Global Plastic Additives Market Insights Forecasts to 2032
- The Global Plastic Additives Market Size was valued at USD 49.5 Billion in 2022.
- The Market Size is Growing at a CAGR of 5.73% from 2022 to 2032
- The Worldwide Plastic Additives Market Size is expected to reach USD 86.39 Billion by 2032
- North America is expected to grow the fastest during the forecast period
Get more details on this report -
The Global Plastic Additives Market Size is expected to reach USD 86.39 Billion by 2032, at a CAGR of 5.73% during the forecast period 2022 to 2032.
Plastic additives are components that undergo addition throughout the production process to ensure that the material performs optimally when manufactured and used. Plastic additives are additionally possible to utilize to adjust the properties of the polymer in order to extract specific outcomes derived from plastic. Plastic additives, if applied correctly, can extend the life of plastics while also making them more environmentally friendly and simpler to process. Additives can also have protective properties. This incorporates properties such as flame retardancy, which is beneficial in polymer applications such as airplanes, recreational vehicles, electrical, network, and junction boxes. A plastics additive can take the form of a liquid, powder, pellet, or all three at once. Vinyl, blow-molding bottles, film, rigid containers, PVC plastics, siding, decks and rails, foam pipes and profile formulations, window frames, and high-efficiency lubricants all require plastic additives.
The major key players in the Global Plastic Additives Market include Evonik Industries AG, Nouryon, The Dow Chemical Company, LANXESS AG, Kaneka Corporation, Clariant AG, Songwon Industrial Co., DuPont, ExxonMobil Chemical, Mitsui Chemical, and many others. These leading companies focus on initiatives such as introducing novel products, collaborations and partnerships, mergers and acquisitions, and expansions to help them grow their global operations. Furthermore, major multinational companies are involved in a variety of R&D activities and projects aimed at creating and implementing new and enhanced technologies in the plastic additive market.
For instance, on March 2023, Evonik has invested in Interface Polymers Ltd., a British business whose Polarfin additives are said to facilitate the processing of plastics such as mixes with PE or PP. At the same time, Interface Polymers technology has demonstrated the ability to recycle such polymers. Furthermore, it significantly minimizes the number of additives required. As such, mixed plastics are more easily recycled.
Global Plastic Additives Market Report Coverage
|Market Size in 2022 :||USD 49.5 Billion|
|Forecast Period 2022-2032 CAGR:||5.73%|
|2032 Value Projection:||USD 86.39 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Additives Type, By Plastic Type, By End-Users, By Region|
|Companies Covered:||Biesterfield Plastic GmbH, Eastman Chemical Company, The Dow Chemical Company, BASF SE, Evonik Industries AG, Nouryon, LANXESS AG, Kaneka Corporation, Clariant AG, Songwon Industrial Co., DuPont, ExxonMobil Chemical, Mitsui Chemical, Albemarle Corporation|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
Get more details on this report -
Plastic additives are used in a variety of industries, including packaging, construction, automotive, consumer products, clothing, textile, agricultural, and medicine. Plastics, notably commercial plastics, outperform traditional materials such as metals, glass, paper, and ceramics in terms of mechanical and electrical characteristics, tear resistance, and durability against chemicals. Plastic additives are rapidly being used in manufacturing processes for a variety of functions such as material modifiers, extenders, stabilizers, and manufacturing accelerators. In addition, the plastics sector's leading players remain hard at work on scientific investigation and the creation of less harmful or environmentally friendly plastic products. The governmental entity is beginning to market plastic items, which supports their use in several fields such as healthcare, automobiles, and construction. Furthermore, plastic additives are predicted to undergo shifts in the context of advancement. An important tendency in the plastic additives industry is the development of bio-based polymers.
Furthermore, higher demand from the product packaging sector is driving the projected expansion of the plastic additives market. Packaging is utilized extensively for commercial and residential uses, and shifts in everyday life and urbanization have sparked an expansion in the packaging business, boosting the plastic market. In addition, owing to properties such as greater mechanical durability, increased pairing, higher elongation, reduced fragility, and improved flexibility, plastic additives are frequently used in the construction and automotive sectors. Plastic additives have applications in the construction sector for preserving aesthetics and characteristics, thermal insulation, durability over time, and polymer property stability during operations. The lifespan of construction applications that are UV-sensitive is also increased by plastic additives. The expanding global construction sector is likely to drive expansion in the plastic additives market over the forecast period. However, strict controls placed by countries on the plastic industry, as well as growing worries concerning the non-biodegradability of plastic, are limiting the plastic additives market revenue development.
By Additives Type Insights
The plasticizers segment is dominating the market with the largest revenue share over the forecast period.
On the basis of additives type, the global plastic additives market is segmented into the plasticizers, stabilizers, flame retardants, impact modifiers, blowing agents, nucleating agents, and others. Among these, the plasticizers segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Plasticizers make plastics more flexible and durable. They can be observed in a variety of polymers. However, about 90% of all plasticizers are employed in the manufacture of flexible polyvinyl chloride (PVC). China has the world's largest plasticizer market, accounting for more than half of the worldwide demand. Plasticizers additionally finds applications in building flooring and wall coverings, electrical cables, consumer goods, the interior and outside of automobiles, packaging, and the manufacture of medical tubing, blood bags, and other products. The growing demand for a flexible polyvinyl chloride polymer is projected to propel the plastic additives market more extensively.
