.5%, and is projected to maintain the same during the forecast period.
  • As per application, the building & construction segment registered the highest market share of around 33.5%, and is projected to maintain the same during the forecast period.
  • Region wise, Asia-Pacific registered the highest market share of around 55.6%, and is projected to maintain the same during the forecast period.

Impact Of Covid-19 On Plastic Additives Market

  • The COVID-19 pandemic rapidly spread and ruthlessly affected the business environments of major markets. The demand for plastic additives witnessed significant decline in all segments. Some regions, particularly, North America and Europe, witness greater decline than Asia-Pacific. Amidst the ongoing crisis, plastic additives producers are operating at a lower capacity and are planning to scale up their operation after carefully assessing the course of COVID-19 in the near term.
  • Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using plastic additives, thereby affecting the plastic additives market. 
  • The demand for end-products, such as automotive components, plastic construction materials, such as pipes & fittings, and consumer goods declined. However, industrial operations and construction activities are reviving gradually and projected to generate more demand for plastic additives for their end-products during the forecast period.
  • On the other side, the increase in the demand for PPE kits manufactured from medical grade plastic to compact the spread of COVID 19 is anticipated to serve as an opportunity for the market to regain its previous momentum.

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quote Plastic Additives Market by Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, and Others), Plastic Type (Commodity Plastic, Engineering Plastic, and High-Performance Plastics), and Application (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electrical & Electronics, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030 quote

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