North America holds a substantial share of the global plastic additive market due to the increased use of plastics and polymers across sectors like packaging, construction, aerospace, military, food and beverages, general manufacturing, and automotive. Notably, the aerospace and military sectors are making significant investments in advanced materials, creating attractive prospects for industry players.
The global Plastic Additives Market is anticipated to reach a value of US$ 66.6 Billion by 2032, expanding at a 4.6% CAGR over the forecast period. A significant production volume of plastic all over the globe is driving sales of plastic additives to improve the quality and functionality of different materials.
Expansion in the building and construction sector, rising electric vehicle production, and ongoing development in the packaging sector will augment the growth in the market. Surging demand for polyethylene, polypropylene, polyvinyl chloride, and other types of plastic for packaging applications will push sales of additives.
With increasing investment by prominent players across emerging countries, the rising inflow of foreign direct investment in the automotive and packaging sectors will bode well for the growth in the market over the forecast period.
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“Growing demand for packaging materials for various applications, along with increasing production of specialty chemicals across the globe will drive sales in the market in the forthcoming years,” says an FMI analyst.
Key Takeaways:
- By product type, the plasticizer segment is expected to account for about 6% of the overall market share.
- Based on plastic type, the polyethylene and polypropylene segment is expected to account for more than 48% of the overall consumption.
- In terms of end use, sales in the packaging segment will increase at a 4.9% CAGR over the assessment period.
- India will emerge as a lucrative pocket in South Asia plastic additives market, accounting for 2/5th of the total market share.
- Sales in the China plastic additives market are expected to gain traction at a 5.3% CAGR over the assessment period.
Competitive Landscape
Some of the top plastic additives manufacturers include
- BASF SE
- Clariant AG
- Albemarle Corporation
- Songwon Industrial Co., Ltd
- Nouryon
- LANXESS AG
- Evonik Industries AG
- Kaneka Corporation
- Dow
- SABIC
- Exxonmobil
- Mitsui Chemicals
- Badische Anilin- und SodaFabrik SE
Key players are focusing on expanding their production capacity to increase their global presence and to improve sales. Further, players are also investing in product innovation. For instance:
- In September 2020, Covestro acquired Koninklije DSM N.V.’s resin and functional material business, as well as additives manufacturing, advanced solar coating, and the Niaga innovation project.
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Plastic Additive Market Segmentation
By Product Type:
- Plasticizers
- Stabilizers
- Flame Retardants
- Impact Modifiers
- Fillers and Thickeners
- Nucleating Agents
- Antioxidants
- Others
By Application:
- Packaging
- Consumer Goods
- Construction
- Automotive
- Others
By Plastic Type:
- Polyethylene
- Polypropylene
- Ethylene Vinyl Acetate
- PVC
- Polystyrene
- Polyethylene Terephthalate
- Engineering Plastic
- Thermosets
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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