Global Plastic Additives Market Key Insights
During the forecast period of 2023-2035, the global plastic additives market is expected to reach an estimated value of ~USD 56.97 billion by 2035, by expanding at a CAGR of ~5.86%. The market further generated a revenue of ~USD 27.45 billion in the year 2022. Major key factors propelling the growth of plastic additives market worldwide are the increasing consumption of plastic, and expansion of plastic industry globally.
Market Definition of Plastic Additives
Plastic additives are materials that are added during the manufacturing process to ensure that the material performs optimally when molded and used. It can also be used to modify the properties of the polymer in order to achieve a specific performance from the plastic. The plastic additives increase the longevity of plastics and make them easier and cleaner to process if used properly. Moreover, conventional materials are being replaced with plastic additives in various industries, and products.
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Global Plastic Additives Market: Growth Drivers
The growth of the global plastic additives market can majorly be attributed to the notable expansion of plastic industries followed by the increase in the demand of plastics for various purposes. For instance, the packaging industry is anticipated to increase from USD 190 billion in 2021 to USD 220 billion by 2027 in the United States. Moreover, the rising demand for plastic products is further projected to drive the market’s growth. As per the reported data, in every minute, nearly one million plastic bottles are purchased, and approximately five trillion plastic bags are used across the world every year.
The global plastic additives market is also estimated to grow majorly on account of the following:
• Growth in production rate of plastic across the globe
• High demand of plastic products
• Replace conventional materials used in the production of consumer goods and various textiles
• Expansion of automotive industry
• Notable elevation in packaging industry worldwide
Global Plastic Additives Market: Restraining Factor
There is rising awareness about plastic waste, and there are stringent governmental rules regarding environmental protection in the market. Hence, these factors are expected to be the major hindrance for the growth of the global plastic additives market during the forecast period.
Global Plastic Additives Market Segmentation
• By Application (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electronics, and Others)
The automotive segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the high demand and production of vehicles by the burgeoning population. According to the data stated by Organization of Motor Vehicle Manufacturers (OICA), the global production of vehicles was 80 million in 2021 increased from 77 million units in 2020.
• By Plastic Type (Commodity, Engineering, and High-Performance)
• By Type (Plasticizers, Flame Retardants, Impact Modifiers, Lubricants, Antioxidants, Antimicrobials, UV Stabilizers, and Others)
• By Region
The Asia Pacific plastic additives market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. Increased production and consumption rates of plastic in the region are some of the major factors that are expected to boost the growth of the market in Asia Pacific during the forecast period. In 2019, Asia accounted for approximately 50% of the total global production of plastic materials. In the year 2019, the China volume of plastic used in China is amounted to be more than 90 million metric tons in 2019. Moreover, the rising disposable income, along with the growth in the gross domestic product (GDP) level and boom in end-use industries is expected to increase the market size in the region.
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The market research report on global plastic additives also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Plastic Additives Market
Some of the key players of the global plastic additives market are Smurfit Kappa Group, Cheng Loong Corp., Svenska Cellulosa Aktiebolaget SCA, Stora Enso Oyj, Nasdaq Helsinki Oy, Georgia-Pacific LLC, Molex, LLC, and International Paper Company, and others.
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