Plastic Additives Market By Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, Others), By Plastic Type (Commodity Plastic, Engineering Plastic, High-Performance Plastics), By Application (Pac

Plastic Additives Market By Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, Others), By Plastic Type (Commodity Plastic, Engineering Plastic, High-Performance Plastics), By Application (Packaging, Automotive, Agriculture, Building and Construction, Consumer goods, Electrical and electronics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global plastic additives market was valued at $50.6 billion in 2021, and is projected to reach $83.8 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Plastic additives are compounds that are added to polymers to improve the chemical and physical properties of plastic products. It acts as a catalyst or filler to improve the strength-to-weight ratio, durability, corrosion resistance, and thermal sensitivity of the product. Commonly used plastic additives include, property extenders, modifiers, stabilizers, and processing aids used in commodity, engineering, and performance plastics. These advantages make it versatile in a variety of industries, such as packaging, construction, automotive, and manufacturing.

Rapid industrialization globally is one of the key factors that drives the market growth. In addition, the replacement of traditional materials used in the manufacture of consumer goods and various textiles, agricultural products, and medical products drives market growth. For example, plastic products with improved mechanical and electrical properties are used instead of traditional materials such as glass, paper, ceramics, and metals. In addition, increase in product demand from the packaging industry also creates a positive outlook for the market growth. Polyvinyl chloride (PVC), polyethylene terephthalate (PET), low density polyethylene (LDPE), and high density polyethylene (HDPE) are one of the most commonly used packaging materials across the globe. They are often treated with plastic additives to improve life, appearance, and mechanical properties.

Other factors, such as the growing demand for disposable and reusable plastic products from the medical industry and the widespread adoption of 3D printing technology, are expected to continue to drive the market.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. On the basis of 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, Badische Anilin- und SodaFabrik SE, Clariant Ltd., Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess Corporation, Nouryon, and Songwon Industrial Co. Ltd. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

IMPACT OF COVID-19 ON PLASTIC ADDITIVES MARKET

The COVID-19 pandemic is rapidly spreading and ruthlessly affecting the business environments of major markets. The demand for plastic additives is witnessing significant decline in all segments. Some regions, particularly, North America and Europe, are witnessing 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.
The demand for end-products such as automotive components, plastic construction materials such as pipes & fittings, and consumer goods has 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.
The health and safety of workers is a growing concern for the government. Governments from different nations have developed a variety of safety standards to prevent accidents and uncertainty in the industrial sector. End-use industries are required by a number of laws and government guidelines to provide workers with protective gear in particular work environments. Wearing protective gear is required for employees in a variety of professions, including manufacturing, construction, and oil & gas. For instance, according to the 2010 memorandum of the U.S. Occupational Safety and Health Administration (OSHA), it is mandatory for workers in the oil & gas industry to wear heat- and flame-resistant clothing. Therefore, all these factors boost the growth of plastic additives market.
R&D efforts to enable the use of sterilized additives with antiviral characteristics for polymers have gained momentum as a result of the COVID-19 pandemic. For instance, Sanitized AG, an antimicrobial product manufacturer with headquarters in Switzerland, claims that a number of its product lines are effective against the virus on non-porous surfaces. These products' efficacy was verified by testing done independently in accordance with ISO 21702:2019. These additives are claimed to be effective for polymers employed in health care, food & beverages, transportation, and other essential applications.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the plastic additives market analysis from 2021 to 2031 to identify the prevailing plastic additives market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the plastic additives market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global plastic additives market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Type

Plasticizers
Flame Retardants
Impact Modifiers
Lubricants
Antioxidants
Antimicrobials
UV Stabilizers
Others

By Plastic Type

Commodity Plastic
Engineering Plastic
High-Performance Plastics

By Application

Packaging
Automotive
Agriculture
Building and Construction
Consumer goods
Electrical and electronics
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest Of Asia Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Key Market Players

BASF
EXXON MOBIL CORPORATION
Clariant Ltd.
Kaneka Corp.
LANXESS AG
Albemarle Corporation
DOW Plastic Additives
evonik industries ag
Nouryon
Songwon Industrial Co., Ltd

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