According to the report, the global plastic additives market was estimated at $48.6 billion in 2020, and is expected to hit $79.1 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030.
Drivers, restraints, and opportunities-
Advantages of plastic additives in the construction industry and developments in the sector drive the growth of the global plastic additives market. On the other hand, disadvantages associated with lubricants in the industry impede the growth to some extent. However, effective solutions for waste management and use of lubricants promoted by several government bodies in the APAC region are projected to pave the way for lucrative opportunities in the industry.
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The plasticizers segment to retain the lion’s share-
On the basis of type, the plasticizers segment held the major share in 2020, garnering nearly one-third of the global plastic additives market, due to the fact that these additives are used in PVC plastics as it softens the polymer bonding in the plastics and increase the flexibility, durability and ductility of products. The antioxidants segment, on the other hand, is projected to cite the fastest CAGR of 5.7% throughout the forecast period.
The high-performance plastics segment to dominate by 2030-
On the basis of plastic type, the high-performance plastics segment contributed to the lion’s share in 2020, holding around three-fifths of the global plastic additives market. Increasing demand for advanced medical devices from the aging population and growing healthcare investments in emerging economies such as China & India propel the segment growth. However, the commodity plastic segment is projected to manifest the fastest CAGR of 6.0% from 2021 to 2030. Rise in use of plastics in the packaging industry as well as other end-use sectors with multiple applications such as photographic, electronics, and pharmaceuticals, and increase in demand for consumer goods fuel the growth of the segment.
Asia-Pacific, followed by Europe and North America, held the major share in 2020-
By region, Asia-Pacific, followed by Europe and North America, dominated in 2020, garnering nearly three-fifths of the global plastic additives market. The same region is also expected to cite the fastest CAGR of 5.7% throughout the forecast period. Growing demand for plastic products in India and China boosts the market growth.
Key players in the industry-
- Badische Anilin- und SodaFabrik SE, Clariant Ltd.
- Songwon Industrial Co. Ltd.
- Evonik Industries AG
- Exxon Mobil Corporation
- Kaneka Corporation
- Albemarle Corporation
- Lanxess Corporation
- Nouryon
- Dow Chemical Co.
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