Plastic Additives Market

Plastic Additives Market

Growth Factors of Plastic Additives Market

The plastic additives market size was valued at USD 56.69 billion in 2023, and the market is now projected to grow from USD 60.35 billion in 2024 to USD 93.85 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period of 2024-2032.

The COVID-19 pandemic majorly interrupted the worldwide market. Numerous government limitations affected the business and supply of commodities, raw materials, and products. Most of the chemical producers based in China were enforced to close down due to the occurrence temporarily. The supply of raw materials was disturbed during the lockdown period, which affected the trade of these additives and derivatives.

Plastic is one of the extreme broadly used materials in various end-use industries, embracing automotive, aerospace and defense, packaging, biochemical, construction, all-purpose manufacturing, and electronics. The mounting execution of polymers is ascribed to their exceptional properties such as power, steadiness, flexibility, and the capability to sustain pressure and heat, which is inspiring the demand for their derivatives. The rising demand for approachability of food is rising the demand for food-grade plastic used for packing. Additionally, the growing e-commerce sector through the world is one of the key features appealing the packaging sector, which in turn is augmenting the plastic additives market growth.

Development of plastic waste due to its non-degradability is one of the significant concerns the world has been facing for the past few years. Polymers are widely used for several purposes, reaching from national to industrial uses. The growing concerns and awareness about its pollution and its gathering in soils and water bodies have focused to the progress of biological materials. The severe rules imposed by governmental consultants to decline the usage of non-degradable plastic have expressively directed the ecological market.

Comprehensive Analysis of Plastic Additives Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by end use. On the basis of type, the market is segmented into plasticizers, flame retardants, stabilizers, impact modifiers, and others. On the basis of end use, the market is segmented into packaging, construction, automotive, consumer goods, and others based on end-use.

North America region is dominating the plastic additives market share due to rising execution of plastics and polymers in the packing, construction, aerospace & defense, food & beverages, general business, and automobile industries. Great investments in the aerospace & defense sector for growing improved materials is probable to benefit as a prospect for the market in this region.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Songwon Industrial Co. Ltd. (South Korea), Clariant AG (Switzerland), BASF SE (Germany), Dow Chemical Company (U.S.), Evonik Industries AG (Germany), Kaneka Corporation (Japan), Lanxess AG (Germany), SABIC (Saudi Arabia), ExxonMobil Chemical (U.S.), Mitsui Chemical (Japan) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In January 2021, BASF has launched a portfolio brand name for plastic additives that let the clients to meet the sustainability aims. The portfolio will continuously meet customer needs and increase to embrace additive packages for automatically recycled plastics.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.7% during 2024-2032

Unit Value (USD Billion); Volume (Million Ton)

Segmentation By Type

• Plasticizers
• Flame Retardants
• Stabilizers
• Impact Modifiers
• Others

By End-Use

• Packaging
• Construction
• Automotive
• Consumer Goods
• Others

By Geography

• North America (By Type, By End-use)
• U.S. (By End-use)
• Canada (By End-use)
• Mexico (By End-use)
• Europe (By Type, By End-use)
• Germany (By End-use)
• U.K. (By End-use)
• France (By End-use)
• Italy (By End-use)
• Spain (By End-use)
• Rest of Europe (By End-use)
• Asia Pacific (By Type, By End-use)
• China (By End-use)
• India (By End-use)
• Japan (By End-use)
• South Korea (By End-use)
• Rest of Asia Pacific (By End-use)
• Latin America (By Type, By End-use)
• Brazil (By End-use)
• Argentina (By End-use)
• Rest of Latin America (By End-use)
• Middle East & Africa (By Type, By End-use)
• South Africa (By End-use)
• Saudi Arabia (By End-use)
• Rest of Middle East & Africa (By End-use)

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