Plastic Additives Market Size, Scope 2022-2028
The global Plastic Additives Market size was estimated to be USD 45.7 billion in 2021 and is projected to reach USD 60.0 billion by 2028, at a CAGR of 5.7% between 2022 and 2028. The compounds that are introduced to the polymer during the reaction or chemical process are known as plastic additives. These additives aid in the improvement of polymer properties like as strength, lustre, durability, and heat sensitivity. Due to a decline in mineral ore resources, metal equipment has become more expensive, prompting the use of plastics to replace it. The market for additives is being pushed by the low cost of plastic equipment and similar chemical characteristics of metal. Plastic additives are being used to enhance the properties of plastics so that desired plastic products can be made. Manufacturers of additives are mostly focused on speciality chemicals used in construction and automobile equipment.
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One of the primary factors driving the market's growth is rising industrialization around the world. Furthermore, the substitution of traditional materials used in the manufacturing of consumer goods, textiles, agricultural, and medical products is boosting market growth. Plastic items with improved mechanical and electrical qualities, for example, are utilised instead of traditional materials like glass, paper, ceramic, and metal. Furthermore, increased product demand from the packaging industry is boosting market growth prospects. Polyethylene terephthalate (PET), Polyvinyl chloride (PVC), low-density polyethylene (LDPE), and high-density polyethylene (HDPE) are some of the most often used packaging materials. Plastic additives are frequently used to enhance its operating life, aesthetic, and mechanical qualities. Other reasons such as the medical industry's increased demand for disposable and reusable plastic items, as well as the widespread acceptance of 3D printing technology, are expected to propel the market even further.
The global Plastic Additives Market segmentation:
- By Additive Type: Plasticizers, Flame Retardant, Impact Modifiers, Antioxidants, Antimicrobials, UV Stabilizers, Others
- By Plastic Type: Commodity Plastic, Engineering Plastic, High Performance Plastic
- By Application: Packaging, Automotive, Consumer Goods, Construction, Others
The Asia-Pacific region had the majority of worldwide market share. Because of the low cost of raw materials and labour, China is one of the most profitable markets for plastic additives. Essential polymers are blended with a complicated blend of materials known as plastic additives to create all plastic products. China is one of the world's leading producers of plastic materials, accounting for 30% of worldwide plastics production. Furthermore, between 2014 and 2020, the Chinese and Indian vehicle industries are predicted to increase at rates of 7% to 15%, respectively.
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Some of the major key players in the Plastic Additives Market are BASF SE, SABIC, DuPont, ExxonMobil Chemical, Mitsui Chemical, The Dow Chemical Company, Evonik Industries AG
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