Global Plastic Additives market is expected to reach ~USD 80 Bn by 2028F: Ken Research
Global Plastic Additives Market By Geography
The Global Plastic Additives market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia Pacific accounted for the largest market share in 2022 within the total Global Plastic Additives Market.
The market for plastic additives is predicted to increase rapidly in the region mainly in nations like India, Japan, and China due to rising demand from packaging and automotive industries.
Due to the significant presence of key manufacturers and end users, China is one of the top consumers of plastic additives. Plastic additives are in great demand as a result of urbanization and the construction industry’s rapid growth in the region.
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Competition Scenario In Global Plastic Additives Market
The global plastic additives market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.
Country niche players hold the largest presence of about 65% of the total competitors, while regional players comprise ~30% of competitors. Some of the major players in the market include BASF SE, The DOW Chemical Company, AkzoNobel, Clariant AG, Nabaltec, Mitsui Chemicals, LANXESS AG, Repi S.r.l., Songwon Industrial Co. Ltd., Albemarle Corporation, Kaneka Corporation, and others.
What Is The Expected Future Outlook For The Overall Global Plastic Additives Market Across The Globe?
The Global Plastic Additives market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Plastic Additives market is driven by increasingly adoption of plastic additives by numerous industries, including construction, consumer goods, packaging, and automotive and the rising demand for additives in polymers for various applications. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing innovation and emergence of new products, the Global Plastic Additives market is changing rapidly. For instance, In April 2021, BASF has introduced biomass balanced (BMB) plasticizers based on renewable raw materials under designations Hexamoll® DINCH BMB, Palatinol® N BMB, Palatinol® 10-P BMB, and Plastisol® DOA BMB. These substances are made from vegetable oils or organic waste. Biomass-balanced plasticizers assist conserve fossil resources and have a smaller carbon footprint than traditional ones.
In April 2021, Songwon Industrial Co., Ltd extended its geographical presence in Bangladesh, Nepal, and Sri Lanka with Cheminox as the authorized distributor for the entire region. Cheminox has been the only distributor of Songwon’s polymer stabilizers in India since 2009. These stabilizers include SONGNOX® antioxidants, SONGSORB® UV absorbers, and SABOSTAB® HALS. With this expansion, Songwon aims for a long-term growth goal with a consistent, high-quality supply of goods and the highest caliber of customer support.
The global plastic additives market is expected to showcase positive growth during the forecast period. One of the main trends driving market expansion is the strict government initiatives toward sustainability. Asia Pacific region holds dominance in the market and is also expected to experience an increased growth rate due to the high adoption of plastic additives in the region’s automotive and construction industry. The market is highly competitive with around 500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.
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Key Topics Covered in the Report
- Snapshot of Global Plastic Additives Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of Global Plastic Additives Market
- Historic Growth of the Overall Global Plastic Additives Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Plastic Additives Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- Covid-1919 Impact on the Overall Global Plastic Additives Market
- Future Market Forecast and Growth Rates of the Total Global Plastic Additives Market and by Segments
- Market Size of Plastic Type / Application Segments with Historical CAGR and Future Forecasts
- Analysis of Plastic Additives Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Companies Profiled in the Report
- BASF SE
- The DOW Chemical Company
- AkzoNobel
- Clariant AG
- Nabaltec
- Mitsui Chemicals
- LANXESS AG
- Repi S.r.l.
- Songwon Industrial Co. Ltd.
- Albemarle Corporation
- Kaneka Corporation
Notable Emerging Companies Mentioned in the Report
- Baerlocher China
- Nanjing Union Rubber Chemicals Co. Ltd. (NURCHEM)
- Van Horn, Metz & Co., Inc.
- K-Tech (India) Limited
- Flamingo Additives & Colourants LLP
- Deifel GmbH & Co. KG
- Newos GmbH
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Plastic Additive Manufacturers
- Packaging Manufacturers
- Plastic Manufacturers
- Chemical Companies
- Government Ministries and Departments of Chemical Industry
- Sustainability Researchers
- Food Processing Companies
- Vehicle Manufacturers
- Construction Dealers
- Commodity Plastic Manufacturers
- Engineering Plastic Manufacturers
- High-Performance Plastic Manufacturers
- Petrochemical Companies
Time Period Captured in the Report
- Historical Period: 2019-2021
- Forecast Period: 2022E-2030F
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