By Plastic Type Insights
The high-performance plastics segment is witnessing significant CAGR growth over the forecast period.
On the basis of plastic type, the global plastic additives market is segmented into commodity plastic, engineering plastic, and high-performance plastics. Among these, the high-performance plastics segment is witnessing significant CAGR growth over the forecast period. High-performance polymers can withstand temperatures of higher than 150°C and up to 300°C, depending on the circumstances. Commercially manufactured high-temperature plastics include heat-resistant polymers and adapted high-performance thermoplastic materials. Rising demand for high-performance plastics in many different applications such as petroleum and natural gas, the aerospace industry, nuclear, and chemicals is likely to boost segment revenue growth.
By End-Users Insights
The packaging segment accounted for the largest revenue share of more than 43.2% over the forecast period.
On the basis of end-users, the global plastic additives market is segmented into packaging, agriculture, building & construction, consumer goods, automotive, and others. Among these, the packaging segment is dominating the market with the largest revenue share of 43.2% over the forecast period. Rapid growth in population, evolving consumer lifestyles, economic developments, increased health consciousness among various classes of customers, and advancements in packaging material and technology are important factors assisting the packaging industry's growth. There are a large variety of plastic materials on the market today, which include transparent, food-grade, medical-grade, opaque, porous, waterproof, thermally resistant, and others. Plastic constitutes one of the cheapest and most economical substitutes for metals and their alloys in packaging. Plastic additives are in high demand due to the increased usage of plastics in both lightweight and heavy packaging. With the increased use of plastics in packaging, the demand for plasticizers, flame retardants, stabilizers, and other additives are expected to increase rapidly over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period.
Get more details on this report -
Asia Pacific is dominating the market with more than 48.7% market share over the forecast period. The plastic additives market is expanding rapidly and provides the potential for a variety of producers in the region, particularly in China, Japan, South Korea, and India. Furthermore, the Asia Pacific region is the world's biggest plastic additives market, with China being the leading market in the region with tremendous growth prospects. The growing financial freedom and living standards in Asia Pacific's developing nations are the primary drivers of this industry. In addition, the region's growing population, together with the emergence of innovative technologies and goods, is expected to contribute to making it an attractive location for the expansion of the plastic additive market. Growing automotive, consumer goods, and packaging domains, as well as innovations in manufacturing processes, are some of the primary drivers for the Asia Pacific plastic additives market.
North America, on the contrary, is expected to grow the fastest during the forecast period. This can be attributed to the growing use of plastics and polymers in the packaging, construction, aerospace and defense, food and beverage, general manufacturing, and automobile industries. Significant investments in the aerospace and defense sectors for the development of improved materials are projected to provide an opportunity for this region's industry. In addition, the increased need for recyclable materials for packaging will drive demand for a variety of plastic additives and stabilizing agents, compatibilizers, and others. Furthermore, the existence of major chemical businesses making plastic additives, such as Eastman Chemical Company, The Dow Chemical Company, and others, is predicted to considerably contribute to the region's revenue growth throughout the forecast period.
The Europe market is expected to register a substantial CAGR growth rate during the forecast period. The growing use of lightweight elements in automotive components to improve vehicle efficiency is likely to enhance the regional market. The growing use of polypropylene for car components and parts, as a result of the emphasis on lowering vehicle weight, is fuelling demand for plastics in the automotive sector. Furthermore, other main reasons likely to contribute to expanding demand for automotive plastic additives include the existence of key automotive manufacturers in the region and the growing demand for electric vehicles.
List of Key Market Players
- Biesterfield Plastic GmbH
- Eastman Chemical Company
- The Dow Chemical Company
- BASF SE
- Evonik Industries AG
- LANXESS AG
- Kaneka Corporation
- Clariant AG
- Songwon Industrial Co.
- ExxonMobil Chemical
- Mitsui Chemical
- Albemarle Corporation
Key Market Developments
- On April 2023, Cargill bought Croda's Performance Technologies division and the Polymer Additives product line in July 2022. Following the acquisition, Cargill has renamed the Crodamide brand of slip and anti-blocking additives to Optislip. The Optislip solutions are part of Cargill's larger Polymer Additive line, which provides friction management benefits to a wide range of polymer types.
- On April 2023, Symphony Environmental Technologies, based in the United Kingdom, has developed a scientifically verified d2w additive technology that renders plastics completely biodegradable. The strategy entails engineering consumer plastic packaging materials so that at the end of their useful life, the packaging material biodegrades both on land and in water without negatively influencing the environment.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Plastic Additives Market based on the below-mentioned segments:
Plastic Additives Market, Additives Type Analysis
- Flame Retardants
- Impact Modifiers
- Blowing Agents
- Nucleating Agents
Plastic Additives Market, Plastic Type Analysis
- Commodity Plastic
- Engineering Plastic
- High-Performance Plastics
Plastic Additives Market, End-Users Analysis
- Building & Construction
- Consumer Goods
Plastic Additives Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Need help to buy this report?