Plastic Additives Market: Industry Forecast (2021-2029) by Plastic Type, Product, Application, and Region

The Plastic Additives Market size was valued at USD 49.46 Bn. in 2021 and the total Market revenue is expected to grow by 4.8% from 2022 to 2029, reaching nearly 71.97 Bn. The polymer business depends heavily on additives. During the compounding and processing processes, they are frequently utilised to alter the qualities of plastic goods. Construction, automotive, consumer goods, packaging, medical, electrical, and electronics are just a few of the end-use industries that highly value these materials. Therefore, the entire market for plastic additives is expected to experience rapid growth in forecast period along with the increase in the consumption of plastic products. The global market for plastic additives is expected to witness sustainable revenue growth. Although the COVID-19 pandemic significantly damaged the market for plastic additives in 2020, consumption began to rebound in 2021, followed by an uptick in the economy and a return to manufacturing. However, pre-pandemic consumption levels won't be reached until 2023. There are numerous major, medium-sized, and small-scale businesses operating in the highly fragmented plastic additives market. To maintain control over their position in the supply chain, plastic additive makers are expected to place more emphasis on building long-term partnerships with raw material suppliers, distributors, and compounders or processors. In order to expand their product offerings and keep ahead of the competition, organisations are also expected to engage in mergers and acquisitions along with vertical integration efforts. Plastic Additives MarketTo know about the Research Methodology :- Request Free Sample Report

Research Methodology:

The report provides exceptional insights and is the result of an intricate research technique that included thorough secondary research, demanding primary interviews with industry stakeholders, and validation and triangulation using Maximize Market Research's own database and statistical tools. The secondary sources include annual reports, Journals, Paid Database, Trending Economics, Hoovers, Factiva, and several other governmental and commercial websites were utilised to collect data on important vendors' revenues as part of the research technique used to estimate and forecast the size of the plastic additives market. The market segmentation was determined by taking into account the vendor offerings. The total market was divided into a number of segments and subsegments after the overall market size was determined. These segments and subsegments were then confirmed through primary research by conducting in-depth interviews with key personnel, including chief executive officers (CEOs), vice presidents, directors, and executives of the top market players. To complete the overall framework for the strategic process and identify the measures of working for all market segments and subsegments, data triangulation and market breakdown procedures were used in the report. To collect both the qualitative and quantitative insights, we performed over more than 15 in-depth primary interviews with market participants along the whole value chain in each of the regions.

Plastic Additives Market Dynamics:

Increasing use of Plastic in place of Traditional Materials

Plastic additives have a large number of applications including packaging, consumer goods, textile, agriculture, construction, automotive, and medical. A recovery in these important market segments and the rising demand for additives in polymers for applications in these segments are expected to have a significant role in driving growth in the market size for plastic additives. In comparison to traditional materials like metals, glass, paper, and ceramic, plastics, especially engineering plastics, have higher mechanical and electrical qualities, stronger abrasion resistance, and better chemical resistance. Plastic is beginning to take the place of these traditional materials thanks to the ongoing innovation and the demand for lighter materials in a number of applications.  

Growing Packaging Industry across the Globe

The market for plastic additives is growing primarily as a result of increased demand from the packaging industry. The packaging business has grown as a result of changes in lifestyle and globalisation, which have also bolstered the market for plastic additives. Packaging is widely utilised for industrial and domestic applications. The market for plastic additives is also fueled by the rising use of plastic in everyday uses. Roofing, storage containers, pipes, wires, electronics, toys, kitchenware, safety equipment, cosmetics, home goods, seat belts, door panels, greenhouse films, and silage sheet are a few of the common uses for plastic additives. The market is also driven by the rapidly growing industrial sector in developing nations like Brazil, China, Mexico, and India.  

