May 13, 2020
As per the report titled ‘Global Plastic Additives Market Size study, by Type (Plasticizers, Stabilizers, Flame Retardants, Impact Modifiers, Other Plastic Additives) By Application (Commodity Plastics, Engineering Plastic, High Performance Plastics) By Plastic (Packaging, Consumer Goods, Construction, Automotive, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global plastic additives market share was valued at USD 43 billion in 2018 and is projected to register 4% CAGR through 2026.
Polymer additives are chemicals that can be termed as functional agents or polymer stabilizers which are used to polymerize, process or alter the end-use plastic properties. Improved heat sensitivity, enhanced strength and durability are the key benefits encouraging the use of plastic additives by several end-user industries.
According to data by Plastic Garbage Project, approximately 300 million tons of plastic is produced annually and global plastic production reached 359 million metric tons in 2018. Extensive use of plastic additives across various end use industries, increasing plastic consumption, and widespread replacement of conventional materials with plastic in several applications are the primary growth drivers of global plastic additives market.
Moreover, rising demand for plastic additives from agriculture and pharmaceutical applications is expected to present new growth opportunities during the forecast period. However, stringent government regulations regarding the plastic production, use, and disposal in tandem with rising environmental concerns may hinder the industry growth.
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Based on the product type, the market is classified into plasticizers, flame retardants, stabilizers, impact modifiers, and others. Elaborating on the application scope, plastic additives market is categorized into engineering plastics, commodity plastics, and high-performance plastics. Whereas, end-use spectrum is segmented into packaging, construction, consumer goods, automotive, and others.
Considering the geographical landscape, North America plastic additives market is expected to display strong growth trends in the forthcoming years owing to escalating consumer preference for processed food which is fosters the demand for packaging plastic.
Meanwhile, plastic additives industry in Asia-Pacific is estimated to grow exponentially during 2020-2026, on account of surging demand for plastics from the rapidly expanding of automotive, packaging, and retail industry in the region.
Major players operating in global plastic additives market are Albemarle Corporation, Songwon Industrial Co., Ltd., BASF SE, The Dow Chemical Company, Clariant AG, Bayer AG, AkzoNobel NV, Chemtura Corporation, Kaneka Corporation, and Evonik Industries AG.