The plastic additives market is growing due to its numerous applications and advantages like flexibility, cost-effective, efficient applications, and reusability of applications. Plastic additives also help in improving polymers like its durability, shine, strength, and heat sensitivity.
This report provides forecast and analysis of the plastic additives market which is estimated to surge from US$45.861 billion in 2018to US$60.230 billion by 2024.
Plastic Additives are chemicals that are required for polymerizing, processor to modify the end-use properties of plastics. The additives help in improving the properties of plastic or polymers like its durability, shine, strength, and heat sensitivity. Plastic additives are used in various applications like extenders, modifiers, stabilizers. Compound formulations require antimicrobials, UV stabilizers, antioxidants, plasticizers, and impact modifiers for improving chemical and physical properties. The demand for plastic additives is growing due to its multiple, cost-effective and efficient applications. The additive market is rising as metal products are expensive as compared to plastic products, thus creating a market for plastic industries and increasing awareness for the conservation of limited resources like wooden products is also affecting the demand for plastic products. Reusable applications and flexible properties of plastic are driving the market of plastic additives globally.
The Plastic Additives Market is segmented by type, by type of plastic, by end-user industry, and geography. Segmentation by type is by Biostabilisers, Antioxidants, Antistatic Agents, Plasticisers, Flame Retardants, Fragrances, and others. Segmentation by type of plastic is majorly by Polyethylene, Polyurethanes, Polyvinyl Chloride (PVC), Polyamide, and others. Segmentation by the end-user Industry is by Automotive, Construction, Packaging, Transportation, and Others.
By geography, the plastic additives market has been segmented as Americas, Europe, the Middle East and Africa, and the Asia Pacific. The American market is expected to have a substantial market share of plastic packaging due to high requirements in the packaging and automotive industry and stringent food, environmental, and medical regulation to drive the market in the region. The Asia Pacific to have the fastest growth due to industrialization and urbanization which is giving rise to economic activities and high industrial output thus increasing the manufacturing sector.
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Some of the major players covered as part of the report are BASF SE, Arkema, DowDuPont, Evonik Industries AG, LANXESS, ADEKA CORPORATION, Wacker Chemie AG, Clariant, SABO S.P.A., and Eriez Manufacturing Co. among others.
This report segmented the plastic additives market on the basis of the following terms