The global plastic additives market was valued at $50.6 billion in 2021, and is projected to reach $83.8 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Plastic additives are compounds that are added to polymers to improve the chemical and physical properties of plastic products. It acts as a catalyst or filler to improve the strength-to-weight ratio, durability, corrosion resistance, and thermal sensitivity of the product. Commonly used plastic additives include, property extenders, modifiers, stabilizers, and processing aids used in commodity, engineering, and performance plastics. These advantages make it versatile in a variety of industries, such as packaging, construction, automotive, and manufacturing.
Rapid industrialization globally is one of the key factors that drives the market growth. In addition, the replacement of traditional materials used in the manufacture of consumer goods and various textiles, agricultural products, and medical products drives market growth. For example, plastic products with improved mechanical and electrical properties are used instead of traditional materials such as glass, paper, ceramics, and metals. In addition, increase in product demand from the packaging industry also creates a positive outlook for the market growth. Polyvinyl chloride (PVC), polyethylene terephthalate (PET), low density polyethylene (LDPE), and high density polyethylene (HDPE) are one of the most commonly used packaging materials across the globe. They are often treated with plastic additives to improve life, appearance, and mechanical properties.
Other factors, such as the growing demand for disposable and reusable plastic products from the medical industry and the widespread adoption of 3D printing technology, are expected to continue to drive the market.The plastic additives market is segmented into type, plastic type, application, and region. Depending on type, the market is categorized into plasticizers, flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others. On the basis of plastic type, it is fragmented into commodity plastic, engineering plastic, and high-performance plastics. As per application, it is classified into packaging, automotive, agriculture, building & construction, consumer goods, electrical & electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global plastic additives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, Badische Anilin- und SodaFabrik SE, Clariant Ltd., Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess Corporation, Nouryon, and Songwon Industrial Co. Ltd. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
Plastic additives are compounds that are added to polymers to improve the chemical and physical properties of plastic products. It acts as a catalyst or filler to improve the strength-to-weight ratio, durability, corrosion resistance, and thermal sensitivity of the product. Commonly used plastic additives include, property extenders, modifiers, stabilizers, and processing aids used in commodity, engineering, and performance plastics. These advantages make it versatile in a variety of industries, such as packaging, construction, automotive, and manufacturing.
Rapid industrialization globally is one of the key factors that drives the market growth. In addition, the replacement of traditional materials used in the manufacture of consumer goods and various textiles, agricultural products, and medical products drives market growth. For example, plastic products with improved mechanical and electrical properties are used instead of traditional materials such as glass, paper, ceramics, and metals. In addition, increase in product demand from the packaging industry also creates a positive outlook for the market growth. Polyvinyl chloride (PVC), polyethylene terephthalate (PET), low density polyethylene (LDPE), and high density polyethylene (HDPE) are one of the most commonly used packaging materials across the globe. They are often treated with plastic additives to improve life, appearance, and mechanical properties.
Other factors, such as the growing demand for disposable and reusable plastic products from the medical industry and the widespread adoption of 3D printing technology, are expected to continue to drive the market.The plastic additives market is segmented into type, plastic type, application, and region. Depending on type, the market is categorized into plasticizers, flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others. On the basis of plastic type, it is fragmented into commodity plastic, engineering plastic, and high-performance plastics. As per application, it is classified into packaging, automotive, agriculture, building & construction, consumer goods, electrical & electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global plastic additives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, Badische Anilin- und SodaFabrik SE, Clariant Ltd., Dow Chemical Co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess Corporation, Nouryon, and Songwon Industrial Co. Ltd. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
IMPACT OF COVID-19 ON PLASTIC ADDITIVES MARKET
- The COVID-19 pandemic is rapidly spreading and ruthlessly affecting the business environments of major markets. The demand for plastic additives is witnessing significant decline in all segments. Some regions, particularly, North America and Europe, are witnessing greater decline than Asia-Pacific. Amidst the ongoing crisis, plastic additives producers are operating at a lower capacity and are planning to scale up their operation after carefully assessing the course of COVID-19 in the near term.
- The demand for end-products such as automotive components, plastic construction materials such as pipes & fittings, and consumer goods has declined. However, industrial operations and construction activities are reviving gradually and projected to generate more demand for plastic additives for their end-products during the forecast period.
- On the other side, the increase in the demand for PPE kits manufactured from medical grade plastic to compact the spread of COVID 19 is anticipated to serve as an opportunity for the market to regain its previous momentum.
- The health and safety of workers is a growing concern for the government. Governments from different nations have developed a variety of safety standards to prevent accidents and uncertainty in the industrial sector. End-use industries are required by a number of laws and government guidelines to provide workers with protective gear in particular work environments. Wearing protective gear is required for employees in a variety of professions, including manufacturing, construction, and oil & gas. For instance, according to the 2010 memorandum of the U.S. Occupational Safety and Health Administration (OSHA), it is mandatory for workers in the oil & gas industry to wear heat- and flame-resistant clothing. Therefore, all these factors boost the growth of plastic additives market.
