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Plastic Additives Market Size, Share, and Analysis, By Type (Antioxidants, Plasticizers, Nucleating Agents, Impact Modifiers, Flame Retardants, Blowing Agents, Lubricants, UV Stabilizers, Antimicrobials, Others), By Plastic Type (Commodity Plastic {Polypropylene, Polyethylene, Polystyrene, Polyphenylene ethers}, Engineering Plastic, High-Performance Plastics), By Application (Building and Construction, Automotive, Packaging, Consumer goods, Electrical and electronics, Agriculture, Others) and Regional Forecasts, 2022-2032
Plastic Additives Market size was USD 44.29 billion in 2021 and projected to grow from USD 49.2 billion in 2023 to USD 79.2 billion by 2032, exhibiting a CAGR of 5.4% during the forecast period.
Plastic additives are material included during production process to confirm that the material executes at its best when molded and utilized. Plastic additives have the capability to alter the properties of polymer and obtain the required way of plastic for usage. Plastic additives are chemicals which are utilized to process, or polymerize the end-use properties of polymers. Plastic additives aid in enhancing the durability, heat sensitivity, and product strength and perform various functions like processing aids, stabilizers, flame retardants, modifiers, and plasticizers in different industrial applications.
Plastic Additives Market is expected to reach USD 79.2 billion, growing at a CAGR of 5.4% during forecast period owing to the increasing demand for plastics. The innovation of low-cost, sustainable plastic products appropriate for different industrial applications is anticipated to drive the demand for growth of the market. Plastics possess low water-absorption properties and are used in modern equipment like dental instruments, isolating parts, suction equipment etc. Urbanization and the necessity of replacing traditional material with plastics is expected to drive the growth of plastic additives market.
Plastic Additives Market is classified based on the Type into Antioxidants, Plasticizers, Nucleating Agents, Impact Modifiers, Blowing Agents, Flame Retardants, Lubricants, UV Stabilizers, Antimicrobials, Others. Plasticizers segment dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to their nature of decreasing the viscosity of polymer materials by enhancing the flexibility of polymers. The plasticity nature can be changed considering different requirements.
Plastic Additives Market is classified based on the Application into Building and Construction, Automotive, Agriculture, Packaging, Consumer goods, Electrical and electronics, Others. Packaging Segment is expected to dominate the market in the forecast period due to the requirement of various types of packaging material for different products. Plastic material of different types is available like food-grade, transparent, medical-grade, moisture-resistant, etc. which are cost effective and is expected to drive the demand for the growth of segment in the Plastic additives market. The ease of convenience and rising demand for utilizing plastic in packaging of various material is anticipated to drive the demand for growth of the market.
Growing Demand for Plastic is Expected to Boost the Growth of the Market
The demand for plastic is increasing as they are utilized in storage containers, cables, pipes, electronics, kitchenware, toys, cosmetic items, etc. owing to their light weight and strength. Plastic additives also have applications in textiles, furniture, building materials. The market is also anticipated to grow due to the usage of flame retardants. The flexibility, durability and increasing demand for PVC is expected to drive the demand for plasticizer in plastic additives. The demand for packaging processes is creating scope for the plastic additives market growth.
Increasing Popularity of Plastics Expected to Boost the Growth of the Market
The replacement of traditional materials with engineering plastics is creating demand for the growth of the market. Plastic additives market is increasing owing to the presence of several applications as the engineering plastics are being replaced by the traditional materials like stainless steel, bronze, cast iron, and ceramics in different commercial and industrial sectors. The demand for plastic additives market is growing due to the high production of fuel-efficient and lightweight vehicles owing to consumer preference on maintaining environmental protection has created positive impact on the market, thereby anticipated to drive demand for plastics and plastic additives market during the forecast period.
Stringent Regulations on Use of Plastics May Restrain the Growth of the Market
The imposition of stringent government rules & regulations on use of plastics is expected to restrain the market growth. The rising environmental concerns and growing awareness regarding the environment protection are anticipated to hamper the market growth.
Plastic Additives Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific dominated the market in 2021 and is expected to continue its dominance over the forecast period as few countries in this region have the greatest opportunity for market growth related to plastic additives owing to the easy availability of labour and low-cost of raw materials in this region. The presence of firm packaging industries in this region is also expected to aid in the market growth.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. The demand for plastic additives from industries like plastic construction materials (pipes & fittings), automotive components had reduced during the pandemic. There was no requirement for additional plastic material as there was a probability of virus spread. COVID-19 pandemic had a negative impact on the growth of the Plastic Additives Market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.4% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Type |
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Plastic Type |
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Application |
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By Region |
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Plastic Additives Market size was estimated at USD 44.29 billion in 2021 and is expected to reach USD 79.2 billion in 2032.
Plasticizers and Packaging segment accounted for the highest growth rate in the Plastic Additives market.
Leading players: Songwon Industrial Co. Ltd., Clariant AG, Lanxess AG, BASF SE, Dow Chemical Company, Sakai Chemical Industry, ExxonMobil Chemical, Mitsui Chemical, Albemarle Corporation, Covestro AG, Solvay SA, AkzoNobel NV, Evonik Industries AG and Other Prominent Players are the leading players in the Plastic Additives Market.
Growing Demand for Plastic and Increasing Popularity of Plastics are the factors driving the Plastic Additives market.
Stringent regulations applied by the government on use of plastics and rising environmental concerns are the challenges associated with the Plastic Additives Market.
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