Market Scenario
Plastic Additives are the minor, yet significant chemical, components added to plastic or polymer to alter, modify, and enhance some of its physical and chemical properties. The end-product obtained after addition of Plastic Additives exhibits a number of advance physical properties such as lower glass transition temperature of plastic, increased density, and reduced weight. Moreover, plastic additives make the plastic cheaper, improve its rheology, and enhance the flame-retardant property. They are selected by types of polymer and the application it is going to be used. The important types of plastic additives are plasticizers, stabilizers, fillers, flame retardants, antioxidants, antimicrobials, and impact modifiers. The plastic materials get weathered due to the direct or indirect contact with heat and ultraviolet rays for a prolonged period. This requires the development of a value-added product with high durability and desired properties. The plastic additives serve almost all the major end-user industries, wherein the polymer products are extensively produced or used.
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Growing consumer awareness regarding food contamination from the container itself and adverse impacts of loose sold food products on health are majorly driving the market growth. The shifting consumer trend from sedentary to a healthier lifestyle, particularly when it comes to eating healthy food, is favoring the growth of the packaging industry. One of the major factors driving the growth of the global plastic additives is the surging use of eco-friendly packaging materials. Globally the packaging market is projected to grow at a robust CAGR to attain value mark of nearly USD 900 billion by the end of 2023, which may fuel the demand for the Plastic Additives in the coming years. Moreover, changing lifestyle of people mingled with the rapid urbanization of emerging countries is likely to trigger the demand for the product during the forecast period, 2018–2023. This, in turn, is expected to propel the growth of the Global Plastic Additives Market. The automotive and packaging industries are estimated to witness strong growth during the assessment period owing to increasing demand for passenger cars from the middle-class population. However, huge manufacturing of these products is likely to hamper the market growth to some extent. Nevertheless, ongoing research in the field of green chemistry and increasing reusability of the plastic material would help the market to surpass this bottleneck.
Segmentation
The Global Plastic Additives Market is segmented on the basis of Type, End-Use Industry and Region.
Based on the Type, the market is divided into plasticizers, flame retardants, impact modifiers, antioxidants, antimicrobials, UV-stabilizers, and Others.
On the basis of End-User Industry, the Global Plastic Additives Market is segmented into packaging, automotive, agriculture, building & construction, consumer goods, electrical & electronics, and others.
Geographically, the Global Plastic Additives Market is divided into Asia Pacific, North America, Europe, and the Middle East & Africa and Latin America.
Regional Analysis
Asia Pacific, North America, Europe, the Middle East & Africa, and Latin America are the major region in the Global Plastic Additives Market.
Asia Pacific is dominating the global market on account of the rising population and increasing demand for the product from the packaging industry. India, China, and Japan are the major contributors to the regional market owing to the significant presence of leading end-use industries such as packaging, consumer goods, and building & construction.
North America is estimated to hold the second largest share of the Global Plastic Additives Market. The surging growth of the plastic additives in this region is primarily driven by the rising demand for packaging in both household and industrial applications. The U.S is the major contributor to the growth of this market in this region due to the significant presence of major key players and high technological achievements in the polymer sector and green chemistry. Europe is another important region in this market, which tends to occupy a significant share after North America. This is primarily attributed to the increased research and development activities in plastic materials. The U.K, Germany, Belgium, and the Netherlands are the major economies in this region. The Middle East & Africa, and Latin America are holding relatively less share of this market. However, the market may experience high growth during the years to follow.
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