Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants), Plastic Type (Commodity Plastics, Engineering Plastics, High Performing Plastics), Application (Packaging, Construction, Consumer Goods), and Region - Global Forecast to 2028

Plastic Additives Market by Type (Plasticizers, Stabilizers, Flame Retardants), Plastic Type (Commodity Plastics, Engineering Plastics, High Performing Plastics), Application (Packaging, Construction, Consumer Goods), and Region - Global Forecast to 2028

The plastic additives market is poised for significant growth, with a projected value of USD 57.0 billion by 2028, exhibiting a robust CAGR of 5.6% from its 2023 value of USD 43.5 billion. Plastics are replacing conventional materials in a wide range of industries, driven by a variety of factors, including the use of plastic additives. Plastic additives are essential for improving the properties of plastics and making them more suitable for a wider range of applications. Plastic has several advantages over traditional materials, such as metals, wood, and glass. They are lighter, more durable, reusable, and often less expensive to produce and transport. Plastics can also be engineered to have a wide range of properties, making them suitable for a wide variety of applications.

“Plasticizers segment was the largest type of plastic additives in 2022, in terms of value.”

The plastic additives market is witnessing substantial growth due to several key drivers. Among these, plasticizers stand out as the most widely employed form of plastic additive. They play a crucial role in enhancing the pliability, durability, and processing ease of plastics. Plasticizers find applications in diverse sectors, including packaging, construction, automotive, and consumer goods. Plasticizers are used in packaging to make plastic packaging materials more pliable and simpler to handle. This property is especially important in applications such as food packaging, where the plastic must conform to the contour of the food product while protecting it from any injury. Plasticizers are used in a variety of consumer goods, including toys, recreational equipment, and medical devices. Their flexibility-enhancing characteristics contribute to the overall quality and functioning of these products.

“Commodity plastics segment was the largest plastic type for plastic additives market in 2022, in terms of value.”

Commodity plastics are the most popular and widely used category of plastics. Commodity plastics, also known as bulk plastics or general-purpose plastics, refer to a category of polymers that are widely produced and used in a variety of everyday applications. Commodity plastics benefit from the incorporation of plastic additives in various ways to enhance their characteristics. For instance, plastic additives can be harnessed to augment the resilience, flexibility, heat resistance, and chemical resistance of commodity plastics. Moreover, these additives can also be employed to enhance factors like the color, processability, and recyclability of commodity plastics.

“Packaging segment is projected to be the largest application of plastic additives during the forecasted period, in terms of value”

Packaging has emerged as the dominating application within the plastic additives market in 2022, influenced by several convincing variables. Plastic packaging remains the most common type of packaging worldwide, owing to its lightweight, resilient, and cost-effective characteristics. Plastic additives play an important part in many different types of plastic packaging, including food and beverage packaging, pharmaceutical packaging, and personal care packaging.

“Asia Pacific was the largest plastic additives market in 2022, in terms of value.”

The Asia Pacific area stands out as a critical global manufacturing powerhouse. Its industrial sector is highly dependent on a wide range of plastic items, necessitating the usage of plastic additives in their manufacturing processes. Additionally, China is the Asia Pacific region's largest market for plastic additives. This is due to China's enormous and flourishing industrial economy, as well as its expanding customer base. Furthermore, China plays an important role in the production of plastic additives, giving it a competitive advantage in the worldwide market.

In the meticulous process of determining and verifying market sizes for multiple segments and subsegments, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%

By Designation: - Director Level - 27%, C-Level - 25%, and Others - 48%

By Region: North America - 32%, Europe - 28%, Asia Pacific - 21%, South America - 12%, and Middle East & Africa - 7%,

The key market players illustrated in the report include BASF SE (Germany), Clariant AG (Switzerland), Albemarle Corporation (US), Songwon Industrial Co., Ltd. (South Korea), Nouryon (Netherland), LANXESS AG (Germany), Evonik Industries AG (Germany), Kaneka Corporation (Japan), and Dow Inc. (US).

Research Coverage

This report segments the market for plastic additives on the basis of type, plastic type, application, and region, and provides estimations for the overall value (USD Million) of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for bio-based leather.

Reasons to buy this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the plastic additives market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Analysis of key drivers (Replacement of conventional materials by plastics, Reusable property of plastics), restraints (Stringent government regulations governing the plastic industry), opportunities (Cost-effectiveness and commercialization of plastics, Increased usage of plastics in packaging applications), and challenges (Effects of plastic on the environment)

Market Penetration: Comprehensive information on plastic additives offered by top players in the global plastic additives market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the plastic additives

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for plastic additives across regions

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global plastic additives market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the plastic additives market

Impact of recession on plastic additives