Polymer Processing Aid Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Polymer Processing Aid Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The market for polymer processing aids was valued at USD 1644 million in 2021 and is expected to record a CAGR of over 4% during the forecast period 2022-2027.

The COVID-19 pandemic negatively affected the demand for polymer processing aids in 2020. However, the market is now estimated to have reached pre-pandemic levels.

· Over the medium term, major factors driving the market studied include increasing demand for polymer processing aids in blown film & cast film and rising demand from the wire & cable segment.

· Growing demand for polymer processing aid in the fiber & raffia segment is expected to offer various lucrative opportunities for the market’s growth.

· By application, the blown film & cast film segment is expected to dominate the market owing to an increase in the production of food & non-food packaging, agriculture films, and tapes.

· The Asia-Pacific region dominated the polymer processing aid market across the globe, with the highest consumption from countries such as China, India, and Japan.

· Polymer processing aid is used during polymer formulation when molten polymers are subjected to extrusion processes so that they can be formulated into pipes, film, tubes, and other products. Polymer processing aid improves the quality of finished products.

· Polymer processing aids help in increasing film transparency, improving smoothness, improving product appearance, and improving mechanical properties. Owing to these factors, the demand for polymer processing aid is increasing in the blown film & cast film segment.

· Additionally, the rise in demand for packaging films, agriculture films, and tapes is increasing the demand for polymers such as high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and low-density polyethylene (LDPE) with improved properties such as high mechanical strength and durability. Due to this, the demand for polymer processing aids is expected to rise, which would stimulate its market.

· The market for cast film is expected to record a CAGR of over 3%, and the market for multi-layer blown films is projected to register a CAGR of over 6% during the forecast period.

· Owing to all the abovementioned factors, the polymer processing aid market is expected to grow rapidly over the forecast period.

· Asia-Pacific region is expected to dominate the market for polymer processing aid during the forecast period. In countries like China, India, Japan, and South Korea, owing to the increasing demand for plastics from various end-user industries like packaging, automotive, and building & construction, the demand for polymer processing aid has been increasing.

· The use of polymer processing aid helps in improving the surface quality of products, eliminating melt fractures, and reducing die deposits. These factors are expected to positively impact the polymer processing aid market.

· Additionally, the demand for polymer processing aid is expected to increase to meet the demand for clean films in food packaging and agriculture sectors in countries like China, India, Japan, and South Korea, which will stimulate the polymer processing aid market in the region.

· Furthermore, the optimum utilization of polymer processing aids can reduce the damage to polyethylene during the manufacturing process.

· Thus, the rise in demand for polymer products from various applications such as aviation, defense, automobile, telecommunication, scientific research labs, commercial facilities, and others is fueling the demand for polymer processing aid and thus, propelling its market.

· The blow molded plastics market in China is projected to register a CAGR of over 5% during the forecast period and is expected to reach USD 16 billion by 2025. This is likely to provide lucrative opportunities for the polymer processing aid market.

· The aforementioned factors, coupled with government support, are expected to contribute to the increasing demand for polymer processing aid during the forecast period.

The polymer processing aid market is fragmented, with the top players accounting for a marginal share of the market. Some of the key companies in the market include 3M, Arkema, The Chemours Company, Mitsubishi Chemical Corporation, and Kaneka Corporation, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support