Plastic Additives Market Growth Drivers, Impact Analysis & Market Opportunities by 2023

Market Analysis 

The plastic additives market is likely to touch USD 900 billion at a healthy CAGR between 2018-2023, according to the Market Research Future (MRFR) report. Plastic additives, are chemical components that are mixed with polymer or plastic to modify, alter, and improve its chemical and physical properties. The end products obtained have several physical properties, including reduced weight, increased density, and lower glass transition temperature. Plastic additives help to make plastics cheaper, improve its flame-retardant property, and enhance its rheology. These additives are chosen based on the polymer types and the application where it will be used. Flame retardants, plasticizers, UV-stabilizers, antioxidants, impact modifiers, and others are some of the most widely used plastic additives. 

Numerous factors are adding to the global plastic additives market growth. These factors, according to the recent MRFR report, include people’s changing lifestyles, rapid urbanization, the growing use of eco-friendly packaging materials, shifting trend of consumers to a healthier lifestyle, and growing awareness of consumers about food contamination from containers. Additional factors adding to the global plastic additives market growth include technological advancements in plastic additives, increased durability and low price, and growing food industry worldwide. 

On the contrary, environmental regulations may limit the plastic additives market growth over the forecast period. 

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Market Segmentation 

The Market Research Future report provides an all-inclusive segmental analysis of the global plastic additives market based on end use industry and type. 

By type, the plastic additives market is segmented into antimicrobials, flame retardants, plasticizers, UV-stabilizers, antioxidants, impact modifiers, and others. Of these, plasticizers will dominate the market over the forecast period. 

By end use industry, the plastic additives market is segmented into consumer goods, building and construction, electrical and electronics, agriculture, packaging, automotive, and others. Of these, the packaging industry will lead the market over the forecast period for its alluring properties, including chemical and moisture resistance, availability in different colors, lightweight, and low reactivity. 

Regional Analysis 

By region, the global plastic additives market report covers the recent trends and growth opportunities across North America, the Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these, the APAC region will lead the market over the forecast period for the burgeoning demand for plastic additives from the packaging industry, increasing population, and the presence of various end-use industries such as consumer goods, packaging, and building and construction in India, China, and Japan. 

The plastic additives market in North America is predicted to have healthy growth during the forecast period for the growing demand of plastic additives in household and industrial applications. The US is the key contributor in the region for the presence of leading market players and high technological advancements. 

The plastic additives market in Europe is predicted to have significant growth over the forecast period for the increasing research and development activities in various plastic materials. The Netherlands, Germany, Belgium, and the UK are the key contributors in the region.

The plastic additives market in the MEA and Latin America is predicted to have a small share during the forecast period. 

Key Players

Key players profiled in the global plastic additives market report include Styro Chemical Industries (India), BASF SE (Germany), Albemarle Corporation (US), Clariant AG (Switzerland), PMC Group Inc. (the U.S), Evonik Industries AG (Germany), SONGWON (South Korea), Solvay SA (Belgium), L. N. Chemical Industries (India), and NV ( the Netherland). Industry players have incorporated several strategies to cater to the consumers growing needs and stay head & shoulders above others in the competition. These strategies include strategic alliances, mergers, acquisitions, joint ventures, new product development, collaborations, partnerships, extensive research and development activities, and others. 

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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