Rising Adoption of Plastic Additives in the Building and Construction Sector

The market for plastic additives is expected to increase significantly as a result of the huge growth in the building and construction sector brought on by rapid urbanisation. Plastic additives enhance the performance of polymers and increase the tensile strength of infrastructure. UV light stabilisers and antioxidants are provided by a number of businesses, including Solvay S.A., a chemical corporation with headquarters in Belgium, to protect buildings from UV radiation and increase the building's longevity. Its ingredient, Solvay's Cyasorb Cynergy Solutions 8877, is made to guard against UV light-induced degradation of polymers used in construction. The product also offers exceptional tensile strength and is utilised in window frames, plastic tiles, composite roofing tiles, and other applications. Plastic Additives Market

Growing Consumer Product Demand

The tile packaging industry has experienced rapid growth as a result of rising consumer products demand, and this trend is expected to have a substantial impact on the market's revenue growth over the forecast period. The market's rapid growth in developing nations like India might be ascribed to the high consumer base there. According to the Indian Institute of Packaging (llP), the consumption of packaging in India has increased by 200% in recent years, and the industry is expected to grow at a rate of 26.7% annually due to the country's booming e-commerce market and rising demand for plastics as a packaging material and plastic additives.  

Severe Government Guidelines Governing Plastic Industry

Consumption of plastic additives are expected to be impacted by a number of new restrictions and proposed limitations on the use of petroleum-based polymers. Numerous scientific investigations have backed limitations on various plastic additives, including specific types of plasticizers and flame retardants. With effect from the summer of 2004, the EU and two U.S. states—California and Maine—had enacted restrictions on items containing more than 1% of pentaBDE or octaBDE (for specific purposes in Europe). These types of regulatory standards are restricting the use of high-value flame retardants in the U.S. and Europe, such as brominated and chlorinated flame retardants. It is expected that the market would gradually phase out these flame retardants. The European Union (EU) developed a strategy for plastics as part of the EU's circular economy action plan, for reducing plastic waste. However, the plastic industry is being subjected to strict government controls, and there are growing worries about plastic's non-biodegradability. By minimising marine litter, greenhouse gas emissions, and reliance on imported fossil fuels, the approach seeks to protect the environment. Such initiatives are preventing the market from growing in terms of revenue.  

Growing Concerns about Plastic Pollution across the Globe

One of the biggest problems the world has been dealing with over the past few decades is the accumulation of plastic waste due to its inability to degrade. Polymers are extensively employed in a wide range of applications, from personal to professional. The development of biodegradable materials is a result of growing worries and awareness about its contamination and accumulation in soils and water bodies. The market for biodegradable products has been greatly boosted by the strict regulations put in place by governmental agencies to minimize the use of non-degradable plastic. Countries have made commitments to ban single-use items by 2022, including Canada and India. The demand for the product that contributes to biodegradability is being driven by this. Companies have recently concentrated on creating new and improved products to increase their functionality and biodegradability. The development of additives that can drastically shorten the product's deterioration period will prove to be a ground-breaking accomplishment. One of the main trends driving the growth of the plastic additives market is the rising usage of pro-oxidant additives by the industrial sector to promote thermo-oxidation and photo-oxidation that proportionally increases the number of extractable compounds.

Plastic Additives Market Segment Analysis:

By Product, the Plastic Additives Market is segmented into Plasticizers, Stabilizers, Flame Retardants, and Impact Modifiers. Thanks to the significant utilisation of plasticizers in high-volume flexible PVC products, plasticizers are expected to maintain their leadership position in the worldwide plastic additives market, both in terms of value and volume. Stabilizers are high-value, low-volume products that are frequently added to polymeric materials to stop them from degrading in the presence of heat, ultraviolet (UV) light, and oxidation over the course of the product's lifecycle. Thanks to their widespread use in the construction, automotive, electrical, and electronics industries as a means of preventing fire occurrences, flame retardants had the second-largest volume share behind plasticizers in 2021, right behind plasticizers. Impact modifiers are expected to see an increase in demand as consumers want polymer products with higher durability, while processing aids are used to improve melt flow, heat dissipation, and mould release of plastic products when they are processed. The strong demand from packaging-related applications, such as flexible films, rigid bottles, and containers, is the key driver of growth in other plastic additives. Plastic Additives MarketBy Application, the Plastic Additives Market is segmented into Packaging, Consumer Goods, Construction, Automotive, and Others. The Construction segment dominated the market share accounting for 31.8% in 2021. The construction industry is expected to consume the most plastic additives, both in terms of value and volume. The construction industry consumes a significant amount of additives, such as plasticizers, flame retardants, stabilisers, impact modifiers, and processing aids, for a variety of applications, including pipes and fittings, door and window profiles, wires and cables, flooring, roofing membranes, wall coverings, and building insulation. The extensive use of plasticizers, flame retardants, impact modifiers, and impact modifiers and processing aids for toys, child care products, sports and leisure products, and upholstered furniture, among other consumer goods related applications, is a major driver of the consumer goods segment's growth. The demand for plasticizers, stabilisers, flame retardants, impact modifiers, and processing aids for interior, exterior, and under-the-hood automotive parts is expected to increase over the course of the forecast period as a result of the global automotive industry's influence on the market for plastic additives.

