Plastic Additives Market Growth Analysis | 2023-28

Market Insights

The plastic additives market is estimated to grow from USD 47.76 billion in 2022 to USD 65.94 billion by 2028 at a CAGR of 5.46% during the forecast period.

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What are Plastic additives?

Plastic additives are materials that are added to increase performance and other characteristics such as shine, durability, and strength. There are different types of additives such as plasticizers, stabilizers, flame retardants, impact modifiers, and others. These additives are added to provide better performance and fulfill certain product requirements.

Key Players

Some of the major manufacturers are-

• Bayer AG
• Kaneka Corporation
• AkzoNobel NV
• Albemarle Corporation
• BASF SE
• Clariant AG
• Evonik Industries AG
• Lanxess AG
• Songwon Industrial Co., Ltd.
• The DOW Chemical Company

Market Dynamics

Several factors influence the growth and development of the plastic additives market. Some of the key factors are as follows:

• The growing need for plastics across a variety of sectors, including packaging, automotive, construction, and electronics.
• Advancements in plastic technology and the need for innovative, high-performance plastic items.
• Increasing need for environmentally friendly plastic solutions due to rising environmental concerns and strict regulations.
• Plastic additives are widely used in the automobile sector.
•  Increasing demand for high-quality products and consumer awareness.
• The world's development, rising population, and e-commerce tendencies contribute to the industry's enormous expansion.

Overall, the demand for enhanced plastic performance, regulatory requirements, industry-specific requirements, and technical improvements are what drive the plastic additives market.

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Segment Analysis

By Product Type

The market is segmented into plasticizers, stabilizers, flame retardants, impact modifiers, and others. The plasticizers segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The growth of the segment can be attributed to plasticizers being economical as compared to other additives. They are generally mixed with polymers or PVC to impart unique technological and physical properties for usage in various applications, such as floor & wall coverings, coating fabrics, and cable jacketing.

By Plastic Type

The market is segmented as commodity, engineering, and high-performance plastics. The commodity plastics segment is expected to remain dominant during the forecast period. Polyethylene (PE), polypropylene (PP), polystyrene (PS), polyvinyl chloride (PVC), polymethyl methacrylate (PMMA), polyphenylene ethers (PPE), and others are the materials used to render specific resin properties to process polymers. Polyethylene (PE) is majorly used in a number of applications, such as general plastic films, packaging bags, medical packaging, greenhouse & tunnel films, pipes, and mulch films.

By Application Type

The plastic additives market is segmented as packaging, construction, consumer goods, automotive, and others. The packaging segment leads the market owing to changes in living standards and globalization, which are accelerating the demand for plastic additives. Some other common applications are electronics, kitchenware, toys, storage containers, cables, and pipes, which are contributing to the growth of the segment.

By Region

Asia-Pacific is estimated to be the largest as well as the fastest-growing market for plastic additives during the forecast period, with China, Japan, and India being the major countries of the region. The increasing usage of polymers in developing economies is driving the market for plastic additives in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The market is segmented into the following categories. 

By Product Type:

• Plasticizers
  • (Product Type Analysis: Phthalates and Non-Phthalates)
• Stabilizers
  • (Product Type Analysis: Antioxidants, Heat Stabilizers, and Light Stabilizers)
• Flame Retardants
  • (Product Type Analysis: Brominated, Phosphorus, Aluminum trihydroxide (ATH), Nitrogen, and Other Flame Retardants)
• Impact Modifiers 
• Others
  • (Product Type Analysis: Anti-Microbial, Antistatic Agents, Blowing Agents, Fillers, and Nucleating Agents)

By Plastic Type:

• Commodity Plastics
  • (Plastic Type Analysis: Polyethylene (PE), Polystyrene (PS), and Polyphenylene Ethers (PPE)
• Engineering Plastics
  • (Plastic Type Analysis: Polyamides (PA), Polyethylene Terephthalate (PET), Polybutylene Terephthalate (PBT), and Polycarbonate (PC)
• High-Performance Plastics
  • (Plastic Type Analysis: Polyether Ether Ketone (PEEK), Polyimide (PI), and Polytetrafluoroethylene (PTFE)

 By Application Type:

• Packaging 
• Construction 
• Consumer Goods 
• Automotive 
• Others 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

What Deliverables will you get in this report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the plastic types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.