The slip additives market size is projected to reach USD 284 million by 2024, from USD 223 million in 2019, at a CAGR of 5.0% between 2019 and 2024. The slip additives market is expected to witness moderate growth during the forecast period owing to the increasing demand in packaging applications such as food & beverage, healthcare, and consumer goods. Rising competition and increasing concerns regarding environmental safety are encouraging manufacturers to develop packaging, which is cost-effective, requires fewer resources, and provides better protection, further supporting the growth of the slip additives market. However, stringent government regulations regarding the use of plastics are expected to hamper the growth of the slip additives market. Volatility in raw material prices might adversely affect the overall cost of production incurred by the slip additive manufacturers. The players in the slip additives market are mainly concentrating on acquisitions and expansions to meet the growing demand for slip additives from various applications. Expansion helps the companies to expand their geographical reach, garner new projects, strengthen their product & service portfolios, and cater to untapped markets.
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The growth of the slip additives market has been largely influenced by acquisitions and expansions that took place between 2014 and 2019. Fine Organics (India), Croda International Inc. (UK), PMC Biogenix Inc. (US), Honeywell International Inc. (US), Lubrizol Corporation (US), BASF SE (Germany), Emery Oleochemicals (Malaysia), BYK Additives (Germany), Lonza Group (Switzerland), and Evonik Industries AG (Germany) adopted acquisitions and expansions to enhance their product offerings.
Fine Organics (India) is one of the largest manufacturers of slip additives across the globe. The company caters to the domestic demand as well as exports its products worldwide. It has a strong product portfolio and serves the plastic and packaging industries across various regions. The company is engaged in the expansion of its business in various regions. For instance, Fine Organics started a new polymer additives manufacturing facility in Maharashtra, India, which will have expanded capacities of various polymer additives, including slip additives.
Croda (UK) is one of the leading slip additives manufacturers globally. The company has a strong presence in APAC and Europe. It is engaged in expanding its footprint across the globe and caters to the untapped markets. To achieve rapid growth, Croda is working to align R&D, marketing, and technical services. For instance, Croda invested in an expansion project at its Hull manufacturing site in Yorkshire (UK). The expansion is in line with the company’s long-term capital investment plan, which will enable the Croda to meet the growing demand for slip additives in polymers by 2020. The company is one of the largest suppliers of fatty amides-based slip additives across the globe. It may acquire additional businesses and enter into joint ventures in the future.
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The slip additives market in the Asia-Pacific (APAC) region holds the distinction of being the largest and exhibiting the highest growth rate during the forecast period. This region presents substantial growth opportunities for players in the slip additives market, both in packaging and non-packaging applications. Notably, APAC, with its dynamic economic landscape, is anticipated to achieve the highest Compound Annual Growth Rate (CAGR) in comparison to other regions.
The APAC region boasts two economic powerhouses, China and Japan, which ranked as the world’s second- and third-largest economies, respectively, in 2018, according to the World Bank. APAC stands out as a preferred destination for foreign investments, driven by flourishing industrial sectors, factors such as cost-effective labor, abundant raw materials, the adoption of advanced technologies, innovations, and the accessibility of affordable lands.
Several key elements contribute to the region’s attractiveness, including robust industrialization, a growing middle-class population, increasing disposable income, evolving lifestyles, and a surge in the consumption of packaged products. These factors collectively fuel the growth of the packaging industry, opening up diverse opportunities for the slip additives market. Overall, APAC emerges as a pivotal hub for the slip additives sector, driven by a combination of economic factors and evolving consumer trends.
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