The slip additives market is projected to reach USD 284 million by 2024, at a CAGR of 5.0%, from USD 223 million in 2019. The growth of the slip additives market is primarily triggered by the increasing demand from the packaging industry. The packaging industry has been shifting to sustainable packaging solutions with the development of new technologies and lightweight materials, including plastic films. This is likely to support the demand for flexible plastic packaging, as it requires fewer resources to pack the product and, at the same time, ensures quality and safety. These factors have increased the importance of slip additives as they help in easing the handling and processability of flexible packaging films, sheets, and wraps. These additives reduce the surface friction of the polymer melt at a reasonable cost.
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Polyethylene is projected to be the largest carrier resin segment of the slip additives market
The polyethylene segment is projected to be the largest carrier resin segment of slip additives during the forecast period. Among polyethylene carrier resin, LLDPE accounted for the largest share, in terms of value, in 2018. These can be blown or cast like LDPE and are low cost and extremely versatile polymers. LLDPE films and sheets provide higher puncture resistance, high tensile strength, and suitable low-temperature properties. LLDPE resins are available in a number of grades depending on the type of application. The lower density grades are suitable for achieving a good balance of impact strength and flexibility, whereas, LLDPE grades of higher density are used to achieve higher film stiffness. These factors are expected to drive the demand for LLDPE carrier resin during the forecast period.
Packaging is estimated to be the largest application segment of the slip additives market
The packaging segment is projected to be the largest application of slip additives during the forecast period. Polymer films are largely preferred in the packaging industry for packing and labeling. The key function of slip additives in the production of polyethylene and cast film is to provide slip properties to the film surface. Slip additives reduce the coefficient of friction of a polyolefin film during the manufacturing phase and decrease the tendency of sticking to various working parts of the converters. Without the usage of these additives, it would be difficult to extrude the polyolefin film to a finished product with the desired properties. These factors are expected to drive the slip additives market in the packaging application during the forecast period.
APAC is projected to be the largest market for slip additives
APAC is the largest and the fastest-growing slip additives market. It is projected to register the highest CAGR during the forecast period and offer significant growth opportunities to the slip additives market players in the packaging and non-packaging applications. According to the World Bank, the two economic giants of the APAC region—China and Japan—were the world’s second- and third-largest economies, respectively, in 2018. APAC is the favorable region for foreign investments and booming industrial sectors, largely due to low-cost labor, the ready availability of raw materials, an increase in the adoption of sophisticated technologies and innovations, and easy availability of inexpensive lands. Key factors such as industrialization, growing middle-class population, rising disposable income, changing lifestyles, and the rising consumption of packed products are expected to drive the packaging industry, providing various growth prospects to the slip additives market.
The key market players profiled in the report include Fine Organics (India), Croda International Inc. (UK), PMC Biogenix Inc. (US), Honeywell International Inc. (US), Lubrizol Corporation (US), BASF SE (Germany), Lonza Group (Switzerland), BYK Additives & Instruments (Germany), Emery Oleochemicals (Malaysia), and Evonik Industries AG (Germany).
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