The latest report by IMARC Group, titled “Plastic Additives Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global plastic additives market size. The global market size reached US$ 50.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 69.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.
Plastic additives encompass a diverse group of substances integrated into the production of plastic materials to modify, enhance, or customize their properties and performance. They serve crucial roles, including plasticizers for flexibility, stabilizers to resist degradation, flame retardants for fire safety, colorants for aesthetics, fillers for strength, antioxidants to prevent oxidation, and numerous others, depending on specific application requirements. These additives contribute to the versatility of plastics and are carefully dosed and selected. As a result, plastic additives find extensive applications in the packaging, construction, automotive, and electronics industries across the globe for ensuring that plastic products meet desired standards while maintaining safety and environmental considerations.
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Plastic Additives Market Trends and Drivers:
The global plastic additives market is primarily driven by the rising demand to enhance product quality and shelf life due to the rapid expansion of the packaging industry, especially in the food and beverage sector. Moreover, the increasing adoption of additives that improve the recyclability and sustainability of plastic materials due to escalating environmental concerns is positively influencing the market growth. Additionally, the heightening focus of the automotive industry on lightweighting to improve fuel efficiency that increases the use of plastic materials has augmented the demand for additives that enhance strength and durability. Furthermore, the implementation of stringent regulations regarding food safety and product quality that prompt manufacturers to incorporate additives that comply with these standards is contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Additive Type:
- Plasticizers
- Stabilizers
- Flame Retardants
- Impact Modifiers
- Others
Breakup by Plastic Type:
- Commodity Plastic
- Engineering Plastic
- High Performance Plastic
Breakup by Application:
- Packaging
- Automotive
- Consumer Goods
- Construction
- Others
Breakup by Function:
- Property Modifiers
- Property Stabilizers
- Property Extenders
- Processing Aids
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Akzonobel NV
- Albemarle Corporation
- BASF SE
- Clariant AG
- Dow Chemical Company
- DuPont de Nemours Inc.
- Evonik Industries AG
- Kaneka Corporation
- Lanxess AG
- Songwon Industrial Co. Ltd.
Recent Developments:
- In January 2021, BASF SE introduced a portfolio brand name for plastic additives, facilitating consumers in achieving their sustainability objectives which is designed to consistently address customer requirements and gradually incorporate additive packages for mechanically recycled plastics.
- In January 2022, Songwon Industrial Co. Ltd. collaborated with Omya AG which offers marketing and sales, customer services, and logistics support for Songwon's complete portfolio of PVC additives to customers throughout the Latin American region.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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