Plastic Additives Market Regional Insights:

In 2021, Asia Pacific dominated the market with the largest market share, followed by North America. Thanks to the rapidly increasing construction sector in nations like India, China, Thailand, and Vietnam, the Asia Pacific market is expected to have the greatest revenue share during the forecast period. The biggest exporter of plastic additives is China, followed by South Korea and Vietnam. The building and construction sector in the area has experienced tremendous expansion as a result of the area's rapid urbanisation. The People's Republic of China's government has issued Special-Purpose Bonds (SPBs) for local governments, with municipal administration, transportation, infrastructure, and industrial infrastructure receiving 50% of the total budget. UV stabilisers used in construction prevent ultraviolet light from destroying polymer building materials. In addition, the Chinese government has made it lawful to furnish and decorate public spaces internally with fire-resistant materials. It is expected that this will boost demand for plastic additives and raise demand for flame retardant additives. Major corporations like BASF SE constructed a new plant in Shanghai, China, called Caojing for the manufacturing of antioxidants, with a capacity of 42,000 tonnes annually. Antioxidants and different related blends for plastic additives are produced by the factory. Antioxidants are utilised as a plastics addition to fight oxidation and prevent thermal deterioration. The units for powder blending, liquid antioxidants, and form providing are currently in service as part of the plant's first phase. In addition, it is used as a processing stabiliser to safeguard polymers while they are being processed. North America is expected to grow at a rapid rate through the forecast period. The region’s growth is attributed to rapid growth in the e-commerce industry, and presence of prominent online e-commerce platforms such as Amazon, Flipkart, and Snapdeal. The need for plastic packaging materials and containers, which are tough and can resist long-distance transportation without causing harm to the product, is expected to develop rapidly with the growth of e-commerce and home delivery services. The need for various plastic additives including stabilising agents, compatibilizers, and other additives is also expected to increase due to the growing demand for recyclable plastics for packaging. Products like biodegradable polypropylene additive, created by BioSphere Plastic LLC in Port and, Oregon, can increase the biodegradability of plastics by introducing hydrophilic characteristics that permit enzymatic action by bacteria and aid in plastic decomposition. Thanks to the region's fast-growing automotive industry, the Europe market is expected to have consistent revenue growth over the forecast period. About 25% of the passenger automobiles produced are made in Germany, the world's top automotive manufacturer. Other significant aspects that are expected to contribute to the increase in demand for automotive plastic additives include the presence of significant automotive suppliers in the nation and the growing popularity of electric automobiles. Demand for plastics in the automotive industry is being driven by the increasing use of polypropylene for car components and parts due to the focus on lowering vehicle weight. In order to maximise fuel efficiency, plastic is being used more often than metal in the production of automotive components and parts. In addition, a vehicle's weight can be reduced by 10% to 18% with the usage of polymers, greatly enhancing fuel efficiency. Future demand for plastic additives is expected to be significantly supported by the growing use of plastic in automobile components.

