New York, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Plastic Additives Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Plastic Additives Market Information: By Type (Plasticizers, Flame Retardants, Impact Modifiers, Antioxidants, Antimicrobials, UV-Stabilizers), End-Use Industry (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electrical & Electronics), Region - Forecast Till 2028” the market size is projected to be worth USD 65.85 billion by 2028, registering a CAGR of 6.12% during the forecast period (2021 - 2028)., The market was valued at USD 46.42 billion in 2021.
Market Competitive Analysis:
The plastic additives market is highly competitive in nature as it offers lucrative opportunities to market players. The companies in the market worldwide are adopting several new strategies like extensive research and development, acquisitions, strategic partnerships, and joint ventures. The leading entities in the plastic additives market are:
Styro Chemical Industries (India)
BASF SE (Germany)
N. Chemical Industries (India)
SONGWON (South Korea)
Solvay SA (Belgium)
AkzoNobel NV ( the Netherland)
Albemarle Corporation (US)
Evonik Industries AG (Germany)
Clariant AG (Switzerland)
MC Group, Inc. (the U.S)
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Plastics additives refer to substances that are added to a polymer during a chemical process or reaction. These additives help enhance the properties of polymers like heat sensitivity, durability, shine, and strength. A decline in mineral ore sources has increased the cost of metal equipment, which has triggered the application of plastics to substitute this metal equipment. Plastic Additives are used for several vital industrial applications. It can be used as a strong chemical coating applied to polymer or plastic items. The objective is to make these items look prettier and stronger.
Market USP Covered
The COVID-19 pandemic, which shook the world, has had a positive impact on the plastic additives market as it has made people more conscious about how their food items were packaged. The rising awareness among people and growing demand for food packaged in safe packages and containers is providing several opportunities for companies in the plastic additives market. Extensive research and development activities in the sector are likely to augment market growth. The motive is to a new generation of more sterile and effective packaging, which will keep food fresher and safer for longer, which in turn is boosting the growth of the plastic additives market.
The rising awareness of the negative impact of packaging that contains plastic additives market has on the environment is anticipated to impede the market's growth. Finding safer plastic additives at low prices is another major challenge that the market players face across the globe.
COVID-19 pandemic affected a number of industry sectors, including the plastic additives market. The pandemic has had an adverse impact on the plastic additives market. The shortage of raw materials and their high price points is one of the major challenges faced by the manufacturers. It was mainly attributed mainly to government implied lockdowns or shutdowns across various regions.
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The global plastic additives market has been divided into a number of segments based on region, type, and end-use industry.
Based on type, the global plastic additives market is bifurcated into antimicrobials, flame retardants, plasticizers, UV-stabilizers, antioxidants, impact modifiers, and others. The plasticizers segment is projected to dominate the market. This is mainly attributed to increasing regulations regarding workplace safety.
On the basis of end-use industry, the classification is done as consumer goods, building & construction, electrical & electronics, agriculture, packaging, automotive, and others. The packaging industry dominates the global market with maximum market share given by its properties like moisture and chemical resistance, availability in various colors, lightweight, low reactivity, and others.
The global plastic additives market is divided into several regions, including Asia-Pacific, North America, Europe, and the Middle East, and Africa. The Asia-Pacific region has accounted for the maximum market share in the global market. The rapid growth of the middle-class population and increasing demand for consumer goods among the region is the major aspect responsible for the regional market development. However, the rise in environmental consciousness might hamper market growth. The North American region accounted for the second-largest market share of all regions. The CAGR for the regions is near similar to that of the Asia-Pacific region. It is mainly because of the presence of numerous major manufacturers in the region. High investments being made for research in polymers and green chemistry is another aspect driving the regional market's growth.
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The European Union has recorded the third-highest plastic additives market share at the global level. The supportive government measures and heavy investments in research and development are the major aspects causing a surge in demand for plastic additives in the region. The Middle East and Africa region are anticipated to register a substantial CAGR in the forecasted era. This is mainly due to greater economic growth and increased education levels across the region.
Segmentation of Market covered in the research:
Plastic Additives Market Information: By Type (Plasticizers, Flame Retardants, Impact Modifiers, Antioxidants, Antimicrobials, UV-Stabilizers), End-Use Industry (Packaging, Automotive, Agriculture, Building & Construction, Consumer Goods, Electrical & Electronics), Region - Forecast till 2028
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