June 22, 2022
According to the analysis report titled ‘Global Plastic Additives Market 2022-2028’, available with MarketStudyReport, global plastic additives market is slated to reach a valuation of USD 35,518 million by 2028, while progressing at a CAGR of 5.1% throughout the forecast period.
Growing utilization of the product across various end-use verticals such as construction & building, packaging, automotive, etc. is a primary factor driving global plastic additives market growth.
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For the uninitiated, additives play a key role in boosting tensile strength, functionality, and overall performance of the plastic during the manufacturing process.
In addition to the growth drivers and restraints, the study also elaborated on the influence of COVID-19 crisis on the market dynamics.
Apart from this, this business sphere is studied from the perspective of additive type (plasticizers, antioxidants, stabilizers, flame retardants, impact modifiers & processing aids, others), plastic type (polycarbonate, polypropylene, polyethylene, polyamides, polyvinyl chloride, polystyrene, polyethylene terephthalate, high-performance plastics, others), and end-users (building & construction, automotive & transportation, consumer goods, packaging, others).
All the aforementioned sub-markets are individually assessed with respect to important metrics like production, consumption, and growth rate. By doing so, the report identifies the key avenues where stakeholders should invest their resources for amplifying profits.
Proceeding further, the report incorporates a comprehensive analysis of worldwide plastic additives market by region (North America, Europe, Asia Pacific), followed by a complete assessment of competitive landscape.
Major companies influencing the market trends are The Dow Chemical Company, Albemarle Corporation, LG Chem Ltd., Ferro Corporation, BASF SE, ExxonMobil Chemical Company, Songwon Industrial Group, Evonik Industries AG, Lanxess AG, Perstorp AB, Clariant AG, Eastman Chemical Company, Grupa Azoty S.A., OQ Chemicals, UPC Technology Corporation, Arkema S.A., Aekyung Industrial Co., Ltd., and Adeka Corporation.
To remain ahead of the competition, companies are diversifying their product portfolio through strategic collaborations. They are exchanging talents and technical prowess with other firms to gain edge in the global plastic additives industry space.