18th November 2019 – The global plastic
additives market size is expected to value at USD 62.50 billion by
2022. The market is subject to witness a substantial growth due to the
increasing demand for various industrial applications such as property
modifiers, extenders, stabilizers and processing aids. Advantages of the
plastic additives such as resistance to microbial activities, antioxidants,
ultra-violet stabilizer, plasticizers, and impact modifiers, which are critical
for compound formulations in order to enhance chemical and physical properties,
are expected to foster market growth over the forecast period.
Globally, the plastic additives market
is predicted to grow at CAGR of 4.5% in forecast period, providing numerous
opportunities for market players to invest in research and development of the
market. Additionally, increasing industrial activities, growing manufacturing
output and strong economic growth in the Asia Pacific region is expected to
expand market reach of the plastic additives industry over the forecast period.
Favorable laws and regulation by
governmental and international authorities such as EC (Beaches European
Commission) and amendments in the Restriction of Hazardous Substances (RoHS)
that monitors use of plasticizers, flame retardant and other additives are
anticipated fuel market growth in the upcoming years. However, excessive use of
plasticizers, flame retardant and other additives causes adverse effects on
human health and the environment condition, thereby restraining market growth
to a certain extent.
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Yet, the recent technological
advancement and introduction of new methodologies for the production of the
plasticizers, flame retardant and other additives are anticipated to boost
market demand in the upcoming years. Variation in the price of raw materials
along with lack of availability are expected to limit market progress
substantially. Changing market dynamics regarding availability of raw material
in the Middle East region are further negatively affect market growth, in the
recent years.
Additionally, easy availability of the
alternative products such as polycarbonate (PC) and poly-acrylic (PMMA) coupled
with lowered process are further affecting market performance of the plastic
additives industry. Although, increasing demand from electrical and electronic
manufacturing industry is expected to sustain market the growth of the market
over the forecast period.
The plastic additives market is broadly
categorized into four major types based on their functionality such as property
extenders, modifiers, property stabilizers and processing aids. Property
stabilizers is considered as one of the fastest growing segment in the plastic
additives industry with substantial revenue generation in the last couple of
years. Growing popularity of the property stabilizer market segment is
attributed to the increasing demand for various industrial application such as
enhancing stability of industrial materials in regards to their chemical
bonding, thermal and physical properties.
Processing aid market segment has also
witnessed significant market growth over the forecast period due to its
capability to improve plastic extrusion ability of substances. The plastic
additives helps to enhance overall flexibility and durability of plastics. The
plastic additives are largely used in the manufacturing and electronic &
electrical industry. In addition, as much as ninety percent of all plastic
additives are utilized for the production of flexible polyvinyl chloride (PVC).
The plastic additives are commonly considered as non-volatile solvents.
The plastic additives market is divided
by region as North America, Europe, Asia-Pacific, Latin America and Africa.
North America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in the additives industry, high end-user
demand for plasticizers, UV stabilizers, and flame-retardants, and existence of
well-established industrial infrastructure.
Asia-Pacific region is predicted to hold
major market share with massive growth in forecast period. Countries such as
India, China, Malaysia and Indonesia are leading the Asia-Pacific market with
strong economic growth, rising industrial output, and significant investment by
leading industry players considering potential growth opportunities in the
region.
The key players in the plastic additives
industry are BASF SE, Saudi Basic Industries Corporation (SABIC), E. I. du Pont
de Nemours and Company, Inc., ExxonMobil Chemical Company, Inc., Mitsui
Chemical, Inc., The Dow Chemical Company Co., Evonik Technologies, and
Biesterfield Plastic GmbH.
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