Plastic Additives Market Scope: Inquire before buying

Plastic Additives Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 49.46 Bn.
Forecast Period 2022 to 2029 CAGR: 4.8% Market Size in 2029: US $ 71.97 Bn.
Segments Covered: by Plastic Type • Commodity • Engineering • High-Performance Plastic
by Product • Plasticizers • Stabilizers • Flame Retardants • Impact Modifiers
by Application • Packaging • Consumer Goods • Construction • Automotive • Others

Plastic Additives Market Key Players

BASF SE • Clariant AG • Albemarle Corporation • Songwon Industrial Co. Ltd. • Nouryon • LANXESS AG • Evonik Industries AG • Kaneka Corporation • The Dow Chemical Company • Biesterfield Plastic GmbH • SABIC • DuPont • ExxonMobil Chemical • Mitsui Chemical • LG Chem Ltd. • Lanxess AG • Grupa Azoty S.A. FAQs: 1. What is the study period of the market? Ans. The Global Plastic Additives Market is studied from 2017-2029. 2. What is the growth rate of the Plastic Additives Market? Ans. The Plastic Additives Market is growing at a CAGR of 4.8% over forecast the period. 3. What is the market size of the Plastic Additives Market by 2029? Ans. The market size of the Information Technology Market by 2029 is expected to reach at 71.97 Bn. 4. What is the forecast period for the Plastic Additives Market? Ans. The forecast period for the Plastic Additives Market is 2022-2029. 5. What was the market size of the Plastic Additives Market in 2021? Ans. The market size of the Plastic Additives Market in 2021 was valued at USD 49.46 Bn.
1. Global Plastic Additives Market: Research Methodology 2. Global Plastic Additives Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Plastic Additives Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Plastic Additives Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Plastic Additives Market Segmentation 4.1 Global Plastic Additives Market, by Plastic Type (2021-2029) • Hardwood • Softwood • Straw • Sugarcane Bagasse • Corn Stover • Spent Liquor 4.2 Global Plastic Additives Market, by Product (2021-2029) • Kraft Lignin • Lignosulphonates • Low Purity Lignin • Others 4.3 Global Plastic Additives Market, by Application (2021-2029) • Aromatics • Macromolecules 5. North America Plastic Additives Market(2021-2029) 5.1 North America Plastic Additives Market, by Plastic Type (2021-2029) • Hardwood • Softwood • Straw • Sugarcane Bagasse • Corn Stover • Spent Liquor 5.2 North America Plastic Additives Market, by Product (2021-2029) • Kraft Lignin • Lignosulphonates • Low Purity Lignin • Others 5.3 North America Plastic Additives Market, by Application (2021-2029) • Aromatics • Macromolecules 5.4 North America Plastic Additives Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Plastic Additives Market (2021-2029) 6.1. Europe Plastic Additives Market, by Plastic Type (2021-2029) 6.2. Europe Plastic Additives Market, by Product (2021-2029) 6.3. Europe Plastic Additives Market, by Application (2021-2029) 6.4. Europe Plastic Additives Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Plastic Additives Market (2021-2029) 7.1. Asia Pacific Plastic Additives Market, by Plastic Type (2021-2029) 7.2. Asia Pacific Plastic Additives Market, by Product (2021-2029) 7.3. Asia Pacific Plastic Additives Market, by Application (2021-2029) 7.4. Asia Pacific Plastic Additives Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Plastic Additives Market (2021-2029) 8.1 Middle East and Africa Plastic Additives Market, by Plastic Type (2021-2029) 8.2. Middle East and Africa Plastic Additives Market, by Product (2021-2029) 8.3. Middle East and Africa Plastic Additives Market, by Application (2021-2029) 8.4. Middle East and Africa Plastic Additives Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Plastic Additives Market (2021-2029) 9.1. South America Plastic Additives Market, by Plastic Type (2021-2029) 9.2. South America Plastic Additives Market, by Product (2021-2029) 9.3. South America Plastic Additives Market, by Application (2021-2029) 9.4. South America Plastic Additives Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 BASF SE 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Business Portfolio 10.1.4. Business Strategy 10.1.5. Recent Developments 10.2 Clariant AG 10.3 Albemarle Corporation 10.4 Songwon Industrial Co. Ltd. 10.5 Nouryon 10.6 LANXESS AG 10.7 Evonik Industries AG 10.8 Kaneka Corporation 10.9 The Dow Chemical Company 10.10 Biesterfield Plastic GmbH 10.11 SABIC 10.12 DuPont 10.13 ExxonMobil Chemical 10.14 Mitsui Chemical 10.15 LG Chem Ltd. 10.16 Lanxess AG 10.17 Grupa Azoty S.A.

About This Report

Report ID 21769
Category Material & Chemical
Published Date Sept 2022
Updated Date
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