Plastic additives are added to polymers to improve their performance, appearance and processability. The global plastic additives market was valued at USD 38 billion in 2014. It would grow at a CAGR of 5% from 2014 to 2019. This may be attributed to diverse application areas like construction, packaging, consumer goods, automobiles, etc.
Increasing population, rapid urbanization, and growing incomes are contributing to higher consumption of plastic, particularly in Asia Pacific. Presence of huge untapped market segments will open up future opportunities. However, demand will be adversely affected by strict environmental regulations in several parts of the world.
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The global plastic additives market is segregated on the basis of additive types, plastic types, applications and regions. Additive types include flame retardants, plasticizers, impact modifiers, stabilizers and others. Stabilizers are further split into heat stabilizers, antioxidants, and light and UV stabilizers. Others comprise nucleating agents, blowing agents, anti-microbial, fillers, fragrances, and anti-static agents. Plasticizers held about half of the total global market.
Main plastic types are engineering plastics, high performance plastics and commodity plastics. Key application segments include consumer goods, packaging, automobile, construction, and others. Furniture, agriculture, sports, and pharmaceutical constitute others. Packaging and automotive will grow at the fastest rate over the next five years.
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Regional classification includes North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific was the largest market for plastic additives in 2013. An expanding middle class coupled with infrastructural improvements is fueling regional demand. Latin America also has a strong construction sector. Both Asia Pacific and Latin America are getting urbanized. They are home to dynamic economies like India, China, and Brazil. This will positively affect growth. North America was next in line in terms of market share in 2013. It was followed by Europe.
Eminent players in the global plastic additives market are AkzoNobel N.V., Bayer AG, Albemarle Corporation, and BASF SE. Other noteworthy manufacturers include Clariant AG, Lanxess AG, and The Dow Chemical Company. The market is highly fragmented with the presence of several large and small companies.
Level of competition is quite high and is expected to remain that way in the near future. Market participants are striving to introduce new products with improved quality and performance. Capacity expansions may be carried out in forthcoming years. Players would resort to price cuts to gain competitive advantage.
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