PUBLISHER: Meticulous Research | PRODUCT CODE: 1513308
PUBLISHER: Meticulous Research | PRODUCT CODE: 1513308
Plastic Additives Market by Type (Plasticizer, Fillers, Flame Retardant, Colorants, Antimicrobials, Foaming Agent, Nucleating Agents, Others), Application (Building and Construction, Packaging, Automobile, Others), Geography-Forecast to 2031.
The research report titled, 'Plastic Additives Market by Type (Plasticizer, Fillers, Flame Retardant, Colorants, Antimicrobials, Foaming Agent, Nucleating Agents, Others), Application (Building and Construction, Packaging, Automobile, Others), Geography-Forecast to 2031', provides an in-depth analysis of the plastic additives market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The plastic additives market is projected to reach $62.7 billion by 2031, at a CAGR of 3.6% from 2024 to 2031.
The growth of this market is driven by the rising use of plastic in buildings and construction and the increasing use of plastic additives in packaging applications. In addition, the cost-effectiveness and commercialization of plastics and the rising expansion of the automotive and aerospace industries are expected to create market growth opportunities. However, stringent government regulations governing the plastic industry and the negative effect of plastic additives on health & the environment can restrain the growth of the market. Additionally, the volatility of raw material prices poses a challenge to market growth.
The plastic additives market is segmented based on Type (plasticizers, antioxidants, UV absorbers, heat stabilizers, light stabilizers, fillers, coupling agents, cross-linking agents, foaming agents, nucleating agents, colorants, antimicrobials, flame retardants, antistatic agents, and other plastic additives), and Application (building and construction, packaging, automobile, home appliances & electronics, industrial machinery, personal care products, textile, public sector, and other applications). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on type, the plastic additives market is segmented into plasticizers, antioxidants, UV absorbers, heat stabilizers, light stabilizers, fillers, coupling agents, cross-linking agents, foaming agents, nucleating agents, colorants, antimicrobials, flame retardants, antistatic agents, and other plastic additives. In 2024, the plasticizers segment is expected to account for the largest share of 52.0% of the global plastic additives market. The large market share of this segment is attributed to the increasing use of plasticizers to improve the flexibility, viscosity, softness, friction level, and plasticity of materials, rising demand for flexible PVC for various applications, increasing adoption of non-phthalate and high molecular weight phthalate plasticizers and the growth in the packaging industry.
In addition, the rising focus of market players on expanding their product offerings is expected to drive the segment's growth. For instance, in January 2022, Evonik Industries AG (Germany) launched ELATUR DINCD-a new plasticizer for durable products. ELATUR DINCD is easy to process due to its low viscosity and is particularly suitable for demanding exterior and interior applications, such as textile fabrics, roofing membranes, floor coverings, adhesives, and sealants, as well as paints and coatings.
However, the antimicrobials segment is expected to register the highest CAGR during the forecast period. This growth is attributed to the increasing adoption of antimicrobial additives aimed at reducing illness and infection-causing bacteria, preventing the growth of mold and mildew, minimizing stains and odors caused by bacteria, and inhibiting physical degradation caused by bacteria and fungi, which feed on plastics and their additives. Additionally, market players are continuously introducing innovative products, further propelling the segment's growth. For instance, in February 2023, Microban International (U.S.) launched a new built-in antibacterial technology, MicroGuard, specially developed for polymer materials, including polyvinyl chloride (PVC), polyurethane (PU) and ethylene-vinyl acetate copolymer (EVA) foam.
Based on application, the plastic additives market is segmented into building and construction, packaging, automobile, home appliances & electronics, industrial machinery, personal care products, textile, public sector, and other applications. In 2024, the packaging segment is expected to account for the largest share of 38.0% of the global plastic additives market. The large market share of this segment is attributed to the rising demand for plastic packaging for maintaining the quality of a wide range of products during shipping, handling, and storage and the increasing awareness of the benefits of using additives in packaging applications. In addition, manufacturers are turning to additives that allow recycling in packaging, which is also expected to drive the demand for plastic additives for packaging applications.
However, the home appliances & electronics segment is expected to register the highest CAGR during the forecast period. This growth is driven by the increasing demand for plastic additives that enhance the performance of home appliances & electronics products, including lightweight properties, effective thermal management, and protection of critical components and assets.
Based on geography, the plastic additives market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 45.0% of the plastic additives market. The growth of this regional market is driven by rapid economic growth across the region, which is boosting the demand for plastic products and consequently driving the demand for plastic additives. Additionally, the region is experiencing rapid urbanization, leading to a rising population shift towards cities. The rapid pace of urbanization is increasing the demand for plastic products across various sectors, such as packaging, construction, and consumer goods.
Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 5.0% during the forecast period.
The key players operating in the plastic additives market are Songwon Industrial Co. Ltd. (South Korea), Clariant AG (Switzerland), BASF SE (Germany), Dow Chemical Company (U.S.), Evonik Industries AG (Germany), Kaneka Corporation (Japan), LANXESS AG (Germany), Croda International PLC (U.K.), Exxon Mobil Corporation (U.S.), Mitsui Chemicals, Inc. (Japan), Nouryon (Netherland), ADEKA CORPORATION (Japan), Arkema (France), PMC Group, Inc.(U.S.), and Astra Polymers (Saudi Arabia)
Plastic Additives Market Assessment-by Type
Plastic Additives Market Assessment-by Application
Plastic Additives Market Assessment-by Geography
(Note: SWOT Analysis of Top 5 Companies will be Provided)