- R&D efforts to enable the use of sterilized additives with antiviral characteristics for polymers have gained momentum as a result of the COVID-19 pandemic. For instance, Sanitized AG, an antimicrobial product manufacturer with headquarters in Switzerland, claims that a number of its product lines are effective against the virus on non-porous surfaces. These products' efficacy was verified by testing done independently in accordance with ISO 21702:2019. These additives are claimed to be effective for polymers employed in health care, food & beverages, transportation, and other essential applications.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the plastic additives market analysis from 2021 to 2031 to identify the prevailing plastic additives market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the plastic additives market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global plastic additives market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Plasticizers
- Flame Retardants
- Impact Modifiers
- Lubricants
- Antioxidants
- Antimicrobials
- UV Stabilizers
- Others
By Plastic Type
- Commodity Plastic
- Engineering Plastic
- High-Performance Plastics
By Application
- Packaging
- Automotive
- Agriculture
- Building and Construction
- Consumer goods
- Electrical and electronics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- BASF
- EXXON MOBIL CORPORATION
- Clariant Ltd.
- Kaneka Corp.
- LANXESS AG
- Albemarle Corporation
- DOW Plastic Additives
- evonik industries ag
- Nouryon
- Songwon Industrial Co., Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PLASTIC ADDITIVES MARKET, BY TYPE
CHAPTER 5: PLASTIC ADDITIVES MARKET, BY PLASTIC TYPE
CHAPTER 6: PLASTIC ADDITIVES MARKET, BY APPLICATION
CHAPTER 7: PLASTIC ADDITIVES MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Plastic Additives Market," the plastic additives market was valued at $50.6 billion in 2021, and is estimated to reach $83.8 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.The compounds that are introduced to the polymer during the reaction or chemical process are known as plastic additives. These additives aid in the improvement of polymer properties, such as strength, luster, durability, and heat sensitivity. Due to a decline in mineral ore resources, metal equipment has become more expensive, prompting the use of plastics to replace it. The market for additives is being pushed by the low cost of plastic equipment and similar chemical properties of metal. Plastic additives are used to improve the properties of plastics so that desired plastic products can be made. Manufacturers of additives are mostly focused on specialty chemicals used in construction and automobile equipment.
Increase in industrial output and increase in economic activity in emerging economies of Asia-Pacific and South America are expected to drive the global plastic additives market during the forecast period. Due to negative impacts on human health and the environment, regulatory authorities such as the European Commission revised statutes such as the Restriction of Hazardous Substances to regulate and restrict flame retardants, plasticizers, and other additives. Replacement of conventional materials by plastics in several applications, increase in disposable income, and rapid urbanization are all factors that drive the growth of the market. Furthermore, the rise in expense of natural metal ore shifts the trend away from metal and toward plastics. Plasticizers, with their flexible qualities, provide an ideal platform for the plastic industry in such instances. In addition, rising awareness for the conservation of limited resources & other environmental factors such as forest protection has reduced and replaced wooden products with plastic products. This rise in usage of plastic products has risen the demand for plastic additives, which are used in the manufacturing of end-user plastic products.
The plastic additives market is segmented into type, plastic type, application, and region. Depending on type, the market is categorized into plasticizers, flame retardants, impact modifiers, lubricants, antioxidants, antimicrobials, UV stabilizers, and others. Depending on plastic type, it is fragmented into commodity plastic, engineering plastic and high-performance plastics. As per application, it is classified into packaging, automotive, agriculture, building & construction, consumer goods, electrical & electronics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global plastic additives market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Albemarle Corporation, BASF SE, Clariant Ltd, Dow chemical co., Evonik Industries AG, Exxon Mobil Corporation, Kaneka Corporation, Lanxess, Nouryon, and Songwon Industrial Co., Ltd. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
The global plastic additives market is analyzed in accordance with the impacts of drivers, restraints, and opportunities. The period studied in this report is 2020-2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Key Findings of the Study
- On the basis of type, the plasticizers segment emerged as the global leader with around 28.7% of the global market share in 2021, and is anticipated to be the largest markets during the forecast period.
- Depending on plastic type, the high-performance plastics segment registered the highest market share of around 65.3%, and is projected to maintain the same during the forecast period.
- As per application, the building & construction segment registered the highest market share of around 30.3%, and is projected to maintain the same during the forecast period.
- Region wise, Asia-Pacific registered the highest market share of around 56.2%, and is projected to maintain the same during the forecast period.
IMPACT OF COVID-19 ON PLASTIC ADDITIVES MARKET
- The demand for end-products such as automotive components, plastic construction materials such as pipes & fittings, and consumer goods has declined. However, industrial operations and construction activities are reviving gradually and projected to generate more demand for plastic additives for their end-products during the forecast period.
- On the other side, the increase in the demand for PPE kits manufactured from medical grade plastic to compact the spread of COVID 19 is anticipated to serve as an opportunity for the market to regain its previous momentum.
- The health and safety of workers is a growing concern for the government. Governments from different nations have developed a variety of safety standards to prevent accidents and uncertainty in the industrial sector. End-use industries are required by a number of laws and government guidelines to provide workers with protective gear in particular work environments. Wearing protective gear is required for employees in a variety of professions, including manufacturing, construction, and oil & gas. For instance, according to the 2010 memorandum of the U.S. Occupational Safety and Health Administration (OSHA), it is mandatory for workers in the oil & gas industry to wear heat- and flame-resistant clothing. Therefore, all these factors boost the growth of plastic additives market.
Companies Mentioned
- Basf
- Exxon Mobil Corporation
- Clariant Ltd.
- Kaneka Corp.
- Lanxess AG
- Albemarle Corporation
- Dow Plastic Additives
- Evonik Industries AG
- Nouryon
- Songwon Industrial Co. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 389 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 50.6 billion |
| Forecasted Market Value ( USD | $ 83.8 billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
