The global packaging additives market is poised to achieve a valuation of $574.0 million in 2023, with a projected growth at a CAGR of 4.3%, ultimately reaching $900 million by 2033. Several drivers fuel this trajectory, including the escalating demand for sustainable packaging solutions, propelling the adoption of eco-friendly additives. Moreover, heightened attention to product safety and quality mandates the incorporation of functional additives to enhance performance.
Manufacturers are also responding to rising consumer awareness of environmental concerns by investing in biodegradable additives. Technological strides in packaging materials and manufacturing processes are further amplifying the demand for specialized additives. This landscape aligns with an evolving regulatory framework and increasingly stringent packaging standards, fostering opportunities for innovative additive solutions.
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However, the industry faces constraints such as intense competition pressuring pricing and profit margins, dynamic regulatory requirements, and the challenge of balancing performance with sustainability. Nonetheless, an array of opportunities emerges. The surge in demand for packaging additives paves the way for investments in production facilities, research, and development. The growing emphasis on sustainable packaging fuels opportunities in biodegradable and compostable additives.
Specialized manufacturers also find investment potential in functional additives that augment packaging performance. Collaborations with packaging manufacturers and a focus on tailored, innovative additives tailored to specific packaging needs offer avenues for remarkable returns on investment.
Key players:
- AkzoNobel N.V.
- ALTANA Group
- Arkema
- BASF SE
- ColorMatrix Group
- Flint Group
- Henkel
- Huber Group
- Lubrizol Corporation
- PPG Industries Inc
- Sun Chemical Corporation
- Valspar Corporation
- Wacker Chemie AG
- Evonik
Many unrecognized and local players are expected to contribute to the global packaging additives market during the forecast period.
The packaging industry in regions such as North America and Europe is highly mature and supports manufacturers to promote market growth in other regions. Growth opportunities in the packaging additives market due to the variation in the food consumption habits in regions such as Middle East and Asia Pacific excluding Japan is prompting various leading manufacturers of packaging additives to set up the production units in this regions.
The growth of packaging additives can mainly be attributed to the contributions of emerging economies in North America such as the U.S. and Canada. The U.S. is expected to be at the forefront, spearheading the growth of the packaging additives market, during the forecast period. According to the research by Future Market Insights, the U.S. packaging additives market has witnessed rapid growth in the past couple of decades. As per volumetric analysis, the plastic sub segment in the substrate segment is projected to dominate the packaging additives market. So, packaging additives manufacturers are looking forward to developing such biodegradable bioplastics that will reduce the carbon footprint.
Key Segments of Packaging Additives Industry Survey
By Substrate Type :
- Plastics
- Metals
- Paper & Paperboards
- Others (Glass)
By Product Type :
- Antimicrobial Agents
- Antifog Agents
- Antistatic Agents
- Clarifying Agents
- Oxygen Scavengers
- UV Stabilizers
By Packaging Type :
- Flexible Packaging
- Rigid Packaging
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
The companies involved in the manufacturing of packaging additives are focusing on enhancing their production capacity by establishing new production units. The key motive is to have a worldwide presence through collaborations, acquisitions, or by exports in the packaging additives market. The manufacturers of packaging additives are likely to eye the lucrative regions of North America and the Asia Pacific in the coming years.
Various vital players find regions such as the Asia Pacific and Middle East & Africa attractive to develop packaging additives plants in the coming years. Some of the key drivers for the growth of the global packaging additives market include growing demand from the food & beverage industry due to its biodegradable nature.
The packaging additives market in Asia Pacific Excluding Japan (APEJ) is expected to create the highest incremental $ opportunity during the forecast period and is expected to grow at a significant pace in the coming years. The revenue from the packaging additives market in North America is estimated to account for over 21.9% of the global packaging additives market revenue in 2018.
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What to Expect in Our Report?
(1) A complete section of the Global industry report is dedicated to market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Packaging Additives market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Packaging Additives market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Packaging Additives market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Packaging Additives Market report.
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